Company registration number 04682216 (England and Wales)
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr P R Roebuck
Mr G M Pearson
Mr N D Gausden
Company number
04682216
Registered office
B2 Building (4th Floor)
Bear Brook Business Park
Walton Street
Aylesbury
Buckinghamshire
HP21 7QW
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
27,396
63,237
Tangible assets
5
13,381
Investments
6
618,627
618,627
646,023
695,245
Current assets
Debtors
8
1,147,526
630,958
Cash at bank and in hand
20,736
43
1,168,262
631,001
Creditors: amounts falling due within one year
9
(1,815,361)
(1,346,369)
Net current liabilities
(647,099)
(715,368)
Total assets less current liabilities
(1,076)
(20,123)
Provisions for liabilities
10
(7,000)
(17,300)
Net liabilities
(8,076)
(37,423)
Capital and reserves
Called up share capital
6,935
6,935
Share premium account
6,033
6,033
Profit and loss reserves
(21,044)
(50,391)
Total equity
(8,076)
(37,423)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr P R Roebuck
Director
Company registration number 04682216 (England and Wales)
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Shirley Parsons Professional Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is B2 Building (4th Floor), Bear Brook Business Park, Walton Street, Aylesbury, Buckinghamshire, HP21 7QW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Shirley Parsons Professional Services Limited is a wholly owned subsidiary of Shirley Parsons Holdings Limited and the results of Shirley Parsons Professional Services Limited are included in the consolidated financial statements of Shirley Parsons Holdings Limited which are available from Companies House.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.true
In assessing the going concern basis, the directors have considered the company’s business activities and its financial position. The company continues to be a non-trading central support service for the group. As at 31 December 2023 the company had net current liabilities and net liabilities, however included in creditors amounts falling within one year are amounts owed to group companies. To ensure that the company remains a going concern, Shirley Parsons Holdings Limited have confirmed that they, and the wider group, will continue to provide such financial support as the company requires to enable it to meet its liabilities as they fall due for a period of at least 12 months from the date these financial statements are approved.
The directors continue to closely monitor the company's liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Research and development expenditure
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is capitalised and amortised over the period during which the company is expected to benefit.
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
20% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
20 - 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Short term trade debtors are measured at transaction price, less any impairment. Other debtors are initially
measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, less
any impairment.
Basic financial liabilities
Short term trade creditors are measured at transaction price. Other financial liabilities are initially measured
at fair value, net of transaction costs, and are subsequently measured at amortised cost.
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Carrying value of investments
The carrying value of investments in subsidiary companies is dependent on the calculation of value in use, which uses a number of assumptions about future performance and expectations.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Carrying value of intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives as described in more detail in the accounting policy.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Development Costs
£
Cost
At 1 January 2023 and 31 December 2023
217,152
Amortisation and impairment
At 1 January 2023
153,915
Amortisation charged for the year
35,841
At 31 December 2023
189,756
Carrying amount
At 31 December 2023
27,396
At 31 December 2022
63,237
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
342,459
Depreciation and impairment
At 1 January 2023
329,078
Depreciation charged in the year
13,381
At 31 December 2023
342,459
Carrying amount
At 31 December 2023
At 31 December 2022
13,381
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
304,812
304,812
Other investments other than loans
313,815
313,815
618,627
618,627
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2023 & 31 December 2023
304,812
313,815
618,627
Carrying amount
At 31 December 2023
304,812
313,815
618,627
At 31 December 2022
304,812
313,815
618,627
During the year, the company acquired the remaining 6% ordinary share capital of Shirley Parsons Denmark ApS for no consideration.
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Identify Networks Limited
England and Wales
Ordinary
100.00
Shirley Parsons Inc
USA
Ordinary
75.00
Shirley Parsons Limited
England and Wales
Ordinary
100.00
Shirley Parsons GmbH
Germany
Ordinary
100.00
Shirley Parsons Project Services Limited
England and Wales
Ordinary
100.00
Shirley Parsons Ireland Limited
Republic of Ireland
Ordinary
100.00
Shirley Parsons Professional Services Limited Taiwan Branch
Taiwan
Ordinary
100.00
Shirley Parsons Denmark ApS
Denmark
Ordinary
100.00
Shirley Parsons B.V.
Netherlands
Ordinary
100.00
Identify Group Inc
USA
Ordinary
100.00
Outreach Consulting LLC
USA
Ordinary
100.00
Shirley Parsons Inc Canada
Canada
Ordinary
100.00
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Subsidiaries
(Continued)
- 9 -
All subsidiaries registered in England and Wales have the same registered office as Shirley Parsons Professional Services Limited.
All subsidiaries registered in the USA have a registered office of 16192 Coastal Highway, Lewes, DE 19958, USA.
Shirley Parsons GmbH has a registered address of 11, Elisabeth Street, 40217, Düsseldorf.
Shirley Parsons Ireland Limited has a registered office of 13 Classon House, Dundrum Business Park, Dundrum, Dublin 14, D14 W9Y3.
Shirley Parsons Professional Services Limited Taiwan Branch has a registered office of No. 206, Sec.1, Keelung Rd., Xinyi Dist., Taipei City 110, Taiwan.
Shirley Parsons Denmark ApS has a registered office of Vejlsøvej 51, 8600 Silkeborg, Denmark.
Shirley Parsons B.V. has a registered office of Keizersgracht 391A, 1016 EJ, Amsterdam, Netherlands.
Shirley Parsons Inc Canada has a registered address of 12th Floor, 30 Adelaide St E, Toronto, ON M5C 3G6
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,121,686
605,446
Amounts owed by undertakings in which the company has a participating interest
3,908
3,908
Other debtors
366
36
Prepayments and accrued income
21,566
21,568
1,147,526
630,958
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
467,735
Trade creditors
6,306
Amounts owed to group undertakings and undertakings in which the company has a participating interest
891,459
345,547
Taxation and social security
289,038
254,030
Other creditors
634,864
272,751
1,815,361
1,346,369
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
7,000
17,300
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Robert Kempson ACA
Statutory Auditor:
Edwards
Date of audit report:
25 September 2024
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
350,935
45,845
13
Financial commitments, guarantees and contingent liabilities
Shirley Parsons Professional Services Limited is party to a multi-currency, cross guarantee securing overdraft facilities for Identify Networks Limited and Shirley Parsons Limited. At 31 December 2023, the overdrafts under the arrangement totalled £Nil (2022 - £852,711) and the overall net banking position under the arrangement was £504,414 (2022 - £44,545 overdrawn).
14
Related party transactions
The company has taken advantage of the exemption conferred within FRS102 section 33.1A not to disclose transactions between wholly owned members of the same group.
As at 31 December 2023, included within creditors was a balance of £Nil (2022 - £35,965) due to Shirley Parsons LLC, a company under common control.
As at 31 December 2023, included within creditors was directors loans of £388,528 (2022 - £64,652), on which the company charged interest during the year of £4,023 (2022 - £1,828).
During the year the company entered into transactions with the director Nigel Gausden of HLG Solutions in relation to consultancy fees amounting to £65,670 (2022 - £14,476) during the year
SHIRLEY PARSONS PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
15
Parent company
Shirley Parsons Holdings Limited is the immediate parent undertaking of the company.
Shirley Parsons Holdings Limited is the largest and smallest group for which group financial statements are prepared. The group financial statements are available to the public and may be obtained from Companies House.
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