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Company Registration number: 01018220

Roland Hill (Parsonby) Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Roland Hill (Parsonby) Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Roland Hill (Parsonby) Limited

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

485,726

523,153

Investments

130,946

130,946

 

616,672

654,099

Current assets

 

Stocks

6

338,513

320,105

Debtors

7

2,155,142

1,718,563

Cash at bank and in hand

 

831,515

1,080,454

 

3,325,170

3,119,122

Creditors: Amounts falling due within one year

8

(1,385,955)

(1,318,112)

Net current assets

 

1,939,215

1,801,010

Total assets less current liabilities

 

2,555,887

2,455,109

Creditors: Amounts falling due after more than one year

8

(50,376)

(72,547)

Provisions for liabilities

(81,334)

(92,195)

Net assets

 

2,424,177

2,290,367

Capital and reserves

 

Called up share capital

100,000

100,000

Capital redemption reserve

1

1

Retained earnings

2,324,176

2,190,366

Shareholders' funds

 

2,424,177

2,290,367

 

Roland Hill (Parsonby) Limited

Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 01018220

Approved and authorised by the Board on 30 April 2024 and signed on its behalf by:
 

.........................................
Mr C R Hill
Director

 

Roland Hill (Parsonby) Limited

Notes to the financial statements for the Year Ended 31 December 2023

1

GENERAL INFORMATION

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

The address of its registered office is:
Brayton Domain
Aspatria
Wigton
CA7 2BD
 

These financial statements were authorised for issue by the Board on 30 April 2024.

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 entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

 

Roland Hill (Parsonby) Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

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 corporation 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Leasehold property

Straight line over the life of the lease

 

Roland Hill (Parsonby) Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Plant and machinery

10% straight line

Fixtures and fittings

20% reducing balance

Motor vehicles

15% straight line

Office equipment

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Roland Hill (Parsonby) Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 48 (2022 - 47).

4

PROFIT BEFORE TAX

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

99,784

99,589

Amortisation of government grants

(605)

(604)

 

Roland Hill (Parsonby) Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

5

TANGIBLE ASSETS

Leasehold property
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

143,410

13,231

712,982

39,701

539,156

1,448,480

Additions

-

-

27,417

10,161

29,149

66,727

Disposals

-

-

(40,230)

-

-

(40,230)

At 31 December 2023

143,410

13,231

700,169

49,862

568,305

1,474,977

Depreciation

At 1 January 2023

101,582

12,923

465,681

38,740

306,401

925,327

Charge for the year

5,976

61

55,245

784

37,717

99,783

Eliminated on disposal

-

-

(35,859)

-

-

(35,859)

At 31 December 2023

107,558

12,984

485,067

39,524

344,118

989,251

Carrying amount

At 31 December 2023

35,852

247

215,102

10,338

224,187

485,726

At 31 December 2022

41,828

308

247,301

961

232,755

523,153

 

Roland Hill (Parsonby) Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

6

STOCKS

2023
£

2022
£

Work in progress

302,733

274,505

Other inventories

35,780

45,600

338,513

320,105

7

DEBTORS

Current

2023
£

2022
£

Trade debtors

941,395

730,008

Other debtors

1,213,747

988,555

 

2,155,142

1,718,563

8

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

24,403

24,408

Trade creditors

 

812,888

612,718

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

17,660

20,349

Taxation and social security

 

206,405

380,694

Accruals and deferred income

 

275,916

210,425

Other creditors

 

48,683

69,518

 

1,385,955

1,318,112

Creditors include bank loans and hire purchase contracts which are secured of £24,403 (2022 - £24,408).

 

Roland Hill (Parsonby) Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

8

CREDITORS (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

50,376

72,547

Creditors include bank loans and hire purchase contracts which are secured of £50,376 (2022 - £72,547).