Company registration number 03966173 (England and Wales)
PARKER CASTLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
PARKER CASTLE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PARKER CASTLE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs C A Taylor
Mr J E Taylor
Company number
03966173
Registered office
4 Griggs Business Centre
West Street
Coggeshall
Essex
England
CO6 1NT
Accountants
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
PARKER CASTLE LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
176,743
72,421
Current assets
Debtors
6
161,254
171,651
Cash at bank and in hand
8,960
104,727
170,214
276,378
Creditors: amounts falling due within one year
7
(76,569)
(62,342)
Net current assets
93,645
214,036
Total assets less current liabilities
270,388
286,457
Creditors: amounts falling due after more than one year
8
(158,805)
(97,427)
Provisions for liabilities
(30,958)
(3,487)
Net assets
80,625
185,543
Capital and reserves
Called up share capital
9
14,052
14,052
Profit and loss reserves
66,573
171,491
Total equity
80,625
185,543
PARKER CASTLE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mrs C A Taylor
Mr J E Taylor
Director
Director
Company Registration No. 03966173
PARKER CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Parker Castle Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Griggs Business Centre, West Street, Coggeshall, Essex, England, CO6 1NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable provided in the normal course of business.

Commissions are recognised once a policy goes on risk, fees are recognised at the date invoiced.

 

The company has a group VAT registration to cover its other income is wholly exempt..

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is considered to have a finite useful life and is amortised on a systematic basis over its expected life,

 

Goodwill is written off as follows:

 

Business acquired
2001
15 years
2003
10 years
2010
5 years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PARKER CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
20% reducing balance and 25% on cost
Motor vehicles
25% on cost less residual value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PARKER CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
8
PARKER CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
630,827
Amortisation and impairment
At 1 March 2023 and 29 February 2024
630,827
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
-
0
5
Tangible fixed assets
Office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
36,725
70,479
107,204
Additions
3,135
133,119
136,254
At 29 February 2024
39,860
203,598
243,458
Depreciation and impairment
At 1 March 2023
33,937
846
34,783
Depreciation charged in the year
2,416
29,516
31,932
At 29 February 2024
36,353
30,362
66,715
Carrying amount
At 29 February 2024
3,507
173,236
176,743
At 28 February 2023
2,788
69,633
72,421
PARKER CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
39,178
30,587
Amounts owed by group undertakings
38,202
61,202
Other debtors
83,874
79,862
161,254
171,651
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,119
4,828
Trade creditors
-
0
4,208
Taxation and social security
4,150
34,380
Other creditors
67,300
18,926
76,569
62,342
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,653
36,772
Other creditors
127,152
60,655
158,805
97,427
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
55,002
55,002
13,752
13,752
Ordinary 'B' shares of £1 each
300
300
300
300
55,302
55,302
14,052
14,052

The 2 original subscriber 'A' shares are fully paid, the remaining 55,000 are 1/4 paid.

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