1 April 2021 false No description of principal activity Taxfiler 2022.8.3 06825832business:PrivateLimitedCompanyLtd2021-04-012022-03-31 068258322021-03-31 068258322021-04-012022-03-31 06825832business:AuditExempt-NoAccountantsReport2021-04-012022-03-31 06825832business:FullAccounts2021-04-012022-03-31 068258322022-03-31 068258322021-03-31 06825832core:WithinOneYear2022-03-31 06825832core:WithinOneYear2021-03-31 06825832core:ShareCapital2022-03-31 06825832core:ShareCapital2021-03-31 06825832core:SharePremium2022-03-31 06825832core:SharePremium2021-03-31 06825832core:RetainedEarningsAccumulatedLosses2022-03-31 06825832core:RetainedEarningsAccumulatedLosses2021-03-31 06825832business:SmallEntities2021-04-012022-03-31 06825832business:Director12021-04-012022-03-31 06825832countries:EnglandWales2021-04-012022-03-31 06825832business:RegisteredOffice2021-04-012022-03-31 06825832core:PlantMachinery2021-04-012022-03-31 06825832core:FurnitureFittings2021-04-012022-03-31 06825832core:ComputerEquipment2021-04-012022-03-31 06825832core:PlantMachinery2021-03-31 06825832core:FurnitureFittings2021-03-31 06825832core:ComputerEquipment2021-03-31 06825832core:PlantMachinery2022-03-31 06825832core:FurnitureFittings2022-03-31 06825832core:ComputerEquipment2022-03-31 06825832core:AcceleratedTaxDepreciationDeferredTax2022-03-31 06825832core:AcceleratedTaxDepreciationDeferredTax2021-03-31 068258322020-03-31 068258322020-04-012021-03-31 iso4217:GBP xbrli:pure
Parallel Creative Limited Statement of financial position as at 31 March 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
10,228 
10,469 
Current assets
Debtors
50,032 
103,431 
Cash at bank and in hand
24,886 
82,759 
74,918 
186,190 
Creditors: amounts falling due within one year
(85,128)
(120,204)
Net current (liabilities)/assets
(10,210)
65,986 
Total assets less current liabilities
18 
76,455 
Provisions for liabilities
Deferred tax
- 
(1,730)
Net assets
18 
74,725 
Capital and reserves
Called up share capital
6 
4 
Share premium
9,739 
9,739 
Profit and loss account
(9,727)
64,982 
Shareholders' funds
18 
74,725 
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2022 and were signed on its behalf by
Rakesh Bhogal Director Company Registration No. 06825832
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Parallel Creative Limited Notes to the Accounts for the year ended 31 March 2022
1
Statutory information
Parallel Creative Limited is a private company, limited by shares, registered in England and Wales, registration number 06825832. The registered office is 18 Boiler House, Electric Wharf, Coventry, CV1 4JU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 March 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2020. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
SLDP - Full Month - 20%
Fixtures & fittings
SLDP - Full Month - 20%
Computer equipment
SLDP - Full Month - 20%
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2021
13,353 
7,058 
- 
20,411 
Additions
- 
983 
2,138 
3,121 
At 31 March 2022
13,353 
8,041 
2,138 
23,532 
Depreciation
At 1 April 2021
8,062 
1,880 
- 
9,942 
Charge for the year
1,815 
1,251 
296 
3,362 
At 31 March 2022
9,877 
3,131 
296 
13,304 
Net book value
At 31 March 2022
3,476 
4,910 
1,842 
10,228 
At 31 March 2021
5,291 
5,178 
- 
10,469 
- 2 -
Parallel Creative Limited Notes to the Accounts for the year ended 31 March 2022
5
Debtors: amounts falling due within one year
2022 
2021 
£ 
£ 
Trade debtors
47,734 
66,216 
Accrued income and prepayments
2,298 
4,716 
Other debtors
- 
32,499 
50,032 
103,431 
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
42,500 
50,000 
VAT
17,189 
31,745 
Trade creditors
16,452 
13,013 
Taxes and social security
9,930 
3,735 
Other creditors
286 
4,100 
Loans from directors
(1,229)
- 
Accruals
- 
17,611 
85,128 
120,204 
7
Deferred taxation
2022 
2021 
£ 
£ 
Accelerated capital allowances
- 
1,730 
2022 
2021 
£ 
£ 
Provision at start of year
1,730 
1,730 
Credited to the profit and loss account
(1,730)
- 
Provision at end of year
- 
1,730 
The deferred tax from Parallel Creative Ltd has been taken from the balance sheet and written off against the Profit and Loss Account. In the next financial year, Parallel Creative's accounts are planned to be in the form of a micro-entity company rather than filed under FRS102A.
8
Average number of employees
During the year the average number of employees was 7 (2021: 7).
- 3 -