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REGISTERED NUMBER: 02344308 (England and Wales)















Financial Statements

for the Period

1 January 2023 to 31 October 2023

for

PAROTEC SOLUTIONS LIMITED

PAROTEC SOLUTIONS LIMITED (REGISTERED NUMBER: 02344308)

Contents of the Financial Statements
for the Period 1 January 2023 to 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PAROTEC SOLUTIONS LIMITED

Company Information
for the Period 1 January 2023 to 31 October 2023







Directors: J A Betts
C Kinslow
G Lilly





Registered office: Unit C1 Europa Trading Estate
Europaway Stoneclough Road
Radcliffe
Manchester
M26 1GG





Registered number: 02344308 (England and Wales)





Auditors: Haines Watts
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

PAROTEC SOLUTIONS LIMITED (REGISTERED NUMBER: 02344308)

Balance Sheet
31 October 2023

2023 2022
as restated
Notes £    £    £    £   
Fixed assets
Tangible assets 5 170,103 135,016

Current assets
Stocks 224,465 428,805
Debtors 6 347,416 184,505
Cash at bank and in hand 185,810 703,992
757,691 1,317,302
Creditors
Amounts falling due within one year 7 376,676 386,771
Net current assets 381,015 930,531
Total assets less current liabilities 551,118 1,065,547

Creditors
Amounts falling due after more than one
year

8

-

(179,206

)

Provisions for liabilities (32,322 ) (25,653 )
Net assets 518,796 860,688

Capital and reserves
Called up share capital 10 10,000 10,000
Other reserves 97,286 97,286
Retained earnings 411,510 753,402
Shareholders' funds 518,796 860,688

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by:





J A Betts - Director


PAROTEC SOLUTIONS LIMITED (REGISTERED NUMBER: 02344308)

Notes to the Financial Statements
for the Period 1 January 2023 to 31 October 2023


1. Statutory information

Parotec Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The company made a loss for the period ended 31 October 2023. The company is dependent, in the absence of other funding, on the continued financial support of its parent company, Datamation Systems Inc. The directors believe that further support will continue to be made available by the parent company.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that might be necessary if the parent company was not to provide further support.

Reporting period
The financial statements have been prepared from 1 January 2023 to 31 October 2023, following the company's decision to align its accounting year-end with its parent company's period. The prior period spans 12 months to 31 December 2022. It's important to note that due to this change, the two periods are not entirely comparable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

PAROTEC SOLUTIONS LIMITED (REGISTERED NUMBER: 02344308)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 October 2023


3. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial Instruments.

(i) Financial assets

Basic financial assets, including trade debtors and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade creditors, other creditors and group loans that are classified as debt,are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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 period 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand.

PAROTEC SOLUTIONS LIMITED (REGISTERED NUMBER: 02344308)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 October 2023


4. Employees and directors

The average number of employees during the period was 13 (2022 - 15 ) .

5. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 January 2023 622,477
Additions 97,688
Disposals (358,095 )
At 31 October 2023 362,070
Depreciation
At 1 January 2023 487,461
Charge for period 18,216
Eliminated on disposal (313,710 )
At 31 October 2023 191,967
Net book value
At 31 October 2023 170,103
At 31 December 2022 135,016

6. Debtors: amounts falling due within one year
2023 2022
as restated
£    £   
Trade debtors 308,300 149,562
Prepayments 39,116 34,943
347,416 184,505

Included within trade debtors is £nil (2022 - £147,515) which have been factored.

7. Creditors: amounts falling due within one year
2023 2022
as restated
£    £   
Bank loans and overdrafts - 5,562
Hire purchase contracts (see note 9) - 13,742
Trade creditors 133,272 106,931
Amounts owed to group undertakings 165,720 -
Taxation and social security 61,509 71,240
Other creditors 16,175 189,296
376,676 386,771

PAROTEC SOLUTIONS LIMITED (REGISTERED NUMBER: 02344308)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 October 2023


8. Creditors: amounts falling due after more than one year
2023 2022
as restated
£    £   
Other creditors - 179,206

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year - 13,742

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 47,662 44,545
Between one and five years 81,283 107,759
128,945 152,304

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
10,000 Ordinary Class A £1.00 10,000 10,000

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Angela Chorlton FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

12. Directors' advances, credits and guarantees

At the balance sheet date £nil (2022 - £2,001) was owed to the directors. During the year £2,001 was repaid to the director.

The above balance is interest free, unsecured and has no fixed repayment date.

PAROTEC SOLUTIONS LIMITED (REGISTERED NUMBER: 02344308)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 October 2023


13. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. Ultimate controlling party

By virtue of ownership of the entire share capital, Datamation System, Inc. is the immediate parent company. The company is registered in New Jersey and has a registered office address of 125 Louis St, South Hackensack, NJ 07606, United States.