Parallel Systems Limited - Period Ending 2017-12-31

Registration number: 03435915

Parallel Systems Limited

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 31 December 2017

Stewart & Co
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

Parallel Systems Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Financial Position	3 to 4
Notes to the Financial Statements	5 to 9

Parallel Systems Limited

Company Information

Directors

SAG Wood MJ Wood

Registered office

16 Ardingly Bracknell Berkshire RG12 8XR

Accountants

Stewart & Co Chartered Accountants Knoll House Knoll Road Camberley Surrey GU15 3SY

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Parallel Systems Limited
for the Year Ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Parallel Systems Limited for the year ended 31 December 2017 as set out on pages 3 to 9 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Parallel Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Parallel Systems Limited and state those matters that we have agreed to state to the Board of Directors of Parallel Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parallel Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Parallel Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Parallel Systems Limited. You consider that Parallel Systems 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 accounts of Parallel Systems 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 accounts.

......................................

Stewart & Co
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

23 May 2018

Page 2

Parallel Systems Limited

(Registration number: 03435915)
Statement of Financial Position as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	14,741	8,633
Current assets
Stocks	5	2,153	1,105
Debtors	6	230,888	242,364
Cash at bank and in hand		406,247	323,565
		639,288	567,034
Creditors: Amounts falling due within one year	7	(283,953)	(364,259)
Net current assets		355,335	202,775
Total assets less current liabilities		370,076	211,408
Provisions for liabilities		(2,291)	(1,072)
Net assets		367,785	210,336
Capital and reserves
Called up share capital		15,900	15,900
Share premium reserve		14,205	14,205
Profit and loss account		337,680	180,231
Total equity		367,785	210,336

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared 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'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Parallel Systems Limited

(Registration number: 03435915)
Statement of Financial Position as at 31 December 2017

Approved and authorised by the Board on 23 May 2018 and signed on its behalf by:
 

.........................................

SAG Wood

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Parallel Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 Ardingly
Bracknell
Berkshire
RG12 8XR
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepares in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

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 profit or loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 5

Parallel Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% Reducing balance
Fittings fixtures and equipment	25% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 6

Parallel Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 Impairment
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.

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 are largely independent of the cash inflows from other assets or groups of assets.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 5).

Page 7

Parallel Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2017	14,013	1,743	68,827	84,583
Additions	-	-	11,909	11,909
Disposals	(14,013)	(1,743)	(16,889)	(32,645)
At 31 December 2017	-	-	63,847	63,847
Depreciation
At 1 January 2017	14,013	1,191	60,746	75,950
Charge for the year	-	-	4,915	4,915
Eliminated on disposal	(14,013)	(1,191)	(16,555)	(31,759)
At 31 December 2017	-	-	49,106	49,106
Carrying amount
At 31 December 2017	-	-	14,741	14,741
At 31 December 2016	-	552	8,081	8,633

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of long leasehold land and buildings.
 

5

Stocks

	2017 £	2016 £
Finished goods and goods for resale	2,153	1,105

6

Debtors

	2017 £	2016 £
Trade debtors	219,179	206,779
Prepayments	4,221	28,435
Other debtors	7,488	7,150
	230,888	242,364

Page 8

Parallel Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

7

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Trade creditors	124,871	185,068
Taxation and social security	152,523	130,726
Accruals and deferred income	3,850	45,547
Other creditors	2,709	2,918
	283,953	364,259

Page 9