Parallel Marketing Associates Limited Company Accounts

PARALLEL MARKETING ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04998715

Parallel Marketing Associates Limited

Unaudited Financial Statements

for the year ended

31 August 2017

Parallel Marketing Associates Limited

Financial Statements

for the year ended 31st August 2017

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

Parallel Marketing Associates Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Parallel Marketing Associates Limited

for the year ended 31st August 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parallel Marketing Associates Limited for the year ended 31st August 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Parallel Marketing Associates Limited, as a body, in accordance with the terms of our engagement letter dated 23rd December 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Parallel Marketing Associates Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parallel Marketing Associates Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Parallel Marketing Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Parallel Marketing Associates Limited. You consider that Parallel Marketing Associates Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Parallel Marketing Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 29 January 2018

Parallel Marketing Associates Limited

Statement of Financial Position

as at 31 August 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Intangible assets	5	4,500	5,000
Tangible assets	6	403	103
		-----------	-----------
		4,903	5,103

Current assets

Debtors	7	3,168	250
Cash at bank and in hand		3,351	9,774
		-----------	-----------
		6,519	10,024

Creditors: amounts falling due within one year	8	11,011		14,129
		-----------		-----------
Net current liabilities			4,492		4,105
			-----------		-----------
Net assets			411		998
			-----------		-----------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		311	898
		-----------	-----------
Shareholders funds		411	998
		-----------	-----------

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 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 income and retained earnings has not been delivered.

For the year ending 31st August 2017 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 .

Parallel Marketing Associates Limited

Statement of Financial Position (continued)

as at 31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 29 January 2018 , and are signed on behalf of the board by:

S.D. Hinks	S.J. Hinks
Director	Director

Company registration number: 04998715

Parallel Marketing Associates Limited

Notes to the Financial Statements

for the year ended 31st August 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Northorpe, Bourne, Lincolnshire, PE10 0HH, England.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

The turnover shown in the profit and loss account represents total amount invoiced during the period, exclusive of Value Added Tax imputed under the flat rate Value Added Tax scheme.

Income 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 pay or recover 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Furniture and fittings	-	15% reducing balance
Computer equipment	-	25% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Staff costs

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Intangible assets

	Goodwill
	£

Cost
At 1st September 2016 and 31st August 2017	10,000
	-----------
Amortisation
At 1st September 2016	5,000
Charge for the year	500
	-----------
At 31st August 2017	5,500
	-----------
Carrying amount
At 31st August 2017	4,500
	-----------
At 31st August 2016	5,000
	-----------

6. Tangible assets

Fixtures and fittings	Equipment	Total
£	£	£

Cost
At 1st September 2016	300	6,045	6,345
Additions	–	471	471
	-----------	-----------	-----------
At 31st August 2017	300	6,516	6,816
	-----------	-----------	-----------
Depreciation
At 1st September 2016	241	6,001	6,242
Charge for the year	9	162	171
	-----------	-----------	-----------
At 31st August 2017	250	6,163	6,413
	-----------	-----------	-----------
Carrying amount
At 31st August 2017	50	353	403
	-----------	-----------	-----------
At 31st August 2016	59	44	103
	-----------	-----------	-----------

7. Debtors

	2017	2016
	£	£

Trade debtors	1,193	250
Prepayments and accrued income	1,807	–
Corporation tax repayable	168	–
	-----------	-----------
	3,168	250
	-----------	-----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£

Trade creditors	32	67
Accruals and deferred income	1,840	2,076
Corporation tax	–	7,628
Social security and other taxes	2,096	2,368
Director loan accounts	7,043	1,990
	-----------	-----------
	11,011	14,129
	-----------	-----------

9. Called up share capital

Issued, called up and fully paid

2017		2016
No.	£	No.	£

Ordinary shares of £ 1 each	100	100	100	100
	-----------	-----------	-----------	-----------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£

Not later than 1 year	3,976	–
Later than 1 year and not later than 5 years	11,266	–
	-----------	-----------
	15,242	–
	-----------	-----------

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st September 2015.

No transitional adjustments were required in equity or profit or loss for the year.