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REGISTERED NUMBER: 08101188 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

PARKERS FORMAL WEAR LIMITED

PARKERS FORMAL WEAR LIMITED (REGISTERED NUMBER: 08101188)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PARKERS FORMAL WEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: Mr G M G Parker





REGISTERED OFFICE: 157/159 London Road South
Lowestoft
Suffolk
NR33 0DP





REGISTERED NUMBER: 08101188 (England and Wales)





ACCOUNTANTS: Farnell Clarke Limited
Evolution House
Delft Way
Norwich Airport
Norwich
Norfolk
NR6 6BB

PARKERS FORMAL WEAR LIMITED (REGISTERED NUMBER: 08101188)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 33,788 35,204
33,788 35,204

CURRENT ASSETS
Debtors 6 1,482 3,756
Cash at bank 48,069 45,854
49,551 49,610
CREDITORS
Amounts falling due within one year 7 37,537 51,620
NET CURRENT ASSETS/(LIABILITIES) 12,014 (2,010 )
TOTAL ASSETS LESS CURRENT LIABILITIES 45,802 33,194

PROVISIONS FOR LIABILITIES 6,419 6,689
NET ASSETS 39,383 26,505

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 39,283 26,405
SHAREHOLDERS' FUNDS 39,383 26,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

PARKERS FORMAL WEAR LIMITED (REGISTERED NUMBER: 08101188)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 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 15 February 2024 and were signed by:





Mr G M G Parker - Director


PARKERS FORMAL WEAR LIMITED (REGISTERED NUMBER: 08101188)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Parkers Formal Wear 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.

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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five 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.
Plant and machinery - 33% on reducing balance and 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

PARKERS FORMAL WEAR LIMITED (REGISTERED NUMBER: 08101188)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 10,000
AMORTISATION
At 1 July 2022
and 30 June 2023 10,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 July 2022 70,589 9,456 4,057 84,102
Additions 1,100 1,608 6,582 9,290
Disposals - - (217 ) (217 )
At 30 June 2023 71,689 11,064 10,422 93,175
DEPRECIATION
At 1 July 2022 41,092 5,350 2,456 48,898
Charge for year 7,985 761 1,765 10,511
Eliminated on disposal - - (22 ) (22 )
At 30 June 2023 49,077 6,111 4,199 59,387
NET BOOK VALUE
At 30 June 2023 22,612 4,953 6,223 33,788
At 30 June 2022 29,497 4,106 1,601 35,204

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 581 -
Other debtors - 1,801
Director's current account - 1,435
Prepayments 901 520
1,482 3,756

PARKERS FORMAL WEAR LIMITED (REGISTERED NUMBER: 08101188)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 574 2,347
Advance deposits 23,739 32,967
Corporation tax 6,096 7,878
VAT 4,670 6,614
Other creditors 2,025 1,093
Director's current account 433 -
Accruals and deferred income - 721
37,537 51,620

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
75 Ordinary A £1 75 75
25 Ordinary B £1 25 25
100 100

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
Mr G M G Parker
Balance outstanding at start of year 1,435 -
Amounts advanced - 1,435
Amounts repaid (1,435 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,435

The loan was repaid on 18 January 2023.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £13,010 (2022 - £46,250) were paid to the director .

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G M G Parker.