2023-01-012023-12-312023-12-31false05401197WILLIAM PARKMAN & DAUGHTERS 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WILLIAM PARKMAN & DAUGHTERS LIMITED

Registered Number
05401197
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

WILLIAM PARKMAN & DAUGHTERS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

BURLES CORBETT, Charlotte Amy

Company Secretary

BURLES CORBETT, Charlotte Amy

Registered Address

61 / 62 Tredegar Street
Risca
Newport
NP11 6BW

Registered Number

05401197 (England and Wales)
WILLIAM PARKMAN & DAUGHTERS LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3104,185117,585
Tangible assets493,032129,551
197,217247,136
Current assets
Stocks2,0005,500
Debtors585,74573,739
Cash at bank and on hand61,04930,529
148,794109,768
Creditors amounts falling due within one year6(102,807)(84,809)
Net current assets (liabilities)45,98724,959
Total assets less current liabilities243,204272,095
Creditors amounts falling due after one year7(81,061)(114,164)
Provisions for liabilities(9,165)(6,450)
Net assets152,978151,481
Capital and reserves
Called up share capital10,00010,000
Profit and loss account142,978141,481
Shareholders' funds152,978151,481
The financial statements were approved and authorised for issue by the Director on 4 June 2024, and are signed on its behalf by:
BURLES CORBETT, Charlotte Amy
Director
Registered Company No. 05401197
WILLIAM PARKMAN & DAUGHTERS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings4
Plant and machinery4
Fixtures and fittings4
Vehicles4
Office Equipment4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year1212
3.Intangible assets

Total

£
Cost or valuation
At 01 January 23134,002
At 31 December 23134,002
Amortisation and impairment
At 01 January 2316,417
Charge for year13,400
At 31 December 2329,817
Net book value
At 31 December 23104,185
At 31 December 22117,585
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23301,050
Additions1,559
Disposals(75,082)
At 31 December 23227,527
Depreciation and impairment
At 01 January 23171,499
Charge for year30,714
On disposals(67,718)
At 31 December 23134,495
Net book value
At 31 December 2393,032
At 31 December 22129,551
The net book value of assets held under finance leases and hire purchase contracts was £57,344 (2022 - £73,832).
5.Debtors: amounts due within one year

2023

2022

££
Prepayments and accrued income85,74573,739
Total85,74573,739
6.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts19,18619,186
Taxation and social security55,54528,167
Finance lease and HP contracts13,23120,613
Accrued liabilities and deferred income14,84516,843
Total102,80784,809
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts51,16066,122
Other creditors29,90148,042
Total81,061114,164
8.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts29,90148,042