Registration number:
Parc Supplies Ltd
for the
Year Ended 31 December 2023
Parc Supplies Ltd
Balance Sheet
as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Shareholders' funds |
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Registration number: 09630322
Parc Supplies Ltd
Balance Sheet
as at 31 December 2023 (continued)
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Parc Supplies Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2023
General information |
The company is a private company limited by shares incorporated in England within the United Kingdom.
The company's registration number is 09630322.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Parc Supplies Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2023
(continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% per annum on reducing balance basis |
Fixtures and fittings |
20% per annum on reducing balance basis |
Motor vehicles |
25% per annum on reducing balance basis |
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years. Provision is made for any impairment.
Parc Supplies Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2023
(continued)
2 |
Accounting policies (continued) |
Intangible assets
Intangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated amortisation and accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks, patents and licences |
33% per annum on a straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Leases
Rentals in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Parc Supplies Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2023
(continued)
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
- |
( |
( |
At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
- |
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Amortisation eliminated on disposals |
- |
( |
( |
At 31 December 2023 |
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Net book value: |
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At 31 December 2023 |
- |
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At 31 December 2022 |
- |
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Parc Supplies Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2023
(continued)
Tangible assets |
Fixtures and Fittings |
Office equipment
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Motor vehicles |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
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Disposals |
- |
- |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2023 |
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Net book value |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
- |
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Prepayments |
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Other debtors |
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Parc Supplies Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2023
(continued)
Creditors |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
Taxation and social security |
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Corporation tax liability |
3,208 |
66,720 |
Accruals and deferred income |
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Other creditors |
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Directors' loan accounts |
119,565 |
3 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £154,581 (2022 - £261,672). These financial commitments relate to non-cancellable operating leases and are payable over the remaining life of those leases.
The directors have provided personal guarantees against the premises lease the company entered into in June 2020 to cover the remaining rental payments due should the company default.
Related party transactions |
Transactions with directors |
2023 |
At 1 January 2023 |
Advances to directors |
Repayments by directors |
At 31 December 2023 |
Interest free loan |
- |
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( |
- |
Parc Supplies Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 December 2023
(continued)
Parent and ultimate parent undertaking |
The ultimate parent is
These financial statements are available upon request from 2 Whitehill Point, Whitehill Road, Leeds, West Yorkshire, LS12 4RZ.