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COMPANY REGISTRATION NUMBER: 11179411
Parsia Managed Supplies Services Limited
Filleted Unaudited Financial Statements
31 December 2023
Parsia Managed Supplies Services Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
42,429
62,778
Current assets
Debtors
7
583,630
543,943
Cash at bank and in hand
170,096
228,151
---------
---------
753,726
772,094
Creditors: amounts falling due within one year
8
( 994,669)
( 1,033,901)
---------
------------
Net current liabilities
( 240,943)
( 261,807)
---------
---------
Total assets less current liabilities
( 198,514)
( 199,029)
---------
---------
Net liabilities
( 198,514)
( 199,029)
---------
---------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
( 199,514)
( 200,029)
---------
---------
Shareholders deficit
( 198,514)
( 199,029)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Parsia Managed Supplies Services Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
Mr Chrisitan Schulte
Mr Glen Constable
Director
Director
Company registration number: 11179411
Parsia Managed Supplies Services Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit G, Eskdale Road, Uxbridge, UB8 2RT, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has assurances from Christian Schulte, the company's ultimate controlling party that he will continue to support the company and provide financial support necessary to meet any obligations of Paris Managed Supplies Services Limited as they fall due. The directors therefore believe that it is appropriate to prepare these financial statements on a going concern basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: A. No cash flow statement has been presented for the company. B. Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
35% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Life of lease
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
448,676
---------
Amortisation
At 1 January 2023 and 31 December 2023
448,676
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
6. Tangible assets
Short leasehold property
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
59,181
70,665
99,737
229,583
Additions
650
650
--------
--------
---------
---------
At 31 December 2023
59,181
70,665
100,387
230,233
--------
--------
---------
---------
Depreciation
At 1 January 2023
21,003
70,665
75,137
166,805
Charge for the year
5,928
15,071
20,999
--------
--------
---------
---------
At 31 December 2023
26,931
70,665
90,208
187,804
--------
--------
---------
---------
Carrying amount
At 31 December 2023
32,250
10,179
42,429
--------
--------
---------
---------
At 31 December 2022
38,178
24,600
62,778
--------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
481,733
449,583
Prepayments and accrued income
47,954
45,160
Other debtors
53,943
49,200
---------
---------
583,630
543,943
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
569,198
625,659
Accruals and deferred income
7,887
17,623
Corporation tax
4,795
90
Social security and other taxes
32,614
38,544
Director loan accounts
380,175
351,985
---------
------------
994,669
1,033,901
---------
------------
9. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
A Ordinary shares shares of £ 1 each
800
800
800
800
B Ordinary shares shares of £ 1 each
200
200
200
200
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares shares of £ 1 each
800
800
800
800
B Ordinary shares shares of £ 1 each
200
200
200
200
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Directors' advances, credits and guarantees
During the financial year ended 31 December 2023, the directors had loan accounts in credit with the company totalling £304,140 for Christian Schulte and £76,035 for Glen Constable. These amounts were owed by the company to the directors at the balance sheet date and are presented under Other Creditors on the Statement of Financial Position. No amounts were owed by either of the directors to the company. Interest is charged at 3% above the bank of England base rate at the end of each calendar month on the outstanding loan balances with the company.
11. Related party transactions
During the financial year ended 31 December 2023, Parsia Managed Supplies Services Limited purchased stock for an amount of £1,935,202 (2022: £1,739,425) from Team Hell und Schulte GmbH & Co. KG, a fellow subsidiary. At 31 December 2023, a net amount of £569,142 (2022: £625,657) was owed by the company to its fellow subsidiary.
12. Controlling party
The directors consider the ultimate controlling party to be Christian Schulte.