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COMPANY REGISTRATION NUMBER: 04669284
Edward Parsley Associates Limited
Filleted Unaudited Financial Statements
31 March 2022
Edward Parsley Associates Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
6
19,426
18,621
Current assets
Debtors
7
765,912
623,916
Cash at bank and in hand
204,014
145,128
---------
---------
969,926
769,044
Creditors: amounts falling due within one year
8
204,305
190,017
---------
---------
Net current assets
765,621
579,027
---------
---------
Total assets less current liabilities
785,047
597,648
---------
---------
Net assets
785,047
597,648
---------
---------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
785,046
597,647
---------
---------
Shareholders funds
785,047
597,648
---------
---------
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 Section 1A of 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 31st March 2022 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 .
Edward Parsley Associates Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 12 September 2022 , and are signed on behalf of the board by:
D R Farrow
T M Lee
Director
Director
Company registration number: 04669284
Edward Parsley Associates Limited
Notes to the Financial Statements
Year ended 31st March 2022
1. General information
The company is a private company limited by shares, registration number 04669284 , registered in England and Wales. The address of the registered office is West End Barn, The Street, Rayne, Braintree, Essex, CM77 6RY.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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:
Leasehold property improvements
-
10% straight line
Furniture & Fittings
-
20% straight line
Motor vehicles
-
20% straight line
Office equipment
-
25 % straight line
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2021: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1st April 2021 and 31st March 2022
100,000
---------
Amortisation
At 1st April 2021 and 31st March 2022
100,000
---------
Carrying amount
At 31st March 2022
---------
At 31st March 2021
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st April 2021
10,543
3,240
10,317
56,397
80,497
Additions
1,742
7,417
9,159
--------
-------
--------
--------
--------
At 31st March 2022
12,285
3,240
10,317
63,814
89,656
--------
-------
--------
--------
--------
Depreciation
At 1st April 2021
10,543
3,240
10,317
37,776
61,876
Charge for the year
87
8,267
8,354
--------
-------
--------
--------
--------
At 31st March 2022
10,630
3,240
10,317
46,043
70,230
--------
-------
--------
--------
--------
Carrying amount
At 31st March 2022
1,655
17,771
19,426
--------
-------
--------
--------
--------
At 31st March 2021
18,621
18,621
--------
-------
--------
--------
--------
7. Debtors
2022
2021
£
£
Trade debtors
229,099
215,383
Amounts owed by group undertakings
222,827
219,448
Prepayments and accrued income
52,726
54,787
Amounts recoverable on long term contracts
231,774
128,423
Other debtors 2 - desc in a/cs
4,959
Other debtors
24,527
5,875
---------
---------
765,912
623,916
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
8,715
9,970
Accruals and deferred income
21,429
20,017
Corporation tax
65,285
33,041
Other taxes and social security
108,876
126,989
---------
---------
204,305
190,017
---------
---------
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
22,573
13,500
Later than 1 year and not later than 5 years
61,749
3,375
--------
--------
84,322
16,875
--------
--------
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2022
2021
2022
2021
£
£
£
£
Other related parties
5,355
4,959
-------
----
-------
----
The company has taken advantage of the exemption granted by paragraph 1AC.35 of FRS 102 not to disclose related party transactions with group companies.
12. Controlling party
The ultimate parent company of Edward Parsley Associates Limited at the balance sheet date is Edward Parsley Holdings Limited, a company registered in the United Kingdom.