Company Registration No. 05819351 (England and Wales)
Sean Parker Ltd
Unaudited accounts
for the year ended 31 May 2023
Sean Parker Ltd
Unaudited accounts
Contents
Sean Parker Ltd
Company Information
for the year ended 31 May 2023
Company Number
05819351 (England and Wales)
Registered Office
THE ORCHARD
MITHIAN
ST AGNES
CORNWALL
ENGLAND
Accountants
Gain Accountancy Ltd
The Orchard
Mithian
St Agnes
Cornwall
TR5 0QF
Sean Parker Ltd
Statement of financial position
as at 31 May 2023
Tangible assets
116,787
69,377
Inventories
120,418
84,073
Cash at bank and in hand
60,051
52,353
Creditors: amounts falling due within one year
(173,610)
(145,184)
Net current assets
124,628
136,137
Total assets less current liabilities
241,415
205,514
Creditors: amounts falling due after more than one year
(140,060)
(168,380)
Provisions for liabilities
Deferred tax
(3,326)
(11,602)
Called up share capital
100
100
Profit and loss account
97,929
25,432
Shareholders' funds
98,029
25,532
For the year ending 31 May 2023 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 director acknowledges his 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 and authorised for issue on 6 September 2023 and were signed on its behalf by
S B Parker
Director
Company Registration No. 05819351
Sean Parker Ltd
Notes to the Accounts
for the year ended 31 May 2023
Sean Parker Ltd is a private company, limited by shares, registered in England and Wales, registration number 05819351. The registered office is THE ORCHARD, MITHIAN, ST AGNES, CORNWALL, ENGLAND.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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
25% on reducing balance and 20% on reducing balance
Motor vehicles
25% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items in other comprehensive income or directly in equity.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Current or deferred tax assets and liabilities are not discounted.
Sean Parker Ltd
Notes to the Accounts
for the year ended 31 May 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 June 2022
74,859
67,723
142,582
Additions
33,724
47,829
81,553
At 31 May 2023
108,583
115,552
224,135
At 1 June 2022
36,355
36,850
73,205
Charge for the year
14,466
19,677
34,143
At 31 May 2023
50,821
56,527
107,348
At 31 May 2023
57,762
59,025
116,787
At 31 May 2022
38,504
30,873
69,377
Amounts falling due within one year
Trade debtors
73,724
103,824
Accrued income and prepayments
4,742
4,525
Other debtors
39,303
36,546
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
53,546
49,394
Obligations under finance leases and hire purchase contracts
12,250
9,206
Trade creditors
63,023
59,805
Taxes and social security
44,174
26,373
Sean Parker Ltd
Notes to the Accounts
for the year ended 31 May 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
42,105
16,869
8
Average number of employees
During the year the average number of employees was 6 (2022: 7).