Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseThe principal activity of the company throughout the year was the provision of employee benefits advice to businesses.198trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13842154 2023-01-01 2023-12-31 13842154 2022-01-11 2022-12-31 13842154 2023-12-31 13842154 2022-12-31 13842154 c:CompanySecretary1 2023-01-01 2023-12-31 13842154 c:Director1 2023-01-01 2023-12-31 13842154 c:Director2 2023-01-01 2023-12-31 13842154 c:RegisteredOffice 2023-01-01 2023-12-31 13842154 d:OfficeEquipment 2023-01-01 2023-12-31 13842154 d:OfficeEquipment 2023-12-31 13842154 d:OfficeEquipment 2022-12-31 13842154 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13842154 d:ComputerEquipment 2023-01-01 2023-12-31 13842154 d:ComputerEquipment 2023-12-31 13842154 d:ComputerEquipment 2022-12-31 13842154 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13842154 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13842154 d:CurrentFinancialInstruments 2023-12-31 13842154 d:CurrentFinancialInstruments 2022-12-31 13842154 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13842154 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13842154 d:ShareCapital 2023-12-31 13842154 d:ShareCapital 2022-01-11 2022-12-31 13842154 d:ShareCapital 2022-12-31 13842154 d:SharePremium 2023-01-01 2023-12-31 13842154 d:SharePremium 2023-12-31 13842154 d:SharePremium 2022-01-11 2022-12-31 13842154 d:SharePremium 2022-12-31 13842154 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13842154 d:RetainedEarningsAccumulatedLosses 2023-12-31 13842154 d:RetainedEarningsAccumulatedLosses 2022-01-11 2022-12-31 13842154 d:RetainedEarningsAccumulatedLosses 2022-12-31 13842154 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 13842154 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 13842154 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 13842154 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 13842154 d:OtherDeferredTax 2023-12-31 13842154 d:OtherDeferredTax 2022-12-31 13842154 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 13842154 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 13842154 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13842154 c:OrdinaryShareClass1 2023-12-31 13842154 c:OrdinaryShareClass1 2022-12-31 13842154 c:OrdinaryShareClass2 2023-01-01 2023-12-31 13842154 c:OrdinaryShareClass2 2023-12-31 13842154 c:OrdinaryShareClass2 2022-12-31 13842154 c:OrdinaryShareClass3 2023-01-01 2023-12-31 13842154 c:OrdinaryShareClass3 2023-12-31 13842154 c:OrdinaryShareClass3 2022-12-31 13842154 c:FRS102 2023-01-01 2023-12-31 13842154 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13842154 c:FullAccounts 2023-01-01 2023-12-31 13842154 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13842154 d:WithinOneYear 2023-12-31 13842154 d:WithinOneYear 2022-12-31 13842154 d:BetweenOneFiveYears 2023-12-31 13842154 d:BetweenOneFiveYears 2022-12-31 13842154 2 2023-01-01 2023-12-31 13842154 6 2023-01-01 2023-12-31 13842154 2 2023-12-31 13842154 2 2022-12-31 13842154 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13842154









PARALLEL EMPLOYEE BENEFITS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
COMPANY INFORMATION


Directors
M D Lyons 
C Norris 




Company secretary
N Azhar



Registered number
13842154



Registered office
Unit 5
Plaza Gardens

Upper Richmond Road

Putney

London

SW15 2DT




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
PARALLEL EMPLOYEE BENEFITS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11


 
PARALLEL EMPLOYEE BENEFITS LIMITED
REGISTERED NUMBER: 13842154

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
60,979
83,516

Investments
 5 
31,500
98,500

  
92,479
182,016

Current assets
  

Debtors: amounts falling due within one year
 6 
146,580
121,898

Cash at bank and in hand
 7 
589,949
603,932

  
736,529
725,830

Creditors: amounts falling due within one year
 8 
(260,215)
(479,887)

Net current assets
  
 
 
476,314
 
 
245,943

Total assets less current liabilities
  
568,793
427,959

Provisions for liabilities
  

Deferred tax
 10 
(14,372)
(20,377)

Other provisions
 11 
(100,000)
(100,000)

  
 
 
(114,372)
 
 
(120,377)

Net assets
  
454,421
307,582


Capital and reserves
  

Called up share capital 
 12 
235
235

Share premium account
 13 
188,472
188,472

Profit and loss account
 13 
265,714
118,875

  
454,421
307,582


Page 1

 
PARALLEL EMPLOYEE BENEFITS LIMITED
REGISTERED NUMBER: 13842154
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M D Lyons
Director

Date: 31 July 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£



Profit for the period
-
-
146,875
146,875

Dividends: Equity capital
-
-
(28,000)
(28,000)

Shares issued during the period
235
188,472
-
188,707



At 1 January 2023
235
188,472
118,875
307,582



Profit for the year
-
-
188,839
188,839

Dividends: Equity capital
-
-
(42,000)
(42,000)


At 31 December 2023
235
188,472
265,714
454,421


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Parallel Employee Benefits Limited is a private company, limited by shares, incorporated in England and Wales with registration number 13842154. The registered office is Unit 5, Plaza Gardens, Upper Richmond Road, Putney, London, SW15 2DT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover represents the fair value of consideration receivable in respect of services supplied during the year, exclusive of Value Added Tax, where applicable.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight line
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 8).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
71,449
27,712
99,161


Additions
-
5,359
5,359


Disposals
-
(4,151)
(4,151)



At 31 December 2023

71,449
28,920
100,369



Depreciation


At 1 January 2023
11,989
3,656
15,645


Charge for the year on owned assets
17,862
7,422
25,284


Disposals
-
(1,539)
(1,539)



At 31 December 2023

29,851
9,539
39,390



Net book value



At 31 December 2023
41,598
19,381
60,979



At 31 December 2022
59,460
24,056
83,516

Page 7

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
98,500



At 31 December 2023

98,500



Impairment


Charge for the period
67,000



At 31 December 2023

67,000



Net book value



At 31 December 2023
31,500



At 31 December 2022
98,500


6.


Debtors

2023
2022
£
£


Trade debtors
76,809
51,007

Other debtors
5,468
19,293

Prepayments and accrued income
64,303
51,598

146,580
121,898



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
589,949
603,932


Page 8

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
36,395
33,986

Corporation tax
84,614
47,210

Other taxation and social security
114,274
76,474

Other creditors
6,502
255,214

Accruals and deferred income
18,430
67,003

260,215
479,887



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
589,949
603,932




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


10.


Deferred taxation




2023


£






At beginning of year
(20,377)


Charged to profit or loss
6,005



At end of year
(14,372)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(15,245)
(20,879)

Short term timing differences
873
502

(14,372)
(20,377)

Page 9

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Provisions




Commission Clawback

£





At 1 January 2023
100,000



At 31 December 2023
100,000


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



170 (2022 - 170) Ordinary A shares of £1 each
170
170
30 (2022 - 30) Ordinary B shares of £1 each
30
30
35 (2022 - 35) Ordinary C shares of £1 each
35
35

235

235



13.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.


14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions totalling £6,502 (2022 - £3,951) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
PARALLEL EMPLOYEE BENEFITS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
64,000
64,000

Later than 1 year and not later than 5 years
64,000
128,000

128,000
192,000

 
Page 11