Par Process Analysis Reagents and Chemicals Limited 11122880 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a European sales function for its holding company in Turkey (which manufactures and wholesales chemical products, machinery and equipment). Digita Accounts Production Advanced 6.30.9574.0 true true true 11122880 2023-01-01 2023-12-31 11122880 2023-12-31 11122880 bus:OrdinaryShareClass1 2023-12-31 11122880 core:RetainedEarningsAccumulatedLosses 2023-12-31 11122880 core:ShareCapital 2023-12-31 11122880 core:CurrentFinancialInstruments 2023-12-31 11122880 core:OtherResidualIntangibleAssets 2023-12-31 11122880 core:FurnitureFittingsToolsEquipment 2023-12-31 11122880 bus:SmallEntities 2023-01-01 2023-12-31 11122880 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11122880 bus:FilletedAccounts 2023-01-01 2023-12-31 11122880 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11122880 bus:RegisteredOffice 2023-01-01 2023-12-31 11122880 bus:Director1 2023-01-01 2023-12-31 11122880 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11122880 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11122880 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11122880 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 11122880 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11122880 core:OfficeEquipment 2023-01-01 2023-12-31 11122880 1 2023-01-01 2023-12-31 11122880 countries:UnitedKingdom 2023-01-01 2023-12-31 11122880 core:OtherResidualIntangibleAssets 2022-12-31 11122880 core:FurnitureFittingsToolsEquipment 2022-12-31 11122880 2022-01-01 2022-12-31 11122880 bus:OrdinaryShareClass1 2022-12-31 11122880 core:CurrentFinancialInstruments 2022-12-31 11122880 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11122880

Par Process Analysis Reagents and Chemicals Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Par Process Analysis Reagents and Chemicals Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Par Process Analysis Reagents and Chemicals Limited

Company Information

Director

Meltem Alptekin (formerly M Callioglu)

Registered office

1st Floor
25 King Street
Bristol
United Kingdom
BS1 4PB

Registered number

11122880

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Par Process Analysis Reagents and Chemicals Limited

(Registration number: 11122880)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

311

578

Tangible assets

5

560

459

 

871

1,037

Current assets

 

Debtors

6

39,103

364,341

Cash at bank and in hand

 

45,299

5,831

 

84,402

370,172

Creditors: Amounts falling due within one year

7

(382,942)

(383,546)

Net current liabilities

 

(298,540)

(13,374)

Net liabilities

 

(297,669)

(12,337)

Capital and reserves

 

Called up share capital

8

500

500

Profit and loss account

(298,169)

(12,837)

Total equity

 

(297,669)

(12,337)

 

Par Process Analysis Reagents and Chemicals Limited

(Registration number: 11122880)
Balance Sheet as at 31 December 2023

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.

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 her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 September 2024
 

.........................................
Meltem Alptekin (formerly M Callioglu)
Director

   
     
 

Par Process Analysis Reagents and Chemicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. At the Balance Sheet date the company has an excess of liabilities over assets. Liabilities include interest free loans from the directors of £335,666 (2022: £260,622). The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by
section 398 of the Companies Act 2006 and has not prepared group accounts.

 

Par Process Analysis Reagents and Chemicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 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 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.

Tangible fixed assets

Tangible fixed 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 fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Office equipment

Over 4 years on a straight-line basis

Intangible fixed assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Website development

Over 3 years on a straight-line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost, less provision for impairment. 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.

 

Par Process Analysis Reagents and Chemicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are recognised 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.

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.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 1).

 

Par Process Analysis Reagents and Chemicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible fixed assets

Website development
 £

Cost

At 1 January 2023

800

At 31 December 2023

800

Amortisation

At 1 January 2023

222

Amortisation charge

267

At 31 December 2023

489

Carrying amount

At 31 December 2023

311

At 31 December 2022

578

5

Tangible fixed assets

Office equipment
 £

Cost

At 1 January 2023

1,257

Additions

426

At 31 December 2023

1,683

Depreciation

At 1 January 2023

798

Charge for the year

325

At 31 December 2023

1,123

Carrying amount

At 31 December 2023

560

At 31 December 2022

459

 

Par Process Analysis Reagents and Chemicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

36,034

316,315

VAT

2,019

318

Prepayments and accrued income

1,050

47,708

 

39,103

364,341

Less non-current portion

-

(89,786)

39,103

274,555

7

Creditors

2023
£

2022
£

Trade creditors

3,991

1,813

Amounts owed to group undertakings

29,891

24,460

Taxation and social security

2,460

-

Other creditors

2,306

3,381

Accruals and deferred income

2,900

93,270

Dierctor's loan account

341,394

260,622

382,942

383,546

Current loans and borrowings

2023
£

2022
£

Directors' loan accounts

341,394

260,622


The director's loan is interest free and repayable on demand.

 

Par Process Analysis Reagents and Chemicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £10 each

50

500

50

500

         

9

Parent and ultimate parent undertaking

The company's immediate parent is M.C.S. Olcu Kontrol, incorporated in Turkey.
 

The address of M.C.S Olcu Kontrol is:
Acıbadem Mah. Berk Sk. Alibey Apt. No.10/12
Uskudar 34660
Istanbul
Turkey

FRS 102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.