Parallel House London Limited |
Registered number: |
12098406 |
Balance Sheet |
as at 31 July 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
23,274,680 |
|
|
10,674,185 |
|
Current assets |
Debtors |
4 |
|
902,825 |
|
|
1,151,044 |
Cash at bank and in hand |
|
|
6,815 |
|
|
3,922 |
|
|
|
909,640 |
|
|
1,154,966 |
|
Creditors: amounts falling due within one year |
5 |
|
(16,564,080) |
|
|
(13,414,345) |
|
Net current liabilities |
|
|
|
(15,654,440) |
|
|
(12,259,379) |
|
Total assets less current liabilities |
|
|
|
7,620,240 |
|
|
(1,585,194) |
|
|
Provisions for liabilities |
|
|
|
(2,548,857) |
|
|
- |
|
|
Net assets/(liabilities) |
|
|
|
5,071,383 |
|
|
(1,585,194) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
6 |
|
|
7,646,571 |
|
|
- |
Profit and loss account |
|
|
|
(2,575,288) |
|
|
(1,585,294) |
|
Shareholders' funds |
|
|
|
5,071,383 |
|
|
(1,585,194) |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
The financial statements were approved and authorised for issue on: |
|
|
|
Mandeep Binning |
Director |
Approved by the board on 25 March 2024 |
|
Parallel House London Limited |
Notes to the Accounts |
for the year ended 31 July 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
Parallel House London Limited is a company limited by shares incorporated in England within the United Kingdom. The registration number and the address of the registered office is given in the company information on page 1 of these financial statements. The trading address is Olive Tree Centre, 472A Larkshall Road, London, E4 9HH. The financial statements cover the individual entity, are presented in sterling which is the functional currency of the company and are not rounded. The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The significant accounting policies applied in the preparation of these financial statements are set out below. |
|
|
Turnover |
|
Turnover represents the net value of the rent received as per rental agreements. |
|
|
Tangible fixed assets |
|
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: |
|
|
Fixtures, fittings, tools and equipment |
20% Straight Line |
|
|
Investment Properties |
|
Investment properties are stated at fair market valuations. Surplus or deficits arising on the revaluation are transferred to the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Equipment, fixtures & fittings |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 August 2022 |
10,674,185 |
|
- |
|
10,674,185 |
|
Additions |
2,359,423 |
|
57,055 |
|
2,416,478 |
|
Surplus on revaluation |
10,195,428 |
|
- |
|
10,195,428 |
|
At 31 July 2023 |
23,229,036 |
|
57,055 |
|
23,286,091 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the year |
- |
|
11,411 |
|
11,411 |
|
At 31 July 2023 |
- |
|
11,411 |
|
11,411 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2023 |
23,229,036 |
|
45,644 |
|
23,274,680 |
|
At 31 July 2022 |
10,674,185 |
|
- |
|
10,674,185 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
£ |
£ |
|
Historical cost |
13,033,608 |
|
10,674,185 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
13,033,608 |
|
10,674,185 |
|
The properties were revalued at fair market value to £23,229,036 in 2023 by the directors and the accounts reflect the current market value. |
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
19,643 |
|
2,707 |
|
Other debtors |
883,182 |
|
1,148,337 |
|
|
|
|
|
|
902,825 |
|
1,151,044 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
12,316,264 |
|
9,516,164 |
|
Trade creditors |
205,428 |
|
102,773 |
|
Other creditors |
4,042,388 |
|
3,795,408 |
|
|
|
|
|
|
16,564,080 |
|
13,414,345 |
|
|
|
|
|
|
|
|
|
|
6 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
Gain on revaluation of land and buildings |
10,195,428 |
|
- |
|
Deferred taxation arising on the revaluation of land and buildings |
(2,548,857) |
|
- |
|
|
At 31 July 2023 |
7,646,571 |
|
- |
|
|
|
|
|
|
|
|
|