REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Paridyn Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Paridyn Properties Limited |
Paridyn Properties Limited (Registered number: 08133389) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Paridyn Properties Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
6 High Street |
Wheathampstead |
Hertfordshire |
AL4 8AA |
Paridyn Properties Limited (Registered number: 08133389) |
Balance Sheet |
31 July 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISION FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Paridyn Properties Limited (Registered number: 08133389) |
Balance Sheet - continued |
31 July 2023 |
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 |
Paridyn Properties Limited (Registered number: 08133389) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Paridyn Properties Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is Woodside Cottage, 2 Cromer Hyde Lane, Lemsford Welwyn Garden City, Herts AL8 7XE. |
The financial statements are presented in Sterling, which is the functional currency of the company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue represents fair value of rent and service charges receivable excluding Value Added Tax having regard to the fulfilment of contractual obligations. |
Tangible fixed assets & depreciation |
All fixed assets are initially recorded at cost. |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful; economic life of that asset as follows: |
Fixtures & Fittings - 33% straight line. |
Investment property |
In accordance with the FRS 102 no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the Directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The Directors consider that this policy results in the accounts giving a true and fair view. |
Paridyn Properties Limited (Registered number: 08133389) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
Revenue recognition |
Revenue represents fair value of rent and service charges receivable excluding Value Added Tax having regard to the fulfilment of contractual obligations. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Paridyn Properties Limited (Registered number: 08133389) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Revaluation | (5,000 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The historical cost of the freehold properties was £437,853. (2022: £437,853) |
The freehold properties were valued as at 31st July 2023 by the Directors on an open market basis. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Accrued income and Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Tax |
Social security and other taxes |
Loan from Paridyn Ltd | 163,206 | 167,845 |
Owed to Directors | 183,675 | 182,862 |
Accruals and deferred income |
8. | PROVISION FOR LIABILITIES |
31.7.23 | 31.7.22 |
£ | £ |
Deferred tax |
Revaluation of properties | 51,000 | 52,500 |
Paridyn Properties Limited (Registered number: 08133389) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
8. | PROVISION FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Released during year | (1,500 | ) |
Balance at 31 July 2023 |
Deferred tax is the liability to corporation tax if the investment properties were sold at the value stated in the Accounts. |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 August 2022 |
Revaluation | (3,500 | ) |
At 31 July 2023 |
10. | RELATED PARTY DISCLOSURES |
Paridyn Properties Ltd shares directors with Paridyn Ltd. |
Loan positions at 31st July 2023 were as follows: |
Owed to Paridyn Ltd £163,206 (2022 £167,845) |
Owed to Directors J G and C R Gardner £183,675 (2022 £182,862) |
The loans are interest-free and repayable on demand. |
11. | ULTIMATE CONTROLLING PARTY |
The company considers Paridyn Ltd to be its ultimate parent company. Paridyn Ltd is registered in England and Wales at Woodside Cottage, 2 Cromer Hyde Lane, Lemsford, Herts AL8 7XE. The parent company has taken advantage of the exemption to prepare Group accounts provided by Section 398 of the Companies Act 2006. |