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Registration number: 07850133

Parker Print Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Parker Print Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Parker Print Services Limited

Company Information

Director

Mr Paul Cunningham

Registered office

10 Honywood Business Park
Honywood Road
Basildon
Essex
SS14 3HW

Accountants

Paul Winston Limited
Chartered Accountants
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Parker Print Services Limited
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Parker Print Services Limited for the year ended 31 December 2022 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Parker Print Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Parker Print Services Limited and state those matters that we have agreed to state to the Board of Directors of Parker Print Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parker Print Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Parker Print Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Parker Print Services Limited. You consider that Parker Print Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Parker Print Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Paul Winston Limited
Chartered Accountants
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

19 October 2023

 

Parker Print Services Limited

(Registration number: 07850133)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

fixed assets

 

Intangible assets

4

-

4,000

tangible assets

5

378

504

 

378

4,504

Current assets

 

Debtors

6

(258)

8,162

Cash at bank and in hand

 

4,116

20,952

 

3,858

29,114

Creditors: Amounts falling due within one year

7

(68,750)

(75,144)

Net current liabilities

 

(64,892)

(46,030)

Total assets less current liabilities

 

(64,514)

(41,526)

Creditors: Amounts falling due after more than one year

7

(10,696)

(13,583)

Net liabilities

 

(75,210)

(55,109)

capital and reserves

 

Called up share capital

8

500

500

Profit and loss account

(75,710)

(55,609)

Shareholders' deficit

 

(75,210)

(55,109)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Parker Print Services Limited

(Registration number: 07850133)
Balance Sheet as at 31 December 2022

Approved and authorised by the director on 19 October 2023
 

.........................................
Mr Paul Cunningham
Director

 

Parker Print Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Honywood Business Park
Honywood Road
Basildon
Essex
SS14 3HW
England

These financial statements were authorised for issue by the director on 19 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Parker Print Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Parker Print Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

 

Parker Print Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

40,000

40,000

At 31 December 2022

40,000

40,000

Amortisation

At 1 January 2022

36,000

36,000

Amortisation charge

4,000

4,000

At 31 December 2022

40,000

40,000

Carrying amount

At 31 December 2022

-

-

At 31 December 2021

4,000

4,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

6,354

6,354

At 31 December 2022

6,354

6,354

Depreciation

At 1 January 2022

5,850

5,850

Charge for the year

126

126

At 31 December 2022

5,976

5,976

Carrying amount

At 31 December 2022

378

378

At 31 December 2021

504

504

 

Parker Print Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Debtors

Current

2022
£

2021
£

Trade debtors

(474)

8,162

Other debtors

216

-

 

(258)

8,162

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

trade creditors

 

10,523

6,028

Taxation and social security

 

-

337

Other creditors

 

1,118

3,259

Directors' loan accounts

 

57,109

65,520

 

68,750

75,144

Due after one year

 

Loans and borrowings

9

10,696

13,583

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

10,696

13,583

 

Parker Print Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

-

-

-

-

Ordinary B of £1 each

250

250

250

250

Ordinary P of £1 each

250

250

250

250

 

500

500

500

500

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

10,696

13,583

10

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £Nil per each Ordinary B

 

-

 

-

Interim dividend of £Nil per each Ordinary P

 

-

 

-

   

-

 

-

11

Related party transactions

 

Parker Print Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

5,859

13,804