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Registration number: 08767961

Parker Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Parker Products Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Parker Products Limited

Company Information

Director

J Parker

Registered office

Richmond Park
Richmond Road
Fairfield Ind. Estate
Louth
Lincolnshire
LN11 0FU

 

Parker Products Limited

(Registration number: 08767961)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,379

20,505

Current assets

 

Debtors

5

23,725

269,670

Cash at bank and in hand

 

1,618,444

351,017

 

1,642,169

620,687

Creditors: Amounts falling due within one year

6

(1,464,892)

(479,843)

Net current assets

 

177,277

140,844

Total assets less current liabilities

 

192,656

161,349

Creditors: Amounts falling due after more than one year

6

-

(21,350)

Net assets

 

192,656

139,999

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

192,456

139,799

Shareholders' funds

 

192,656

139,999

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges his 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 and delivered 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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024
 

.........................................
J Parker
Director

 

Parker Products Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company, limited by share capital, incorporated in England and Wales and the company registration number is 08767961.

The address of its registered office is:
Richmond Park
Richmond Road
Fairfield Ind. Estate
Louth
Lincolnshire
LN11 0FU

These financial statements cover the individual entity, Parker Products Limited

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.

These financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

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

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

 

Parker Products Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Deferred income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Parker Products Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 12 (2022 - 13).

 

Parker Products Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

48,604

48,604

At 30 November 2023

48,604

48,604

Depreciation

At 1 December 2022

28,099

28,099

Charge for the year

5,126

5,126

At 30 November 2023

33,225

33,225

Carrying amount

At 30 November 2023

15,379

15,379

At 30 November 2022

20,505

20,505

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

18,716

18,072

Amounts owed by related parties

-

248,336

Other debtors

 

5,009

3,262

   

23,725

269,670

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

HP and finance leases

8

-

5,668

Trade creditors

 

449,025

141,244

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

646,091

-

Taxation and social security

 

353,156

283,156

Accruals and deferred income

 

5,000

4,750

Other creditors

 

11,620

45,025

 

1,464,892

479,843

Creditors net obligations under finance lease contracts which are secured of £NIL (2022 - £5,668)


 

 

Parker Products Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

21,350


Creditors include loans and net obligations under finance lease contracts which are secured of £NIL (2022 - £21,350).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

49

49

49

49

Ordinary B of £1 each

49

49

49

49

Ordinary C of £1 each

100

100

100

100

Ordinary D of £1 each

2

2

2

2

 

200

200

200

200

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance lease

-

5,668

9

Parent and ultimate parent undertaking

The Company's immediate parent is Parker Asset Holdings Limited, incorporated in England and Wales.