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REGISTERED NUMBER: 01543917 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PARROTGATE LTD

PARROTGATE LTD (Registered number: 01543917)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PARROTGATE LTD

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: Mr R A B Lynes
Mrs D P Lynes
Mr R A B Lynes





SECRETARY: Mr R A B Lynes





REGISTERED OFFICE: Units SCF 1 & 2 South Core
Western Int Market
Hayes Road
Southall
Middlesex
UB2 5XJ





REGISTERED NUMBER: 01543917 (England and Wales)





ACCOUNTANTS: Cooper Dawn Jerrom Limited
Chartered Accountants
Units SCF 1 & 2
Western International Market
Hayes Road
Southall
Middlesex
UB2 5XJ

PARROTGATE LTD (Registered number: 01543917)

BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 254,049 255,399
Investment property 5 666,795 666,795
920,844 922,194

CURRENT ASSETS
Stocks 8,590 3,609
Debtors 6 44,796 45,498
Cash at bank 78,828 145,207
132,214 194,314
CREDITORS
Amounts falling due within one year 7 (135,194 ) (170,742 )
NET CURRENT (LIABILITIES)/ASSETS (2,980 ) 23,572
TOTAL ASSETS LESS CURRENT
LIABILITIES

917,864

945,766

PROVISIONS FOR LIABILITIES (9,657 ) (9,657 )
NET ASSETS 908,207 936,109

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 150,341 150,341
Retained earnings 757,766 785,668
SHAREHOLDERS' FUNDS 908,207 936,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





Mr R A B Lynes - Director


PARROTGATE LTD (Registered number: 01543917)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

PARROTGATE LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents income from property rental and sale of property.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis and includes all direct expenditure and an appropriate proportion of fixed and variable overheads incurred. Net realisable value represents estimated selling price less the selling costs to complete the sale.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 250,000 13,298 263,298
DEPRECIATION
At 1 April 2022 - 7,899 7,899
Charge for year - 1,350 1,350
At 31 March 2023 - 9,249 9,249
NET BOOK VALUE
At 31 March 2023 250,000 4,049 254,049
At 31 March 2022 250,000 5,399 255,399

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 666,795
NET BOOK VALUE
At 31 March 2023 666,795
At 31 March 2022 666,795

PARROTGATE LTD (Registered number: 01543917)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

5. INVESTMENT PROPERTY - continued


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 44,796 45,498

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 126,746 147,439
Taxation and social security 805 16,352
Other creditors 7,643 6,951
135,194 170,742

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans and overdraft 126,746 147,439

The bank loans are secured over the company's properties.

9. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 150,341

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Mr R A B Lynes and Mrs D P Lynes
Balance outstanding at start of year 23,299 23,299
Amounts repaid (702 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,597 23,299

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr R A B Lynes.