Large Parasols Limited |
Notes to the Accounts |
for the year ended 31 May 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
33.33% straight line |
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Stocks |
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Stock is valued at the lower of cost and net realisable value. |
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Taxation |
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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. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 June 2022 |
3,836 |
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At 31 May 2023 |
3,836 |
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Depreciation |
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At 1 June 2022 |
3,836 |
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At 31 May 2023 |
3,836 |
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Net book value |
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At 31 May 2023 |
- |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
- |
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1,332 |
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Other debtors |
6,440 |
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14,599 |
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6,440 |
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15,931 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
- |
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31,111 |
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Other taxes and social security costs |
285 |
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15,710 |
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Other creditors |
1,879 |
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2,871 |
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2,164 |
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49,692 |
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6 |
Share capital |
Nominal |
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2023 |
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2023 |
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2022 |
value |
Number |
£ |
£ |
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Ordinary shares |
£1 each |
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1 |
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1 |
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1 |
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7 |
Related party transactions |
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The company received a share of the partnership income of Andrew Smith International amounting to £3,512 (2022: £11,671) during the period. The amount outstanding to the company from Andrew Smith International at the year end was £6,440. |
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8 |
Controlling party |
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The company is controlled by the director, Mr. Paul Le Blanc Smith. |
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9 |
Other information |
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Large Parasols Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Greenmantle, |
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Epsom Road, |
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West Horsley, |
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Surrey, |
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KT24 6AP. |