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REGISTERED NUMBER: 03778652 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

PARKINSON BUSINESS FINANCE LIMITED

PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARKINSON BUSINESS FINANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: D J Parkinson





REGISTERED OFFICE: Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH





REGISTERED NUMBER: 03778652 (England and Wales)





ACCOUNTANTS: Wallwork Nelson & Johnson
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652)

BALANCE SHEET
31 MAY 2023

31/5/23 31/5/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 358,606 368,236

CURRENT ASSETS
Debtors 5 253,637 482,103
Cash at bank 3,312,157 2,547,948
3,565,794 3,030,051
CREDITORS
Amounts falling due within one year 6 206,699 224,500
NET CURRENT ASSETS 3,359,095 2,805,551
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,717,701

3,173,787

CREDITORS
Amounts falling due after more than one
year

7

-

(11,111

)

PROVISIONS FOR LIABILITIES (27,013 ) (22,360 )
NET ASSETS 3,690,688 3,140,316

CAPITAL AND RESERVES
Called up share capital 8 500 500
Capital redemption reserve 500 500
Retained earnings 3,689,688 3,139,316
SHAREHOLDERS' FUNDS 3,690,688 3,140,316

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

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

The director acknowledges his 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.

PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652)

BALANCE SHEET - continued
31 MAY 2023


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 director and authorised for issue on 10 October 2023 and were signed by:





D J Parkinson - Director


PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Parkinson Business Finance Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Income recognition
Commission income represents commissions receivable in the accounting period, excluding value added tax. Income from both operating lease agreements and hire purchase agreements is allocated over the period of the agreement on a straight line basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - nil
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Freehold property is maintained to ensure that its value does not diminish over time. The maintenance costs are charged to the profit and loss account as they are incurred. Freehold property is not depreciated as, in the opinion of the directors, the estimated residual value of the property is such that any depreciation charge would be immaterial.

PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate.The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset
expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and
preference shares that are classified as debt, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are
discharged or cancelled.

Taxation
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 recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the estimated useful lives. Those held under finance leases are depreciated over the estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2022 250,552 67,714 37,163
Additions - 6,512 -
Disposals - - -
At 31 May 2023 250,552 74,226 37,163
DEPRECIATION
At 1 June 2022 - 64,512 33,809
Charge for year - 2,435 711
Eliminated on disposal - - -
At 31 May 2023 - 66,947 34,520
NET BOOK VALUE
At 31 May 2023 250,552 7,279 2,643
At 31 May 2022 250,552 3,202 3,354

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 147,365 33,483 536,277
Additions 26,750 880 34,142
Disposals (22,200 ) - (22,200 )
At 31 May 2023 151,915 34,363 548,219
DEPRECIATION
At 1 June 2022 39,989 29,731 168,041
Charge for year 31,859 1,397 36,402
Eliminated on disposal (14,830 ) - (14,830 )
At 31 May 2023 57,018 31,128 189,613
NET BOOK VALUE
At 31 May 2023 94,897 3,235 358,606
At 31 May 2022 107,376 3,752 368,236

The freehold property held by by the company were valued on an open market basis by the Director.

PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. DEBTORS
31/5/23 31/5/22
£    £   
Amounts falling due within one year:
Trade debtors 12,080 7,321
Amounts receivable in respect of hire
purchase contracts

54,917

62,677
Other debtors 150,613 386,396
217,610 456,394

Amounts falling due after more than one year:
Amounts receivable in respect of hire
purchase contracts

36,027

25,709

Aggregate amounts 253,637 482,103

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Hire purchase contracts - 33,333
Trade creditors 251 471
Tax 184,524 167,816
Social security and other taxes 283 2,258
VAT 13,348 12,766
Directors' current accounts 1,090 61
Accrued expenses 7,203 7,795
206,699 224,500

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/5/23 31/5/22
£    £   
Hire purchase contracts - 11,111

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/5/23 31/5/22
value: £    £   
500 Ordinary £1 500 500

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £164,000 (2022 - £224,200) were paid to the director .