Parchment Partners Limited - Accounts to registrar (filleted) - small 18.2
Parchment Partners Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| FOR |
| PARCHMENT PARTNERS LIMITED |
| PARCHMENT PARTNERS LIMITED (REGISTERED NUMBER: 00891368) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PARCHMENT PARTNERS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 25 St Thomas Street |
| Winchester |
| Hampshire |
| SO23 9HJ |
| PARCHMENT PARTNERS LIMITED (REGISTERED NUMBER: 00891368) |
| BALANCE SHEET |
| 31 MAY 2018 |
| 31.5.18 | 31.5.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 9 |
| Retained earnings |
| 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. |
| PARCHMENT PARTNERS LIMITED (REGISTERED NUMBER: 00891368) |
| BALANCE SHEET - continued |
| 31 MAY 2018 |
| 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 by: |
| PARCHMENT PARTNERS LIMITED (REGISTERED NUMBER: 00891368) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 1. | STATUTORY INFORMATION |
| Parchment Partners Limited is a |
| 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 |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Freehold property was previously held at cost and depreciated on a straight line basis over 100 years. Freehold |
| property has now been revalued to fair value. No depreciation has has been provided as in the opinion of the |
| directors any depreciation charge would be immaterial. Deferred taxation is provided on any gains at the rate |
| expected to apply when the property is sold. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2017 - NIL). |
| PARCHMENT PARTNERS LIMITED (REGISTERED NUMBER: 00891368) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 June 2017 |
| Revaluations |
| At 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Revaluation adjustments | ( |
) | ( |
) |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| Freehold property has been revalued to fair value of £860,000 as determined by a valuation provided by the |
| directors. |
| Cost or valuation at 31 May 2018 is represented by: |
| Freehold | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| Valuation in 2018 | 668,444 | - | 668,444 |
| Cost | 191,556 | 1,405 | 192,961 |
| 860,000 | 1,405 | 861,405 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| PARCHMENT PARTNERS LIMITED (REGISTERED NUMBER: 00891368) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Bank loans |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Bank loans |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| Property revaluation | 668,444 |
| Depreciation eliminated on revaluation | 41,188 |
| Deferred tax on revaluation gain | (110,736 | ) |
| At 31 May 2018 |
| 10. | RELATED PARTY DISCLOSURES |
| Included within other debtors is a shareholder loan of £293,840 (2017: Nil). |