Company registration number 05600243 (England and Wales)
SHIRLEY PARSONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SHIRLEY PARSONS LIMITED
COMPANY INFORMATION
Directors
Mr P R Roebuck
Mr G M Pearson
Mr B J Hiner
Company number
05600243
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 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
SHIRLEY PARSONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Principal activities

Shirley Parsons Ltd is a Professional Services business providing expertise to any organisation that needs expert help in the areas of Health, Safety, Quality, The Environment and Sustainability.

 

In the main this means Consulting, Project Management, Recruiting and product based Advisory Services.

 

The company is also an incubation hub for new Value Proposition sets and for the talent and Support Services needed to start new Overseas Businesses.

Risks, Uncertainties & Financial controls

The company operates a Risk Register as a controlled element within our ISO9001 QMS. Regular time & event driven reviews mean that all known Risks are assessed for Impact, likelihood and mitigation effectiveness as soon as needed.

 

There are no material uncertainties outside of the usual ones of running a business that apply to our businesses.

 

Credit Control and Facility Management are key elements supporting the liquidity of our businesses. Globally the Group reviews these on a monthly basis at both a Global & local level.

Performance & Outlook

Headline Performance (£M): -

Item
2023
2022
Change
Turnover
20.40
16.16
4.24
GP
5.34
4.49
0.85
EBIT
0.37
0.27
0.10
Net assets
1.33
1.16
0.17

Liquidity is managed at Group Level

 

In 2023 we provided more help than expected to support overseas ventures. This meant that some High Performing people transferred to other businesses – primarily Australia & New Zealand as well as the USA. This loss of UK “Production Capacity” along with an increased burden on the UK’s Support Services and higher interest costs are the main reasons for a lower than expected result.

 

On the upside Our Managed Services, Consulting & Contract Value Propositions performed better than expected.

 

2024 will be better than 2023. Consulting, Managed Services and Contract staffing are all expected to grow.

 

Further 2024 investments to bring new talent into the UK are expected to deliver returns in 2025 & beyond.

 

The company is committed to serving customers that offer long term growth across our core Value Proposition sets and sustainable Markets .

SHIRLEY PARSONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
KPIs & Management Frameworks

The Group & each Company within the Group operates a Goal Management Framework. This ensures congruency between the Group’s principle goals, through company and team down to an individual level.

 

Our highest-level Goals pertain to Financial and Social Responsibility performance. These cascade down through Market, Value Proposition, People, Enabling and Cultural Goals and the standards that apply to the setting of these goals.

 

KPIs pertain to progress against our short (2024), medium (2026), and longer term (2028) Goals.

 

Breakthrough and sustainability considerations are material to setting our longer-term Goals.

 

As the Group grows, we continue to evolve our management structures, centrally & locally, making sure that the Accountabilities & Responsibilities of each Person & Team are totally clear.

 

In 2024 further investment in Management development continues so that we can accommodate sustainable growth.

On behalf of the board

Mr P R Roebuck
Director
25 September 2024
SHIRLEY PARSONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P R Roebuck
Mr G M Pearson
Mr B J Hiner
Auditor

In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P R Roebuck
Director
25 September 2024
SHIRLEY PARSONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SHIRLEY PARSONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHIRLEY PARSONS LIMITED
- 5 -
Opinion

We have audited the financial statements of Shirley Parsons Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

SHIRLEY PARSONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHIRLEY PARSONS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the off-payroll working regulations (IR35), Companies Act 2006, ISO9001 and health & safety regulations compliance.

SHIRLEY PARSONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHIRLEY PARSONS LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements (continued)

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kempson ACA (Senior Statutory Auditor)
For and on behalf of Edwards
25 September 2024
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
SHIRLEY PARSONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
2
20,403,805
16,161,227
Cost of sales
(15,068,508)
(11,670,390)
Gross profit
5,335,297
4,490,837
Administrative expenses
(4,960,897)
(4,221,414)
Operating profit
3
374,400
269,423
Interest payable and similar expenses
7
(205,258)
(126,950)
Profit before taxation
169,142
142,473
Tax on profit
8
(1,008)
6,700
Profit for the financial year
168,134
149,173

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SHIRLEY PARSONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
9
124,405
-
0
Tangible assets
10
-
0
20,778
124,405
20,778
Current assets
Debtors
11
5,988,755
5,888,435
Cash at bank and in hand
402,443
588,405
6,391,198
6,476,840
Creditors: amounts falling due within one year
12
(4,586,822)
(4,659,046)
Net current assets
1,804,376
1,817,794
Total assets less current liabilities
1,928,781
1,838,572
Creditors: amounts falling due after more than one year
13
(571,809)
(654,520)
Provisions for liabilities
Provisions
15
25,008
20,004
(25,008)
(20,004)
Net assets
1,331,964
1,164,048
Capital and reserves
Called up share capital
18
98
98
Share premium account
6,145
6,145
Profit and loss reserves
1,325,721
1,157,805
Total equity
1,331,964
1,164,048

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

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 05600243 (England and Wales)
SHIRLEY PARSONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
98
6,145
1,008,244
1,014,487
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
149,173
149,173
Credit to equity for equity settled share-based payments
17
-
-
388
388
Balance at 31 December 2022
98
6,145
1,157,805
1,164,048
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
168,134
168,134
Credit to equity for equity settled share-based payments
17
-
-
(218)
(218)
Balance at 31 December 2023
98
6,145
1,325,721
1,331,964
SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Shirley Parsons 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.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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
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:

Software
33% straight line
1.5
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:

Office equipment
33% - 50% straight line
Fixtures, fittings and equipment
20% straight line
Computer equipment
50% 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.

1.6
Cash at bank and in hand

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.

SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.7
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.

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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

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.

SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
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.
1.12
Share-based payments

The company participates in a share-based payment arrangement granted to its employees by its parent company. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.

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.

2
Turnover

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Professional services
20,403,805
16,161,227
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
34,449
(85,637)
Depreciation of owned tangible fixed assets
20,778
32,132
Amortisation of intangible assets
62,202
-
SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
32,750
28,500
For other services
Preparation of financial statements
4,750
5,000
Taxation compliance services
2,500
4,000
All other non-audit services
6,250
7,660
13,500
16,660
5
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
59
53

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,932,676
2,503,873
Social security costs
354,303
285,734
Pension costs
95,073
74,823
3,382,052
2,864,430
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
203,744
221,969
Company pension contributions to defined contribution schemes
14,917
13,123
218,661
235,092

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 15 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
102,154
128,000
Company pension contributions to defined contribution schemes
7,531
7,380
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
53,264
63,942
Interest on invoice finance arrangements
151,994
63,008
205,258
126,950
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,008
-
0
Deferred tax
Origination and reversal of timing differences
-
0
(6,700)
Total tax charge/(credit)
1,008
(6,700)
SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 16 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
169,142
142,473
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
42,286
27,070
Tax effect of expenses that are not deductible in determining taxable profit
6,033
721
Group relief
(47,425)
(34,130)
Tax effect of change in tax rate
114
(361)
Taxation charge/(credit) for the year
1,008
(6,700)
9
Intangible fixed assets
Software
£
Cost
At 1 January 2023
-
0
Additions
186,607
At 31 December 2023
186,607
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
62,202
At 31 December 2023
62,202
Carrying amount
At 31 December 2023
124,405
At 31 December 2022
-
0
SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2023 and 31 December 2023
195,414
Depreciation and impairment
At 1 January 2023
174,636
Depreciation charged in the year
20,778
At 31 December 2023
195,414
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
20,778
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,491,238
3,021,467
Amounts owed by group undertakings
1,930,019
2,453,792
Other debtors
8,489
6,237
Prepayments and accrued income
559,009
406,939
5,988,755
5,888,435
12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14
227,009
601,129
Other borrowings
14
363
166,507
Trade creditors
1,076,814
694,384
Amounts owed to group undertakings
261,438
363,830
Corporation tax
1,008
-
0
Other taxation and social security
129,759
121,135
Other creditors
2,304,148
2,131,935
Accruals and deferred income
586,283
580,126
4,586,822
4,659,046
SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Creditors: amounts falling due within one year
(Continued)
- 18 -

Bank overdrafts are secured by way of a fixed floating charge over the assets of the group.

 

Included within bank loans and overdrafts are loans of £482,618 (2022 - £681,057), with £227,009 (2022 - £216,153) included within creditors due within one year and £255,609 (2022 - £464,904) included within creditors due after more than one year. The loans are under the Coronavirus Business Interruption Loan schemes and are therefore secured by way of fixed and floating charges over all assets of the company. Interest will be charged at rates from 2.24% - 8.90% above the Bank of England base rate. The amounts are being repaid in monthly instalments.

 

Included within other borrowings are loans advanced from a related party of £316,563 (2022 - £356,123), with £363 (2022 - £166,507) included within creditors due within one year and £316,200 (2022 - £189,616) included within creditors due after more than one year. The loans are secured over the company's investment in the lenders share capital. Interest is charged at a rate of 5.50%. The amounts are being repaid in annual and biannual instalments.

 

Included within other creditors is an amount of £2,113,487 in respect of invoice discounting (2022 - £1,926,687) which is secured by way of a fixed and floating charge over the assets of the company.

13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14
255,609
464,904
Other borrowings
14
316,200
189,616
571,809
654,520

Bank overdrafts are secured by way of a fixed floating charge over the assets of the group.

 

Included within bank loans and overdrafts are loans of £482,618 (2022 - £681,057), with £227,009 (2022 - £216,153) included within creditors due within one year and £255,609 (2022 - £464,904) included within creditors due after more than one year. The loans are under the Coronavirus Business Interruption Loan schemes and are therefore secured by way of fixed and floating charges over all assets of the company. Interest will be charged at rates from 2.24% - 8.90% above the Bank of England base rate. The amounts are being repaid in monthly instalments.

 

Included within other borrowings are loans advanced from a related party of £316,563 (2022 - £356,123), with £363 (2022 - £166,507) included within creditors due within one year and £316,200 (2022 - £189,616) included within creditors due after more than one year. The loans are secured over the company's investment in the lenders share capital. Interest is charged at a rate of 5.50%. The amounts are being repaid in annual and biannual instalments.

 

Included within other creditors is an amount of £2,113,487 in respect of invoice discounting (2022 - £1,926,687) which is secured by way of a fixed and floating charge over the assets of the company..

SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
14
Loans and overdrafts
2023
2022
£
£
Bank loans
482,618
681,057
Bank overdrafts
-
0
384,976
Other loans
316,563
356,123
799,181
1,422,156
Payable within one year
227,372
767,636
Payable after one year
571,809
654,520
15
Provisions for liabilities
2023
2022
£
£
Dilapidations provision
25,008
20,004
Movements on provisions:
Dilapidations provision
£
At 1 January 2023
20,004
Additional provisions in the year
5,004
At 31 December 2023
25,008
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,928
74,823

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
17
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
1,074,240
-
0
0.001
-
0
Granted
-
0
1,623,173
0.001
0.001
Exercised
(140,000)
(548,933)
0.001
0.001
Outstanding at 31 December 2023
934,240
1,074,240
0.001
0.001
Exercisable at 31 December 2023
387,840
332,040
0.001
0.001

The options outstanding at 31 December 2023 had an exercise price of £0.001, and a remaining contractual life of 3 years 1 month.

Inputs were as follows:
2023
2022
Weighted average share price
0.001
0.001
Weighted average exercise price
0.001
0.001
Expected volatility
50.00
50.00
Expected life
4.10
4.10
Risk free rate
1.27
1.27
18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.1p each
97,368
97,368
98
98
19
Financial commitments, guarantees and contingent liabilities

Shirley Parsons Limited is party to a cross guarantee securing overdraft facilities for Shirley Parsons Professional Services Limited and Identify Networks 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).

SHIRLEY PARSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
20
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
10,636
21,272
Between two and five years
-
0
10,636
10,636
31,908
21
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.

 

During the year, the company was loaned $Nil (2022 - $500,000) from a related party. Included within other creditors are amounts of £316,563 (2022 - £356,123), with £363 (2022 - £166,507) included within creditors due within one year and £316,200 (2022 - £189,616) included within creditors due after more than one year. During the year, interest was charged amounting to £11,561 (2022 - £6,739)

22
Controlling party

Shirley Parsons Professional Services 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.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr P R RoebuckMr G M PearsonMr B J Hinerfalsefalse056002432023-01-012023-12-3105600243bus:Director12023-01-012023-12-3105600243bus:Director22023-01-012023-12-3105600243bus:Director32023-01-012023-12-3105600243bus:RegisteredOffice2023-01-012023-12-31056002432023-12-31056002432022-01-012022-12-3105600243core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3105600243core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105600243core:OtherResidualIntangibleAssets2023-12-3105600243core:OtherResidualIntangibleAssets2022-12-3105600243core:ComputerSoftware2023-12-3105600243core:ComputerSoftware2022-12-31056002432022-12-3105600243core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105600243core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105600243core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3105600243core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3105600243core:CurrentFinancialInstruments2023-12-3105600243core:CurrentFinancialInstruments2022-12-3105600243core:Non-currentFinancialInstruments2023-12-3105600243core:Non-currentFinancialInstruments2022-12-3105600243core:ShareCapital2023-12-3105600243core:ShareCapital2022-12-3105600243core:SharePremium2023-12-3105600243core:SharePremium2022-12-3105600243core:RetainedEarningsAccumulatedLosses2023-12-3105600243core:RetainedEarningsAccumulatedLosses2022-12-3105600243core:ShareCapital2021-12-3105600243core:SharePremium2021-12-3105600243core:RetainedEarningsAccumulatedLosses2021-12-3105600243core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3105600243core:PlantMachinery2023-01-012023-12-3105600243core:FurnitureFittings2023-01-012023-12-3105600243core:ComputerEquipment2023-01-012023-12-3105600243core:UKTax2023-01-012023-12-3105600243core:UKTax2022-01-012022-12-310560024312023-01-012023-12-310560024312022-01-012022-12-3105600243core:ComputerSoftware2022-12-3105600243core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3105600243core:ComputerSoftware2023-01-012023-12-31056002432022-12-31056002432021-12-3105600243core:WithinOneYear2023-12-3105600243core:WithinOneYear2022-12-3105600243core:BetweenTwoFiveYears2023-12-3105600243core:BetweenTwoFiveYears2022-12-3105600243bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105600243bus:FRS1022023-01-012023-12-3105600243bus:Audited2023-01-012023-12-3105600243bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP