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REGISTERED NUMBER: 01027137 (England and Wales)










Financial Statements

for the Year Ended 30 April 2023

for

Parkem Chemists Limited

Parkem Chemists Limited (Registered number: 01027137)

Contents of the Financial Statements
for the Year Ended 30 April 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Parkem Chemists Limited (Registered number: 01027137)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
Fixed assets
Intangible assets 4 2 2
Tangible assets 5 380,671 398,595
380,673 398,597

Current assets
Stocks 6 99,335 105,250
Debtors 7 2,497,588 2,256,194
Cash at bank and in hand 156,992 182,755
2,753,915 2,544,199
Creditors
Amounts falling due within one year 8 330,900 320,157
Net current assets 2,423,015 2,224,042
Total assets less current liabilities 2,803,688 2,622,639

Creditors
Amounts falling due after more than one
year

9

(229,657

)

(329,657

)

Provisions for liabilities (72,327 ) (92,926 )
Net assets 2,501,704 2,200,056

Capital and reserves
Called up share capital 750 750
Capital redemption reserve 10 750 750
Retained earnings 10 2,500,204 2,198,556
Shareholders' funds 2,501,704 2,200,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Parkem Chemists Limited (Registered number: 01027137)

Balance Sheet - continued
30 April 2023


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 12 December 2023 and were signed on its behalf by:




Mr A Patel - Director



Mr K Amin - Director


Parkem Chemists Limited (Registered number: 01027137)

Notes to the Financial Statements
for the Year Ended 30 April 2023


1. Statutory information

Parkem Chemists Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01027137

Registered office: 102 Dominion Road
Glenfield
Leicester
Leicestershire
LE3 8FB

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


Parkem Chemists Limited (Registered number: 01027137)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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 balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 NIL (2022 - 19 ).

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 May 2022
and 30 April 2023 64,773
Amortisation
At 1 May 2022
and 30 April 2023 64,771
Net book value
At 30 April 2023 2
At 30 April 2022 2

Parkem Chemists Limited (Registered number: 01027137)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


5. Tangible fixed assets
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
Cost
At 1 May 2022
and 30 April 2023 123,686 309,455 522,492
Depreciation
At 1 May 2022 100,022 24,756 434,450
Charge for year 2,474 6,190 8,804
At 30 April 2023 102,496 30,946 443,254
Net book value
At 30 April 2023 21,190 278,509 79,238
At 30 April 2022 23,664 284,699 88,042

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 May 2022
and 30 April 2023 33,617 22,444 1,011,694
Depreciation
At 1 May 2022 31,779 22,092 613,099
Charge for year 368 88 17,924
At 30 April 2023 32,147 22,180 631,023
Net book value
At 30 April 2023 1,470 264 380,671
At 30 April 2022 1,838 352 398,595

6. Stocks
30.4.23 30.4.22
£    £   
Stocks 99,335 105,250

7. Debtors: amounts falling due within one year
30.4.23 30.4.22
£    £   
Trade debtors 130,110 136,122
Amounts owed by associates 2,148,980 1,921,295
Other debtors 171,566 126,566
VAT 46,932 72,211
2,497,588 2,256,194

Parkem Chemists Limited (Registered number: 01027137)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


8. Creditors: amounts falling due within one year
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 54,853 86,510
Trade creditors 178,070 182,504
Tax 92,713 50,323
Social security and other taxes 4,631 -
Wages Control - 406
Pension Control 633 414
330,900 320,157

9. Creditors: amounts falling due after more than one year
30.4.23 30.4.22
£    £   
Bank loans - 1-2 years 129,657 229,657
Bank loans - 2-5 years 100,000 100,000
229,657 329,657

10. Reserves
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2022 2,198,556 750 2,199,306
Profit for the year 301,648 301,648
At 30 April 2023 2,500,204 750 2,500,954