Company registration number:
13876951
The Parmar Collection Ltd
Unaudited filleted abridged financial statements
31 January 2023
The Parmar Collection Ltd
Contents
Abridged statement of financial position
Notes to the financial statements
The Parmar Collection Ltd
Abridged statement of financial position
31 January 2023
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2023 |
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Note |
£ |
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£ |
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Fixed assets |
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Tangible assets |
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4 |
4,000,000 |
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Investments |
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5 |
1,103 |
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_______ |
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4,001,103 |
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Current assets |
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Debtors |
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5,351 |
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Cash at bank and in hand |
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92,600 |
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_______ |
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97,951 |
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Creditors: amounts falling due |
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within one year |
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(
2,133,503) |
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_______ |
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Net current liabilities |
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(
2,035,552) |
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_______ |
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Total assets less current liabilities |
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1,965,551 |
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Creditors: amounts falling due |
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after more than one year |
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(
2,002,001) |
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_______ |
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Net liabilities |
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(
36,450) |
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_______ |
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Capital and reserves |
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Called up share capital |
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500 |
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Profit and loss account |
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(
36,950) |
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_______ |
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Shareholders deficit |
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(
36,450) |
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_______ |
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For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 abridged income statement has not been delivered.
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the current year ending 31 January 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
26 October 2023
, and are signed on behalf of the board by:
Mr N Parmar
Director
Company registration number:
13876951
The Parmar Collection Ltd
Notes to the financial statements
Year ended 31 January 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 124 The Ridings, Rothley, Leicester.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Fixed asset 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
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.
4.
Tangible assets
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£ |
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Cost |
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At 1 February 2022 |
- |
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Additions |
4,000,000 |
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_______ |
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At 31 January 2023 |
4,000,000 |
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_______ |
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Carrying amount |
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At 31 January 2023 |
4,000,000 |
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_______ |
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Investment property
Included within the above is investment property measured at fair value as follows:
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£ |
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Additions |
4,000,000 |
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_______ |
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No provision is made for depreciation as the director has concluded that the carrying values above reflect the current fair value.
5.
Investments
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£ |
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Cost |
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At 1 February 2022 |
- |
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Additions |
1,103 |
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_______ |
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At 31 January 2023 |
1,103 |
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_______ |
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Impairment |
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At 1 February 2022 and 31 January 2023 |
- |
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_______ |
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Carrying amount |
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At 31 January 2023 |
1,103 |
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_______ |
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6.
Directors advances, credits and guarantees
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During the year the director entered into the following advances and credits with the company: |
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2023 |
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Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
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£ |
£ |
£ |
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Mr N Parmar |
- |
(
1,949,103) |
(
1,949,103) |
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_______ |
_______ |
_______ |
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