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REGISTERED NUMBER: 07081372 (England and Wales)












G H and S A Parsons Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






G H and S A Parsons Limited (Registered number: 07081372)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


G H and S A Parsons Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G H Parsons
Mrs S A Parsons
J G Parsons





REGISTERED OFFICE: Unit 2 Dunheved Court
Pennygillam Way
Pennygillam Industrial Estate
Launceston
Cornwall
PL15 7ED





REGISTERED NUMBER: 07081372 (England and Wales)





ACCOUNTANTS: ATC Advisors
Chartered Accountants
Unit 2 Dunheved Court
Pennygillam Way
LAUNCESTON
Cornwall
PL15 7ED

G H and S A Parsons Limited (Registered number: 07081372)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,066,678 858,500
Investments 5 939 939
1,067,617 859,439

CURRENT ASSETS
Stocks 856,120 810,844
Debtors 6 199,898 238,189
Cash at bank - 78,726
1,056,018 1,127,759
CREDITORS
Amounts falling due within one year 7 825,577 725,263
NET CURRENT ASSETS 230,441 402,496
TOTAL ASSETS LESS CURRENT LIABILITIES 1,298,058 1,261,935

CREDITORS
Amounts falling due after more than one year 8 (678,223 ) (709,551 )

PROVISIONS FOR LIABILITIES (147,026 ) (110,352 )
NET ASSETS 472,809 442,032

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 471,809 441,032
SHAREHOLDERS' FUNDS 472,809 442,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

G H and S A Parsons Limited (Registered number: 07081372)

Statement of Financial Position - continued
31 December 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 15 July 2024 and were signed on its behalf by:





G H Parsons - Director


G H and S A Parsons Limited (Registered number: 07081372)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

G H and S A Parsons 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on reducing balance and 5% on cost

Stocks
Farm stock is split between dairy herd, cattle and produce and are all valued at cost. Where cost cannot be determined they are valued at their fair value.

Cost is calculated using the first-in, first-out method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

G H and S A Parsons Limited (Registered number: 07081372)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Holiday pay accrual
Under the new accounting standard FRS102 Section 1A there is a requirement to accrue for unpaid holiday pay at the financial year end. GH and SA Parsons Ltd have not provided for the holiday pay accrual which is a departure from the requirement under FRS102 Section 1A. Due to the amount of wages paid during the financial year it is deemed to be immaterial.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
Buildings machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 628,050 787,450 7,599 1,423,099
Additions 63,146 276,023 - 339,169
At 31 December 2023 691,196 1,063,473 7,599 1,762,268
DEPRECIATION
At 1 January 2023 210,958 346,865 6,776 564,599
Charge for year 28,121 102,664 206 130,991
At 31 December 2023 239,079 449,529 6,982 695,590
NET BOOK VALUE
At 31 December 2023 452,117 613,944 617 1,066,678
At 31 December 2022 417,092 440,585 823 858,500

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 132,500
DEPRECIATION
At 1 January 2023 63,291
Charge for year 30,409
At 31 December 2023 93,700
NET BOOK VALUE
At 31 December 2023 38,800
At 31 December 2022 69,209

G H and S A Parsons Limited (Registered number: 07081372)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 939
NET BOOK VALUE
At 31 December 2023 939
At 31 December 2022 939

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 125,521 157,261
Other debtors 74,377 80,928
199,898 238,189

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 140,188 72,218
Hire purchase contracts 28,978 13,106
Trade creditors 189,059 323,749
Taxation and social security 836 15,703
Other creditors 466,516 300,487
825,577 725,263

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 625,027 676,110
Hire purchase contracts 53,196 33,441
678,223 709,551

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 363,227 376,378