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REGISTERED NUMBER: 01004902 (England and Wales)















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: Mrs A K M Parr
Mr D H F Parr





Secretary: Mrs A K M Parr





Registered office: 90 Paget Street
Loughborough
Leicestershire
LE11 5DT





Registered number: 01004902 (England and Wales)





Auditors: Haines Watts
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 5 255,619 197,405
Investment property 6 24,528,298 24,194,843
24,783,917 24,392,248

Current assets
Debtors 7 66,169 26,754
Cash at bank 1,159,253 361,270
1,225,422 388,024
Creditors
Amounts falling due within one year 8 (608,603 ) (983,277 )
Net current assets/(liabilities) 616,819 (595,253 )
Total assets less current liabilities 25,400,736 23,796,995

Creditors
Amounts falling due after more than one
year

9

(10,544,536

)

(8,978,729

)

Provisions for liabilities 13 (2,673,583 ) (2,031,923 )
Net assets 12,182,617 12,786,343

Capital and reserves
Called up share capital 14 102 102
Share premium 95,498 95,498
Retained earnings 12,087,017 12,690,743
Shareholders' funds 12,182,617 12,786,343

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 Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:





Mr D H F Parr - Director


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 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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 8 (2022 - 7 ) .

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 1,182,911 68,432 1,251,343
Additions 87,064 50,638 137,702
At 31 May 2023 1,269,975 119,070 1,389,045
Depreciation
At 1 June 2022 1,004,766 49,172 1,053,938
Charge for year 73,618 5,870 79,488
At 31 May 2023 1,078,384 55,042 1,133,426
Net book value
At 31 May 2023 191,591 64,028 255,619
At 31 May 2022 178,145 19,260 197,405

6. INVESTMENT PROPERTY
Total
£
Cost or valuation
At 1 June 2022 24,194,843
Additions 333,455
At 31 May 2023 24,528,298
Net book value
At 31 May 2023 24,528,298
At 31 May 2022 24,194,843

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 13,097 11,571
Directors' loan accounts 20,136 7,449
Prepayments 32,936 7,734
66,169 26,754

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) 154,144 531,865
Trade creditors 154,272 191,258
Tax 42,064 50,447
Other creditors 146,388 73,469
Directors' loan accounts 104,735 130,238
Accruals and deferred income 7,000 6,000
608,603 983,277

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£ £
Bank loans (see note 10) 10,544,536 8,978,729

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 8,991 11,988
Between one and five years - 7,992
8,991 19,980

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 2,031,923
Provided during year 641,660
Balance at 31 May 2023 2,673,583

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£ £
82 Ordinary £1 82 82
20 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.

James Liptrott (Senior Statutory Auditor)
for and on behalf of Haines Watts

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
£ £
Mrs A K M Parr and Mr D H F Parr
Balance outstanding at start of year (122,789 ) (147,228 )
Amounts advanced 891,852 884,480
Amounts repaid (853,662 ) (860,041 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (84,599 ) (122,789 )

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)).