PARKER MCLAIN LIMITED Filleted accounts for Companies House (small and micro)

PARKER MCLAIN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07395879

PARKER MCLAIN LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 April 2018

PARKER MCLAIN LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2018

CONTENTS	PAGES

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

PARKER MCLAIN LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 30 APRIL 2018

	2018	2017
Note	£	£
Dividends paid and payable	( 44,000)	( 37,000)

Retained earnings at the start of the year	278,893	269,962
	---------	---------
Retained earnings at the end of the year	222,180	278,893
	---------	---------

PARKER MCLAIN LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	2,855	4,419
Investments	6	1	1
		-------	-------
		2,856	4,420

Current assets

Debtors	7	11,053	8,708
Cash at bank and in hand		222,014	288,559
		---------	---------
		233,067	297,267

Creditors: amounts falling due within one year	8	( 13,101)	( 21,854)
		---------	---------
Net current assets		219,966	275,413
		---------	---------
Total assets less current liabilities		222,822	279,833

Provisions	( 542)	( 840)
	---------	---------
Net assets	222,280	278,993
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	222,180	278,893
	---------	---------
Shareholders funds	222,280	278,993
	---------	---------

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 30 April 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 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 .

PARKER MCLAIN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2018

These financial statements were approved by the board of directors and authorised for issue on 24 January 2019 , and are signed on behalf of the board by:

C McLain

Director

Company registration number: 07395879

PARKER MCLAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2018

1. General information

The Company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hatherton House, Audlem Road, Nantwich, Cheshire, CW5 7QT. The principal activity of the company during the year was that of providing engineering consultancy services.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Estimated useful lives and residual values of fixed assets As described in the notes of the financial statements, depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

Revenue recognition

Revenue is recognised in the period that the services are provided.

Corporation 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.

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:

	Fixture and Fittings	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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

A financial asset or a financial liability is recognised only when the entity 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. 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 May 2017 and 30 April 2018	10,671
	--------
Depreciation
At 1 May 2017	6,252
Charge for the year	1,564
	--------
At 30 April 2018	7,816
	--------
Carrying amount
At 30 April 2018	2,855
	--------
At 30 April 2017	4,419
	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2017 and 30 April 2018	1
	----
Impairment
At 1 May 2017 and 30 April 2018	–
	----

Carrying amount
At 30 April 2018	1
	----
At 30 April 2017	1
	----

The company owns 100% of the issued Ordinary share capital of Newparker Limited, a company incorporated in England and Wales. The company is dormant.

7. Debtors

	2018	2017
	£	£
Trade debtors	2,459	2,170
Other debtors	8,594	6,538
	--------	-------
	11,053	8,708
	--------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	–	1,096
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	1
Corporation tax	–	11,934
Social security and other taxes	670	–
Other creditors	12,431	8,823
	--------	--------
	13,101	21,854
	--------	--------

9. Events after the end of the reporting period

There were no significant events up to 24 January 2019, being the date of approval of the financial statements by the board.

10. Related party transactions

During the year, transactions took place with the following related parties: i) C McLain , a director of the company £7,323 was due to the director at the start of the year. During the year, the director introduced £61,842 into the company and was advanced £59,740. £9,425 was due to the director at the year end.