Parker Parish Limited - Period Ending 2018-03-31

Registration number: 04189314

Parker Parish Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Parker Parish Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Parker Parish Limited

Company Information

Directors	RJ Parker K I J Parker

Company secretary

K I J Parker

Registered office

16 Dorcan Business Village Murdock Road Swindon Wiltshire SN3 5HY

Accountants

Ross Brooke Limited Chartered Accountants 16 Dorcan Business Village Murdock Road Swindon Wiltshire SN3 5HY

Page 1

Parker Parish Limited

(Registration number: 04189314)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	580	295
Investment property	5	444,000	435,000
		444,580	435,295
Current assets
Debtors	6	175	174
Cash at bank and in hand		5,391	4,889
		5,566	5,063
Creditors: Amounts falling due within one year	7	(165,757)	(151,859)
Net current liabilities		(160,191)	(146,796)
Total assets less current liabilities		284,389	288,499
Creditors: Amounts falling due after more than one year	7	(80,787)	(94,446)
Provisions for liabilities		(1,986)	(4,470)
Net assets		201,616	189,583
Capital and reserves
Called up share capital		20,000	20,000
Other reserves		141,657	130,113
Profit and loss account		39,959	39,470
Total equity		201,616	189,583

For the financial year ending 31 March 2018 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Parker Parish Limited

(Registration number: 04189314)
Balance Sheet as at 31 March 2018

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

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

RJ Parker
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Parker Parish Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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 Dorcan Business Village
Murdock Road
Swindon
Wiltshire
SN3 5HY
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.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investment properties are valued by the director Mr R J Parker based on his estimate of the open market value at each balance sheet date.

Revenue recognition

Turnover represents the value of building and maintenance work undertaken and rents due to the company for the year, net of VAT.

Revenue from building services is recognised by reference to the stage of completion, when the stage of completion, cost incurred and costs to complete can be estimated reliabily. Where the outcome cannot be estimated reliaby, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Rental Income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current 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 4

Parker Parish Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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

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
Fixtures, fittings & equipment	25% straight line basis.
Motor vehicles	25% straight line basis.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 5

Parker Parish Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4	Tangible assets

	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2017	1,371	4,794	6,165
Additions	546	-	546
Disposals	(395)	-	(395)
At 31 March 2018	1,522	4,794	6,316
Depreciation
At 1 April 2017	1,176	4,694	5,870
Charge for the year	157	-	157
Eliminated on disposal	(291)	-	(291)
At 31 March 2018	1,042	4,694	5,736
Carrying amount
At 31 March 2018	480	100	580
At 31 March 2017	195	100	295

5	Investment properties

	2018 £
At 1 April	435,000
Fair value adjustments	9,000
At 31 March	444,000

Page 6

Parker Parish Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director R J Parker on an open market basis, by reference to market evidence of transaction prices for similar properties.
The historical cost of investment properties stated at fair value is £300,473 (2017 £300,473).

6

Debtors

	2018 £	2017 £
Prepayments	150	150
Other debtors	25	24
	175	174

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Loans and borrowings	11,512	11,389
Trade creditors	602	886
Other creditors	149,558	134,874
Taxation and social security	1,999	2,455
Accruals and deferred income	2,086	2,255
	165,757	151,859

Creditors include bank loans and other loans securred by mortgages over the company's investment properties.

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings		80,787	94,446

Creditors include bank loans and other loans securred by mortgages over the company's investment properties.
Amounts included above which fall due after five years, repayable by installements are £34,740 (2017 £48,890).

8	Related party transactions

Other transactions with directors

Page 7

Parker Parish Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Creditors: due within one year, include directors current accounts. There are no formal repayment terms and no interest charged.
At the balance sheet date, amounts owed to the directors were £149,558 (2017 £134,874).

Page 8