Parlour Rooms Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05053303 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

Parlour Rooms Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Simpson

Mrs J Simpson

REGISTERED OFFICE:

32 Camelford Street

Brighton

East Sussex

BN2 1TQ

REGISTERED NUMBER:

05053303 (England and Wales)

ACCOUNTANTS:

Ghiaci Goodhand Smith Limited

12a Marlborough Place

BRIGHTON

East Sussex

BN1 1WN

FIXED ASSETS

Intangible assets

4

105,000

112,500

Tangible assets

5

826,965

843,072

Investments

6

36,918

56,096

968,883

1,011,668

CURRENT ASSETS

Stocks

8,000

8,000

Debtors

7

598,795

311,366

Cash at bank

2,467,323

2,542,341

3,074,118

2,861,707

CREDITORS

Amounts falling due within one year

8

400,968

454,590

NET CURRENT ASSETS

2,673,150

2,407,117

TOTAL ASSETS LESS CURRENT LIABILITIES

3,642,033

3,418,785

CREDITORS

Amounts falling due after more than one year

9

(10,000

)

(113,970

)

PROVISIONS FOR LIABILITIES

10

(10,969

)

(24,276

)

NET ASSETS

3,621,064

3,280,539

CAPITAL AND RESERVES

Called up share capital

11

990

990

Retained earnings

12

3,620,074

3,279,549

SHAREHOLDERS' FUNDS

3,621,064

3,280,539

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 October 2017 and were signed on its behalf by:

S J Simpson - Director

1.	STATUTORY INFORMATION

Parlour Rooms Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Parlour Rooms Ltd as an individual company

and do not contain consolidated financial information as the parent of a group. The company has

taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated

financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

150,000

AMORTISATION

At 1 April 2016

37,500

Amortisation for year

7,500

At 31 March 2017

45,000

NET BOOK VALUE

At 31 March 2017

105,000

At 31 March 2016

112,500

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2016

516,383

255,735

168,944

Additions

-

-

1,272

At 31 March 2017

516,383

255,735

170,216

DEPRECIATION

At 1 April 2016

-

-

105,922

Charge for year

-

-

16,074

At 31 March 2017

-

-

121,996

NET BOOK VALUE

At 31 March 2017

516,383

255,735

48,220

At 31 March 2016

516,383

255,735

63,022

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2016

38,140

1,805

981,007

Additions

905

-

2,177

At 31 March 2017

39,045

1,805

983,184

DEPRECIATION

At 1 April 2016

30,990

1,023

137,935

Charge for year

2,014

196

18,284

At 31 March 2017

33,004

1,219

156,219

NET BOOK VALUE

At 31 March 2017

6,041

586

826,965

At 31 March 2016

7,150

782

843,072

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

56,096

Disposals

(19,178

)

At 31 March 2017

36,918

NET BOOK VALUE

At 31 March 2017

36,918

At 31 March 2016

56,096

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

-

1,058

Amounts owed by group undertakings

395,754

306,645

Other debtors

-

700

Sundry debtor

200,000

-

Prepayments and accrued income

3,041

2,963

598,795

311,366

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

85,616

104,066

Amounts owed to group undertakings

184,378

173,065

Tax

99,050

100,918

Social security and other taxes

-

2,355

VAT

6,782

15,772

Directors' current accounts

12,334

15,125

Accruals and deferred income

9,808

40,289

Accrued expenses

3,000

3,000

400,968

454,590

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Other loans - 2-5 years

10,000

10,000

Natwest Loan A/C 15732444

-

103,970

10,000

113,970

31.3.17

31.3.16

£

£

Amounts falling due in more than five years:

Repayable by instalments

Natwest Loan A/C 15732444

-

103,970

10.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

10,969

24,276

Deferred

tax

£

Balance at 1 April 2016

24,276

Accelerated capital allowances

(13,307

)

Balance at 31 March 2017

10,969

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

980

Ordinary A

1

980

980

10

Ordinary B

1

10

10

990

990

12.

RESERVES

Retained

earnings

£

At 1 April 2016

3,279,549

Profit for the year

386,025

Dividends

(45,500

)

At 31 March 2017

3,620,074

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £35,500 (2016 - £36,400) were paid to the directors .

Included in the financial statements are the following significant transactions and balances with

related parties:

S J Simpson, director and majority shareholder:

31.3.17

31.3.16

£

£

Fixed asset disposals

-

485,863

Profit on disposal of fixed assets

-

28,373

14.	CONTROLLING PARTY

The company is controlled by its director, S J Simpson, by virtue of his majority ownership of the

issued share capital.