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Company registration number: 13405056
Parker SC Limited
Unaudited filleted abridged financial statements
31 May 2024
Parker SC Limited
Contents
Abridged balance sheet
Notes to the financial statements
Parker SC Limited
Abridged Balance sheet
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 68,443 46,571
_______ _______
68,443 46,571
Current assets
Debtors 117,184 66,346
Cash at bank and in hand 179,788 92,364
_______ _______
296,972 158,710
Creditors: amounts falling due
within one year ( 91,838) ( 71,084)
_______ _______
Net current assets 205,134 87,626
_______ _______
Total assets less current liabilities 273,577 134,197
Provisions for liabilities 6 ( 16,538) ( 8,848)
_______ _______
Net assets 257,039 125,349
_______ _______
Capital and reserves
Called up share capital 8 10 10
Profit and loss account 257,029 125,339
_______ _______
Shareholders funds 257,039 125,349
_______ _______
For the year ending 31 May 2024 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
N A Raw
Director
Company registration number: 13405056
Parker SC Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in . The address of the registered office is Suite 3, Suite 3, Evolution Business Centre, Darlington Road, Northallerton, DL6 2NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
The rendering of services for the company consists of the residency and care of individuals at the homes. Revenue from the rendering of this service is recognised by reference to the time which this service occurs.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
Horses - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 10 ).
5. Tangible assets
£
Cost
At 1 June 2023 48,974
Additions 30,139
_______
At 31 May 2024 79,113
_______
Depreciation
At 1 June 2023 2,403
Charge for the year 8,267
_______
At 31 May 2024 10,670
_______
Carrying amount
At 31 May 2024 68,443
_______
At 31 May 2023 46,571
_______
6. Provisions
Deferred tax (note 7) Total
£ £
At 1 June 2023 8,848 8,848
Additions 7,690 7,690
_______ _______
At 31 May 2024 16,538 16,538
_______ _______
7. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 6) 16,538 8,848
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 16,538 8,848
_______ _______
8. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
9. Directors advances, credits and guarantees
There were no directors advances, credits or guarantees in the period.