4 28/02/2023 2023-02-28 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10027330 2022-03-01 2023-02-28 10027330 2023-02-28 10027330 2022-02-28 10027330 2021-03-01 2022-02-28 10027330 2022-02-28 10027330 core:PlantMachinery 2022-03-01 2023-02-28 10027330 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 10027330 core:MotorVehicles 2022-03-01 2023-02-28 10027330 bus:RegisteredOffice 2022-03-01 2023-02-28 10027330 bus:LeadAgentIfApplicable 2022-03-01 2023-02-28 10027330 bus:Director1 2022-03-01 2023-02-28 10027330 bus:Director2 2022-03-01 2023-02-28 10027330 core:PlantMachinery 2022-02-28 10027330 core:FurnitureFittingsToolsEquipment 2022-02-28 10027330 core:MotorVehicles 2022-02-28 10027330 core:PlantMachinery 2023-02-28 10027330 core:FurnitureFittingsToolsEquipment 2023-02-28 10027330 core:MotorVehicles 2023-02-28 10027330 core:WithinOneYear 2023-02-28 10027330 core:WithinOneYear 2022-02-28 10027330 core:AfterOneYear 2023-02-28 10027330 core:AfterOneYear 2022-02-28 10027330 core:ShareCapital 2023-02-28 10027330 core:ShareCapital 2022-02-28 10027330 core:RetainedEarningsAccumulatedLosses 2023-02-28 10027330 core:RetainedEarningsAccumulatedLosses 2022-02-28 10027330 core:PlantMachinery 2022-02-28 10027330 core:FurnitureFittingsToolsEquipment 2022-02-28 10027330 core:MotorVehicles 2022-02-28 10027330 bus:Director1 2022-02-28 10027330 bus:Director1 2023-02-28 10027330 bus:Director1 2021-02-28 10027330 bus:Director1 2022-02-28 10027330 bus:Director1 2021-03-01 2022-02-28 10027330 bus:SmallEntities 2022-03-01 2023-02-28 10027330 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10027330 bus:FullAccounts 2022-03-01 2023-02-28 10027330 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10027330 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10027330 1 2022-03-01 2023-02-28
Company registration number: 10027330
Parkerrose Interiors Limited
Unaudited filleted financial statements
28 February 2023
Parkerrose Interiors Limited
Directors and other information
Directors Mr R J P Parker
Mr S A L Rose
Company number 10027330
Registered office Unit 4
Joiner Court
St. Ives
Cambridgeshire
PE27 3LX
Accountants Hodgson Hey Limited
Heritage Exchange
South Lane
Elland
West Yorkshire
HX5 0HG
Bankers Lloyds Bank Plc
1 The Pavement
Saint Ives
Cambridgeshire
PE27 5AE
Parkerrose Interiors Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 147,593 163,853
_______ _______
147,593 163,853
Current assets
Stocks 70,000 15,000
Debtors 6 58,715 66,397
Cash at bank and in hand 45,257 114,478
_______ _______
173,972 195,875
Creditors: amounts falling due
within one year 7 ( 165,296) ( 129,262)
_______ _______
Net current assets 8,676 66,613
_______ _______
Total assets less current liabilities 156,269 230,466
Creditors: amounts falling due
after more than one year 8 ( 110,442) ( 138,264)
Provisions for liabilities ( 28,043) ( 31,132)
_______ _______
Net assets 17,784 61,070
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 17,684 60,970
_______ _______
Shareholders funds 17,784 61,070
_______ _______
For the year ending 28 February 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 July 2023 , and are signed on behalf of the board by:
Mr S A L Rose
Director
Company registration number: 10027330
Parkerrose Interiors Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Parkerrose Interiors Limited, Unit 4, Joiner Court, St. Ives, Cambridgeshire, PE27 3LX.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 183,601 4,428 11,345 199,374
Additions - 1,215 - 1,215
_______ _______ _______ _______
At 28 February 2023 183,601 5,643 11,345 200,589
_______ _______ _______ _______
Depreciation
At 1 March 2022 24,984 3,260 7,277 35,521
Charge for the year 15,862 596 1,017 17,475
_______ _______ _______ _______
At 28 February 2023 40,846 3,856 8,294 52,996
_______ _______ _______ _______
Carrying amount
At 28 February 2023 142,755 1,787 3,051 147,593
_______ _______ _______ _______
At 28 February 2022 158,617 1,168 4,068 163,853
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 41,420 58,972
Other debtors 17,295 7,425
_______ _______
58,715 66,397
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 35,194 35,420
Trade creditors 104,776 46,535
Corporation tax 12,085 2,913
Social security and other taxes 4,271 33,182
Other creditors 8,970 11,212
_______ _______
165,296 129,262
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 110,442 138,264
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R J P Parker & Mr S A L Rose ( 1,612) 87,039 ( 82,000) 3,427
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R J P Parker & Mr S A L Rose ( 565) 64,953 ( 66,000) ( 1,612)
_______ _______ _______ _______
10. Controlling party
The company was controlled throughout the year by the directors who own 100% of the issued share capital.