Registered number
04112119
Parsons Containers Limited
Unaudited Filleted Accounts
30 November 2023
Parsons Containers Limited
Registered number: 04112119
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 2,749,936 2,777,589
Current assets
Stocks 415,452 1,085,203
Debtors 5 822,880 609,215
Cash at bank and in hand 45,281 38,457
1,283,613 1,732,875
Creditors: amounts falling due within one year 6 (905,672) (1,492,422)
Net current assets 377,941 240,453
Total assets less current liabilities 3,127,877 3,018,042
Creditors: amounts falling due after more than one year 7 (133,485) (276,931)
Provisions for liabilities (641,967) (530,369)
Net assets 2,352,425 2,210,742
Capital and reserves
Called up share capital 20,100 20,100
Share premium 70,000 70,000
Revaluation reserve 8 269,335 269,335
Profit and loss account 1,992,990 1,851,307
Shareholders' funds 2,352,425 2,210,742
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
H Parsons
Director
Approved by the board on 29 August 2024
Parsons Containers Limited
Notes to the Accounts
for the year ended 30 November 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 8.75% to 10% straight line
Containers 3.33% to 3.5% straight line
Plant and machinery 20% straight line
Furniture, fixtures and fittings 15% straight line
Office equipment 20% to 33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice 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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 58,198
At 30 November 2023 58,198
Amortisation
At 1 December 2022 58,198
At 30 November 2023 58,198
Net book value
At 30 November 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 175,968 3,385,715 3,561,683
Additions 6,938 203,065 210,003
Disposals (5,677) (162,492) (168,169)
At 30 November 2023 177,229 3,426,288 3,603,517
Depreciation
At 1 December 2022 91,768 692,326 784,094
Charge for the year 14,403 123,546 137,949
On disposals (2,695) (65,767) (68,462)
At 30 November 2023 103,476 750,105 853,581
Net book value
At 30 November 2023 73,753 2,676,183 2,749,936
At 30 November 2022 84,200 2,693,389 2,777,589
5 Debtors 2023 2022
£ £
Trade debtors 102,517 44,446
Amounts owed by group undertakings and undertakings in which the company has a participating interest 658,002 525,502
Other debtors 62,361 39,267
822,880 609,215
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,159 50,000
Obligations under finance lease and hire purchase contracts 95,823 95,823
Trade creditors 435,284 1,119,811
Taxation and social security costs 71,078 167,543
Other creditors 253,328 59,245
905,672 1,492,422
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 75,000 125,000
Obligations under finance lease and hire purchase contracts 58,485 151,931
133,485 276,931
8 Revaluation reserve 2023 2022
£ £
At 1 December 2022 269,335 269,335
At 30 November 2023 269,335 269,335
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 458,000 518,000
10 Controlling party
The company has an immediate parent company, Parsons Group (Holdings) Limited and the ultimate parent company is Parsons Group Topco Limited. Both companies are incorporated in England & Wales.
11 Other information
Parsons Containers Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Manor House
West End Sedgefield
Stockton-on-Tees
TS21 2BW
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