REGISTERED NUMBER: |
Financial Statements |
for the Period |
1 January 2023 to 31 October 2023 |
for |
PAROTEC SOLUTIONS LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Auditors: |
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 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Other reserves |
Retained earnings |
Shareholders' funds |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
5. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
Depreciation |
At 1 January 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
as | restated |
£ | £ |
Trade debtors |
Prepayments |
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 |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
9. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
as | restated |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable | operating leases |
2023 | 2022 |
as | restated |
£ | £ |
Within one year |
Between one and five years |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
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. |
for and on behalf of |
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. |