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COMPANY REGISTRATION NUMBER: 04669284
Edward Parsley Associates Limited
Filleted Unaudited Financial Statements
31 March 2023
Edward Parsley Associates Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
23,558
19,426
Current assets
Debtors
7
761,744
765,912
Cash at bank and in hand
135,836
204,014
---------
---------
897,580
969,926
Creditors: amounts falling due within one year
8
144,943
204,305
---------
---------
Net current assets
752,637
765,621
---------
---------
Total assets less current liabilities
776,195
785,047
---------
---------
Net assets
776,195
785,047
---------
---------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
776,194
785,046
---------
---------
Shareholders funds
776,195
785,047
---------
---------
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 2023 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 2023
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , 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 2023
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
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 16 (2022: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1st April 2022
100,000
Additions
Disposals of previously acquired businesses
( 100,000)
---------
At 31st March 2023
---------
Amortisation
At 1st April 2022
100,000
Charge for the year
Disposals of previously acquired businesses
( 100,000)
---------
At 31st March 2023
---------
Carrying amount
At 31st March 2023
---------
At 31st March 2022
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st April 2022
12,285
3,240
10,317
63,814
89,656
Additions
574
13,484
14,058
--------
-------
--------
--------
---------
At 31st March 2023
12,285
3,814
10,317
77,298
103,714
--------
-------
--------
--------
---------
Depreciation
At 1st April 2022
10,630
3,240
10,317
46,043
70,230
Charge for the year
174
115
9,637
9,926
--------
-------
--------
--------
---------
At 31st March 2023
10,804
3,355
10,317
55,680
80,156
--------
-------
--------
--------
---------
Carrying amount
At 31st March 2023
1,481
459
21,618
23,558
--------
-------
--------
--------
---------
At 31st March 2022
1,655
17,771
19,426
--------
-------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
188,250
229,099
Amounts owed by group undertakings
223,976
222,827
Prepayments and accrued income
76,614
52,726
Amounts recoverable on long term contracts
192,369
231,774
Amounts owed by related undertakings
4,959
Other debtors
80,535
24,527
---------
---------
761,744
765,912
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,686
8,715
Accruals and deferred income
7,267
21,429
Corporation tax
17,133
65,285
Other taxes and social security
103,857
108,876
---------
---------
144,943
204,305
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
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:
2023
2022
£
£
Not later than 1 year
11,075
22,573
Later than 1 year and not later than 5 years
13,467
61,749
--------
--------
24,542
84,322
--------
--------
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Other related parties
8,875
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.