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Registration number: 09583719

Parker Asset Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Parker Asset Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Parker Asset Holdings Limited

Company Information

Director

J Parker

Registered office

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

 

Parker Asset Holdings Limited

(Registration number: 09583719)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,860,844

1,733,662

Investment property

5

1,131,399

1,131,399

Investments

6

373,324

373,324

 

3,365,567

3,238,385

Current assets

 

Stocks

7

1,043,832

2,036,628

Debtors

8

845,615

121,602

Cash at bank and in hand

 

62,883

12,705

 

1,952,330

2,170,935

Creditors: Amounts falling due within one year

9

(340,403)

(699,359)

Net current assets

 

1,611,927

1,471,576

Total assets less current liabilities

 

4,977,494

4,709,961

Creditors: Amounts falling due after more than one year

9

(1,245,477)

(1,367,164)

Provisions for liabilities

(103,697)

(70,997)

Net assets

 

3,628,320

3,271,800

Capital and reserves

 

Called up share capital

10

1

1

Revaluation reserve

185,877

185,877

Retained earnings

3,442,442

3,085,922

Shareholders' funds

 

3,628,320

3,271,800

 

Parker Asset Holdings Limited

(Registration number: 09583719)
Balance Sheet as at 30 November 2023

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 Asset Holdings Limited

Notes to the Unaudited 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 09583719.

These financial statements cover the individual entity, Parker Asset Holdings Limited.

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

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.

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

Group accounts not prepared

The parent is exempt from preparing group accounts as it is a small group.

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 initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Parker Asset Holdings Limited

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

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.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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

Land and buildings

2% Straight line basis

Furniture, fittings, tools and equipment

25% Reducing balance basis

Motor vehicles

25% Reducing balance basis

Office equipment

33% Straight line basis

Properties under construction

No depreciation is charged

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Parker Asset Holdings Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 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.

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

 

Parker Asset Holdings Limited

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

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Properties under construction
 £

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,525,001

20,647

-

115,680

829

191,262

1,853,419

Additions

-

-

179,079

-

-

63,652

242,731

Disposals

-

-

-

-

-

(103,745)

(103,745)

At 30 November 2023

1,525,001

20,647

179,079

115,680

829

151,169

1,992,405

Depreciation

At 1 December 2022

-

-

-

54,817

91

64,851

119,759

Charge for the year

-

-

-

16,807

274

18,383

35,464

Eliminated on disposal

-

-

-

-

-

(23,662)

(23,662)

At 30 November 2023

-

-

-

71,624

365

59,572

131,561

Carrying amount

At 30 November 2023

1,525,001

20,647

179,079

44,056

464

91,597

1,860,844

At 30 November 2022

1,525,001

20,647

-

60,865

738

126,411

1,733,662

The valuation of land and buildings were made as at 1st February, 2018 by a firm of independent Chartered Surveyors on an open market basis.

Had this class of asset been measured on a historical cost basis, the cost amount would have been £1,337,359 (2021: £1,337,359).

 

Parker Asset Holdings Limited

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

5

Investment properties

2023
£

At 1 December

1,131,399

At 30 November

1,131,399

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Other investments

373,224

373,224

373,324

373,324

Subsidiaries

£

Cost or valuation

At 1 December 2022

100

Provision

Carrying amount

At 30 November 2023

100

At 30 November 2022

100

7

Stocks

2023
£

2022
£

Work in progress

85,371

-

Other inventories

958,461

2,036,628

1,043,832

2,036,628

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

186,647

120,602

Amounts owed by related parties

646,091

-

Prepayments

 

11,091

1,000

Accrued income

 

1,786

-

   

845,615

121,602

 

Parker Asset Holdings Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

104,118

116,327

Trade creditors

 

-

293,163

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

-

248,336

Taxation and social security

 

10,739

2,617

Accruals and deferred income

 

3,000

3,325

Other creditors

 

222,546

35,591

 

340,403

699,359


Creditors include bank loans and hire purchases which are secured of £104,118 (2022 - £116,327).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

1,245,477

1,367,164


Creditors include bank loans and hire purchases which are secured of £1,245,477 (2022 - £1,367,164).

Creditors include bank loans repayable by instalments of £803,323 (2022- £884,721) due after more than five years.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Parker Asset Holdings Limited

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

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,058,647

1,140,045

Hire purchase contracts

186,830

227,119

1,245,477

1,367,164

2023
£

2022
£

Current loans and borrowings

Bank borrowings

63,829

63,830

Hire purchase contracts

40,289

52,497

104,118

116,327