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COMPANY REGISTRATION NUMBER: 11271084
Edward Parsley Holdings Limited
Filleted Unaudited Financial Statements
31 March 2022
Edward Parsley Holdings Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
£
Fixed assets
Investments
5
400,000
400,000
Current assets
Debtors
6
236
Cash at bank and in hand
8,923
5,664
-------
-------
9,159
5,664
Creditors: amounts falling due within one year
7
250,267
234,962
---------
---------
Net current liabilities
241,108
229,298
---------
---------
Total assets less current liabilities
158,892
170,702
Creditors: amounts falling due after more than one year
8
70,000
---------
---------
Net assets
158,892
100,702
---------
---------
Capital and reserves
Called up share capital
9
102
102
Profit and loss account
158,790
100,600
---------
---------
Shareholders funds
158,892
100,702
---------
---------
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 comprehensive income has not been delivered.
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.
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 Holdings 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: 11271084
Edward Parsley Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 (2021: 2 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2021 and 31 March 2022
400,000
---------
Impairment
At 1 April 2021 and 31 March 2022
---------
Carrying amount
At 31 March 2022
400,000
---------
At 31 March 2021
400,000
---------
6. Debtors
2022
2021
£
£
Directors loan account
236
----
----
7. Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
222,826
219,449
Accruals and deferred income
840
840
Corporation tax
13,650
11,776
Social security and other taxes
2,746
2,743
Director loan accounts
205
154
Other creditors
10,000
---------
---------
250,267
234,962
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
70,000
----
--------
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
102
102
102
102
----
----
----
----
10. Directors' advances, credits and guarantees
At the year end Mr T Lee owed the company £236 by way of a directors loan account. There has been no interest charged on this loan.
11. Related party transactions
At the year end the company owed a director £205 (2021: £205) by way of a directors loan account. 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.