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REGISTERED NUMBER: 09814187 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Parsons Leisure Limited

Parsons Leisure Limited (Registered number: 09814187)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Parsons Leisure Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: S Mann





REGISTERED OFFICE: Wyvols Court
Basingstoke Road
Swallowfield
Reading
Berkshire
RG7 1WY





REGISTERED NUMBER: 09814187 (England and Wales)





ACCOUNTANTS: J & C Accountants Ltd
Wyvols Court
Basingstoke Road
Swallowfield
Reading
Berkshire
RG7 1WY

Parsons Leisure Limited (Registered number: 09814187)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 445,141 500,835
Tangible assets 5 2,168,930 2,156,976
2,614,071 2,657,811

CURRENT ASSETS
Stocks 19,405 18,465
Debtors 6 46,635 51,815
Cash at bank and in hand 26,893 230,980
92,933 301,260
CREDITORS
Amounts falling due within one year 7 430,688 493,703
NET CURRENT LIABILITIES (337,755 ) (192,443 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,276,316 2,465,368

CREDITORS
Amounts falling due after more than one
year

8

(2,622,361

)

(2,765,327

)

PROVISIONS FOR LIABILITIES (19,666 ) (21,051 )
NET LIABILITIES (365,711 ) (321,010 )

Parsons Leisure Limited (Registered number: 09814187)

Balance Sheet - continued
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (365,721 ) (321,020 )
SHAREHOLDERS' FUNDS (365,711 ) (321,010 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 19 October 2023 and were signed by:





S Mann - Director


Parsons Leisure Limited (Registered number: 09814187)

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

1. STATUTORY INFORMATION

Parsons Leisure Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 09814187. The registered office address is Wyvols Court, Basingstoke Road, Swallowfield, Reading, RG7 1WY. The business address is Trunkwell House, Beech Hill Road, Beech Hill, Reading, RG7 2AT.

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 net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 2% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Parsons Leisure Limited (Registered number: 09814187)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 834,999
AMORTISATION
At 1 January 2022 334,164
Charge for year 55,694
At 31 December 2022 389,858
NET BOOK VALUE
At 31 December 2022 445,141
At 31 December 2021 500,835

Parsons Leisure Limited (Registered number: 09814187)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2022 1,889,974 806,887 2,696,861
Additions - 105,139 105,139
Disposals - (2,000 ) (2,000 )
At 31 December 2022 1,889,974 910,026 2,800,000
DEPRECIATION
At 1 January 2022 226,794 313,091 539,885
Charge for year 37,799 55,030 92,829
Eliminated on disposal - (1,644 ) (1,644 )
At 31 December 2022 264,593 366,477 631,070
NET BOOK VALUE
At 31 December 2022 1,625,381 543,549 2,168,930
At 31 December 2021 1,663,180 493,796 2,156,976

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 16,382 17,882
Other debtors 30,253 33,933
46,635 51,815

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 131,917 142,426
Hire purchase contracts 6,231 6,232
Trade creditors 175,586 172,580
Taxation and social security - 1,769
Other creditors 116,954 170,696
430,688 493,703

Parsons Leisure Limited (Registered number: 09814187)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans 1,142,652 1,278,387
Hire purchase contracts 5,015 11,246
Amounts owed to group undertakings 1,474,694 1,475,694
2,622,361 2,765,327

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 613,147 728,501

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank loans 1,274,569 1,420,813

The Royal Bank of Scotland holds four fixed and floating charges over the leasehold property known as Trunkwell Mansion House as well as the surrounding leasehold land.

10. RELATED PARTY DISCLOSURES

During the year management charges of £222,548 (2021 £119,947) were paid to Parsons Care Limited, which owns 100% of the issued share capital of Parsons Leisure Limited.
At the year end a loan was owed to Parsons Care Limited of £1,474,694 (2021 £1,475,694). This loan is not interest bearing and has no set repayment terms.

Parsons Leisure Limited (Registered number: 09814187)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. FUNDAMENTAL UNCERTAINTIES AFFECTING THE ACCOUNTS

The director draws attention to the deficiency of assets shown in the accounts caused by the impact of the COVID 19 pandemic on the business. The company has continued to trade through the support of its creditors and the financial statements have been drawn up on a going concern basis which assumes the support will continue.

Should the company be unable to continue trading, adjustments would have to be made to reduce the value of the assets to their recoverable amount, to provide for any further liabilities which might arise and to reclassify fixed assets and long term liabilities as current assets and current liabilities. The director has been unable to quantify the potential adjustment to the asset values which would be necessary in this situation, nor the further liabilities which would arise.