Parallel Creative Limited
Statement of financial position
as at 31 March 2022
Tangible assets
10,228
10,469
Cash at bank and in hand
24,886
82,759
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
Called up share capital
6
4
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
Parallel Creative Limited
Notes to the Accounts
for the year ended 31 March 2022
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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
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
At 31 March 2022
3,476
4,910
1,842
10,228
At 31 March 2021
5,291
5,178
-
10,469
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
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
42,500
50,000
Trade creditors
16,452
13,013
Taxes and social security
9,930
3,735
Loans from directors
(1,229)
-
7
Deferred taxation
2022
2021
Accelerated capital allowances
-
1,730
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).