Registered number
10688599
C & N Parsons Limited
Unaudited Filleted Accounts
31 March 2023
C & N Parsons Limited
Registered number: 10688599
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 46,828 51,509
Current assets
Stocks 9,980 8,938
Debtors 4 57,153 16,600
Cash at bank and in hand 146,883 164,134
214,016 189,672
Creditors: amounts falling due within one year 5 (107,605) (90,320)
Net current assets 106,411 99,352
Total assets less current liabilities 153,239 150,861
Creditors: amounts falling due after more than one year 6 (22,180) (32,434)
Provisions for liabilities (8,897) (9,787)
Net assets 122,162 108,640
Capital and reserves
Called up share capital 2 2
Profit and loss account 122,160 108,638
Shareholders' funds 122,162 108,640
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs C Parsons
Director
Approved by the board on 27 November 2023
C & N Parsons Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors/creditors receivable/payable within one year
Debtor and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Grants
Grants are accounted for under the accruals model. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Impact of Covid-19
The Directors consider that despite the Covid 19 pandemic declared on 11 March 2020 by the World Health Organisation, the Company has adequate resources to continue in operational existence. In reaching this conclusion, the Directors have considered the following: the effect of Covid 19 on the business to date, projected cash flow requirements and results and in general the risks that could impact on the Company's liquidity and solvency over the 12 months following the approval of the Financial Statements. Whilst it has suffered the same uncertainties and lack of reliable information as to the effects of the pandemic as all other businesses, and has had to make some use of the furlough scheme due to lockdown closures, it has nevertheless performed well in the financial year under review. The Directors have concluded that the Company has adequate resources to continue as a going concern for the foreseeable future. The accounts have therefore been prepared on a going concern basis using the historical cost convention.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 23 20
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 41,661 37,812 79,473
Additions 12,379 - 12,379
At 31 March 2023 54,040 37,812 91,852
Depreciation
At 1 April 2022 26,073 1,891 27,964
Charge for the year 9,498 7,562 17,060
At 31 March 2023 35,571 9,453 45,024
Net book value
At 31 March 2023 18,469 28,359 46,828
At 31 March 2022 15,588 35,921 51,509
4 Debtors 2023 2022
£ £
Other debtors 57,153 16,600
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,321 10,068
Trade creditors 50,788 38,980
Taxation and social security costs 42,966 35,007
Other creditors 3,530 6,265
107,605 90,320
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,180 32,434
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 29,560 88,500
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan is interest free and repayable on demand 7,423 41,312 (10,134) 38,601
7,423 41,312 (10,134) 38,601
9 Other information
C & N Parsons Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Providence Court
Pynes Hill
Exeter
Devon
EX2 5JL
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