REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
TREVOR PARR ASSOCIATES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
TREVOR PARR ASSOCIATES LIMITED |
TREVOR PARR ASSOCIATES LIMITED (REGISTERED NUMBER: 01004902) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
TREVOR PARR ASSOCIATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants & Statutory Auditor |
10 Stadium Business Court |
Millennium Way |
Pride Park |
Derby |
DE24 8HP |
TREVOR PARR ASSOCIATES LIMITED (REGISTERED NUMBER: 01004902) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 13 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 14 |
Share premium |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TREVOR PARR ASSOCIATES LIMITED (REGISTERED NUMBER: 01004902) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Trevor Parr Associates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Investment properties are shown at their open market value by managements estimation through a number of bases. With those being the current market considerations, benchmarking to other similar properties in the same areas and also assessing the yields achieved on the properties. The surplus or deficit arising from the annual revaluation is transferred to the Statement of Comprehensive Income. |
This is in accordance with FRS 102 1A which, unlike Part 15 to the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view. |
Revenue recognition |
Turnover represents rents received during the year. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
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. |
TREVOR PARR ASSOCIATES LIMITED (REGISTERED NUMBER: 01004902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
2023 | 2022 |
as restated |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
6,000 |
4,000 |
TREVOR PARR ASSOCIATES LIMITED (REGISTERED NUMBER: 01004902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 June 2022 |
Additions |
At 31 May 2023 |
Depreciation |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
Cost or valuation |
At 1 June 2022 |
Additions |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
The investment properties were revalued by the directors at the balance sheet date at open market value. |
If the investment properties had not been revalued they would have been included at the historical cost of £11,482,646 (2022: £11,149,191). |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Other debtors |
Directors' loan accounts |
Prepayments |
TREVOR PARR ASSOCIATES LIMITED (REGISTERED NUMBER: 01004902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Tax |
Other creditors |
Directors' loan accounts |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans (see note 10) |
10. | LOANS |
The bank loans and overdraft facility are secured by a fixed charge over the fixed assets of the company. |
Included within creditors falling due after more than one year is an amount of £8,278,778 (2022:£8,978,729) in respect of liabilities which fall due for payment after more than five years from the balance sheet date. |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
as restated |
£ | £ |
Within one year |
Between one and five years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
as restated |
£ | £ |
Bank loans | 10,575,663 | 9,350,861 |
13. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
as restated |
£ | £ |
Deferred tax | 2,673,583 | 2,031,923 |
TREVOR PARR ASSOCIATES LIMITED (REGISTERED NUMBER: 01004902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
13. | PROVISIONS FOR LIABILITIES - continued |
Deferred tax |
£ |
Balance at 1 June 2022 |
Provided during year |
Balance at 31 May 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | £1 | 82 | 82 |
Ordinary 'B' | £1 | 20 | 20 |
102 | 102 |
15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
16. | PRIOR YEAR ADJUSTMENT |
A prior period adjustment has been made during the year in respect of fixture and fittings, which should have been added to the investment properties not tangible fixed assets. |
The following balances brought forward have therefore been restated: |
Previously Presented |
Adjustment |
As Restated |
Tangible fixed assets | 479,607 | (282,202 | ) | 197,405 |
Retained earnings | 8,528,244 | 58,247 | 8,586,491 |
Depreciation | 158,965 | 103,786 | 55,179 |
Property revaluation | 5,289,146 | (410,724 | ) | 4,878,872 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022: |
2023 | 2022 |
as restated |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
TREVOR PARR ASSOCIATES LIMITED (REGISTERED NUMBER: 01004902) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
The Directors are the key management personnel. |
The director has given a personal guarantee for £450,000 in respect of the company's bank loans. |
18. | RELATED PARTY DISCLOSURES |
The creditor due to a close family member at the year-end was £2,266 (2022: £1,269 (debtor)). |