Parisi Capital Ltd Filleted accounts for Companies House (small and micro)

PARISI CAPITAL LTD - Company Information

2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,816,932 4,557,141 1,705,595 94,531 12,763,009 12,763,009 9,816,932 xbrli:pure xbrli:shares iso4217:GBP 11900123 2022-04-01 2023-03-31 11900123 2023-03-31 11900123 2022-03-31 11900123 2021-04-01 2022-03-31 11900123 2022-03-31 11900123 2021-03-31 11900123 bus:Director1 2022-04-01 2023-03-31 11900123 core:WithinOneYear 2023-03-31 11900123 core:WithinOneYear 2022-03-31 11900123 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 11900123 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11900123 core:ShareCapital 2023-03-31 11900123 core:ShareCapital 2022-03-31 11900123 core:SharePremium 2023-03-31 11900123 core:RetainedEarningsAccumulatedLosses 2023-03-31 11900123 core:RetainedEarningsAccumulatedLosses 2022-03-31 11900123 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 11900123 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 11900123 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 11900123 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 11900123 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 11900123 core:Non-currentFinancialInstruments 2023-03-31 11900123 core:Non-currentFinancialInstruments 2022-03-31 11900123 bus:SmallEntities 2022-04-01 2023-03-31 11900123 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11900123 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11900123 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11900123 bus:FullAccounts 2022-04-01 2023-03-31 11900123 core:OfficeEquipment 2022-04-01 2023-03-31 11900123 core:OfficeEquipment 2022-03-31 11900123 core:OfficeEquipment 2023-03-31 11900123 core:KeyManagementIndividualGroup1 2022-04-01 2023-03-31 11900123 core:KeyManagementIndividualGroup1 2023-03-31 11900123 core:KeyManagementIndividualGroup1 2022-03-31

COMPANY REGISTRATION NUMBER: 11900123

Parisi Capital Ltd

Filleted Unaudited Financial Statements

For the year ended

31 March 2023

Parisi Capital Ltd

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	5	2,896,859	719
Investments	6	12,763,009	9,816,932
		--------------	-------------
		15,659,868	9,817,651

Current assets

Debtors	7	210,049	–
Cash at bank and in hand		140,382	171,002
		----------	----------
		350,431	171,002

Creditors: amounts falling due within one year	8	( 9,548,974)		( 8,849,420)
		-------------		-------------
Net current liabilities			( 9,198,543)		( 8,678,418)
			--------------		-------------
Total assets less current liabilities			6,461,325		1,139,233

Provisions	( 410,255)	( 216,648)
	-------------	-------------
Net assets	6,051,070	922,585
	-------------	-------------

Capital and reserves

Called up share capital	101	100
Share premium account	5,069,765	–
Profit and loss account	981,204	922,485
	-------------	----------
Shareholders funds	6,051,070	922,585
	-------------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Parisi Capital Ltd

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:

Mr J T Sweeting

Director

Company registration number: 11900123

Parisi Capital Ltd

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Townends, Carlisle Street, Goole, East Yorkshire, DN14 5DX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and does not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis. Current liabilities includes a loan from a director totalling over £8.5million. The company relies on the continued support of the director to enable it to continue normal trading activities, which the director confirms will be made available for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.

Dividend income is recognised when the company's right to receive payment is established.

Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.

(d) Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively . Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date . Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference .

(e) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

(f) Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to the expense over the lease term, on a straight-line basis.

(g) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(h) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

(i) Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

(j) Investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

(k) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .

(l) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(m) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	Freehold property	Equipment	Total
	£	£	£
Cost
At 1 April 2022	–	1,799	1,799
Additions	2,896,500	–	2,896,500
	-------------	-------	-------------
At 31 March 2023	2,896,500	1,799	2,898,299
	-------------	-------	-------------
Depreciation
At 1 April 2022	–	1,080	1,080
Charge for the year	–	360	360
	-------------	-------	-------------
At 31 March 2023	–	1,440	1,440
	-------------	-------	-------------
Carrying amount
At 31 March 2023	2,896,500	359	2,896,859
	-------------	-------	-------------
At 31 March 2022	–	719	719
	-------------	-------	-------------

Included within the above is investment property as follows:

	£
At 1 April 2022	–
Additions	2,896,500
	-------------
At 31 March 2023	2,896,500
	-------------

Investment properties have been valued by Clark Weightman Limited, an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the investment property being valued, on the basis of open market value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.

6. Investments

	Listed investments
	£
Cost
At 1 April 2022	9,816,932
Additions	4,557,141
Disposals	( 1,705,595)
Revaluations	94,531
	--------------
At 31 March 2023	12,763,009
	--------------
Impairment
At 1 April 2022 and 31 March 2023	–
	--------------

Carrying amount
At 31 March 2023	12,763,009
	--------------
At 31 March 2022	9,816,932
	--------------

7. Debtors

	2023	2022
	£	£
Other debtors	210,049	–
	----------	----

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Accruals and deferred income	29,500	6,337
Corporation tax	5,855	4,083
Director loan accounts	8,501,619	8,135,000
Other creditors	1,012,000	704,000
	-------------	-------------
	9,548,974	8,849,420
	-------------	-------------

9. Related party transactions

During the period a director made available a loan to the company. No interest was charged on the loan during the period and the loan is repayable on demand. As at 31 March 2023 the balance owed to the director totalled £ 8,501,619 (2022: £ 8,135,000 ).