Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 08757105 Mr EDWARD PARSONS iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08757105 2022-12-31 08757105 2023-12-31 08757105 2023-01-01 2023-12-31 08757105 frs-core:CurrentFinancialInstruments 2023-12-31 08757105 frs-core:Non-currentFinancialInstruments 2023-12-31 08757105 frs-core:NetGoodwill 2023-12-31 08757105 frs-core:NetGoodwill 2023-01-01 2023-12-31 08757105 frs-core:NetGoodwill 2022-12-31 08757105 frs-core:MotorVehicles 2023-12-31 08757105 frs-core:MotorVehicles 2023-01-01 2023-12-31 08757105 frs-core:MotorVehicles 2022-12-31 08757105 frs-core:PlantMachinery 2023-12-31 08757105 frs-core:PlantMachinery 2023-01-01 2023-12-31 08757105 frs-core:PlantMachinery 2022-12-31 08757105 frs-core:WithinOneYear 2023-12-31 08757105 frs-core:ShareCapital 2023-12-31 08757105 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08757105 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08757105 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 08757105 frs-bus:SmallEntities 2023-01-01 2023-12-31 08757105 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08757105 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08757105 frs-bus:Director1 2023-01-01 2023-12-31 08757105 frs-countries:EnglandWales 2023-01-01 2023-12-31 08757105 2021-12-31 08757105 2022-12-31 08757105 2022-01-01 2022-12-31 08757105 frs-core:CurrentFinancialInstruments 2022-12-31 08757105 frs-core:Non-currentFinancialInstruments 2022-12-31 08757105 frs-core:BetweenOneFiveYears 2022-12-31 08757105 frs-core:WithinOneYear 2022-12-31 08757105 frs-core:ShareCapital 2022-12-31 08757105 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 08757105
Parsons Farm Supplies Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
IVC SERVICES LIMITED
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08757105
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 600
Tangible Assets 5 47,198 33,722
47,198 34,322
CURRENT ASSETS
Stocks 6 98,855 106,862
Debtors 7 306,618 315,632
Cash at bank and in hand 365,888 225,593
771,361 648,087
Creditors: Amounts Falling Due Within One Year 8 (342,430 ) (335,567 )
NET CURRENT ASSETS (LIABILITIES) 428,931 312,520
TOTAL ASSETS LESS CURRENT LIABILITIES 476,129 346,842
Creditors: Amounts Falling Due After More Than One Year 9 (13,000 ) (22,959 )
NET ASSETS 463,129 323,883
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 463,127 323,881
SHAREHOLDERS' FUNDS 463,129 323,883
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Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr EDWARD PARSONS
Director
23 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Parsons Farm Supplies Ltd Registered number 08757105 is a limited by shares company incorporated in England & Wales. The Registered Office is ICELTON FARM, WICK ST LAWRENCE, WESTON SUPER MARE, SOMERSET, BS22 7YJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% - straight line basis
Motor Vehicles 25% - straight line basis
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 7)
8 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 6,000
As at 31 December 2023 6,000
Amortisation
As at 1 January 2023 5,400
Provided during the period 600
As at 31 December 2023 6,000
...CONTINUED
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Net Book Value
As at 31 December 2023 -
As at 1 January 2023 600
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 24,615 84,000 108,615
Additions 17,522 21,514 39,036
As at 31 December 2023 42,137 105,514 147,651
Depreciation
As at 1 January 2023 18,905 55,988 74,893
Provided during the period 7,844 17,716 25,560
As at 31 December 2023 26,749 73,704 100,453
Net Book Value
As at 31 December 2023 15,388 31,810 47,198
As at 1 January 2023 5,710 28,012 33,722
6. Stocks
2023 2022
£ £
Stock 98,855 106,862
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 304,005 313,266
Prepayments and accrued income 2,613 2,366
306,618 315,632
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 5,655
Trade creditors 218,804 228,121
Bank loans and overdrafts 6,000 6,000
Corporation tax 40,137 30,168
Other taxes and social security 5,519 946
VAT 25,198 17,767
Accruals and deferred income 3,772 3,910
Director's loan account 43,000 43,000
342,430 335,567
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 3,959
Bank loans 13,000 19,000
13,000 22,959
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 5,655
Later than one year and not later than five years - 3,959
- 9,614
- 9,614
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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