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Registration number: 09630322

Parc Supplies Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Parc Supplies Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Parc Supplies Ltd

Balance Sheet

as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,775

2,875

Tangible assets

5

142,023

164,501

 

143,798

167,376

Current assets

 

Stocks

478,046

437,939

Debtors

6

978,970

3,184,432

Cash at bank and in hand

 

9,999

596,166

 

1,467,015

4,218,537

Creditors: Amounts falling due within one year

7

(371,490)

(251,493)

Net current assets

 

1,095,525

3,967,044

Total assets less current liabilities

 

1,239,323

4,134,420

Provisions for liabilities

(35,344)

(34,492)

Net assets

 

1,203,979

4,099,928

Capital and reserves

 

Allotted, called up and fully paid share capital

180,100

180,100

Profit and loss account

1,023,879

3,919,828

Shareholders' funds

 

1,203,979

4,099,928

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr L Armstrong
Director

 

Parc Supplies Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023

1

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:
2 Whitehall Point
Whitehall Road
Leeds
West Yorkshire
LS12 4RZ

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Exchange differences are taken into account in arriving at operating profit.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 15 (2022 - 13).

 

Parc Supplies Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

147,000

3,597

150,597

Disposals

-

(264)

(264)

At 31 December 2023

147,000

3,333

150,333

Amortisation

At 1 January 2023

147,000

722

147,722

Amortisation charge

-

1,100

1,100

Amortisation eliminated on disposals

-

(264)

(264)

At 31 December 2023

147,000

1,558

148,558

Net book value:

At 31 December 2023

-

1,775

1,775

At 31 December 2022

-

2,875

2,875

 

Parc Supplies Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Fixtures and Fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

4,967

180,704

121,138

306,809

Additions

1,577

4,881

42,995

49,453

Disposals

-

-

(36,111)

(36,111)

At 31 December 2023

6,544

185,585

128,022

320,151

Depreciation

At 1 January 2023

2,618

100,532

39,158

142,308

Charge for the year

575

20,827

22,326

43,728

Eliminated on disposal

-

-

(7,908)

(7,908)

At 31 December 2023

3,193

121,359

53,576

178,128

Net book value

At 31 December 2023

3,351

64,226

74,446

142,023

At 31 December 2022

2,349

80,172

81,980

164,501

6

Debtors

2023
£

2022
£

Trade debtors

283,264

214,018

Amounts owed by group undertakings

-

2,170,294

Prepayments

75,964

48,895

Other debtors

619,742

751,225

 

978,970

3,184,432

 

Parc Supplies Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

167,111

83,505

Amounts owed to group undertakings and undertakings in which the company has a participating interest

20,955

-

Taxation and social security

51,757

92,979

Corporation tax liability

3,208

66,720

Accruals and deferred income

8,145

7,605

Other creditors

749

681

Directors' loan accounts

119,565

3

371,490

251,493

8

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.

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to directors
£

Repayments by directors
£

At 31 December 2023
£

Interest free loan

-

14,644

(14,644)

-

         
       

 

 

Parc Supplies Ltd

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

10

Parent and ultimate parent undertaking

The ultimate parent is Prota Global Ltd, incorporated in England and Wales.

  These financial statements are available upon request from 2 Whitehill Point, Whitehill Road, Leeds, West Yorkshire, LS12 4RZ.