PARLOUR TECH UK LTD
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 29,896 34,889
Current assets
Stocks 291 280
Debtors 4 17,854 31,033
Cash at bank and in hand 804 729
18,949 32,042
Creditors: amounts falling due within one year 5 (33,919) (30,422)
Net current (liabilities)/assets (14,970) 1,620
Total assets less current liabilities 14,926 36,509
Creditors: amounts falling due after more than one year 6 (16,911) (35,213)
Provisions for liabilities - -
Net (liabilities)/assets (1,985) 1,296
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,085) 1,196
Shareholder's funds (1,985) 1,296
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C.J. PLATT
Director
Approved by the board on 26 June 2024
PARLOUR TECH UK LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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).
Turnover
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Tools and equipment 15% reducing balance basis
Vehicles 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets and hire purchase commitments
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 6,623 36,022 42,645
At 31 December 2023 6,623 36,022 42,645
Depreciation
At 1 January 2023 1,807 5,949 7,756
Charge for the year 483 4,510 4,993
At 31 December 2023 2,290 10,459 12,749
Net book value
At 31 December 2023 4,333 25,563 29,896
At 31 December 2022 4,816 30,073 34,889
Obligations under hire purchase contracts totalling £15,880 (2022: £25,641) are secured on the vehicles concerned which has a net book value of £25,563 (2022: £30,073).
4 Debtors 2023 2022
£ £
Trade debtors 17,854 31,033
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,000 8,000
Obligations under finance lease and hire purchase contracts 10,302 9,761
Trade creditors 9,555 1,724
Other taxes and social security costs 6,062 10,937
33,919 30,422
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan (unsecured) 11,333 19,333
Obligations under finance lease and hire purchase contracts 5,578 15,880
16,911 35,213
7 Controlling party
Mr. C.J. Platt, the sole director of the company at the Balance Sheet date, owns 100% of the issued share capital of the company.
8 Other information
PARLOUR TECH UK LTD is a private company limited by shares and incorporated in England (Company Number 11487356). Its registered office is Bank House Farm, Tilstock, Whitchurch, Shropshire, SY13 3NL.
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