Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-04-01false0The principal activity of the Company continued to be property rental.0truetrue 10699669 2023-04-01 2024-03-31 10699669 2022-04-01 2023-03-31 10699669 2024-03-31 10699669 2023-03-31 10699669 c:Director1 2023-04-01 2024-03-31 10699669 d:MotorVehicles 2023-04-01 2024-03-31 10699669 d:MotorVehicles 2024-03-31 10699669 d:MotorVehicles 2023-03-31 10699669 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10699669 d:FurnitureFittings 2023-04-01 2024-03-31 10699669 d:FurnitureFittings 2024-03-31 10699669 d:FurnitureFittings 2023-03-31 10699669 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10699669 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 10699669 d:OtherPropertyPlantEquipment 2024-03-31 10699669 d:OtherPropertyPlantEquipment 2023-03-31 10699669 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10699669 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10699669 d:FreeholdInvestmentProperty 2024-03-31 10699669 d:FreeholdInvestmentProperty 2023-03-31 10699669 d:CurrentFinancialInstruments 2024-03-31 10699669 d:CurrentFinancialInstruments 2023-03-31 10699669 d:Non-currentFinancialInstruments 2024-03-31 10699669 d:Non-currentFinancialInstruments 2023-03-31 10699669 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10699669 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10699669 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10699669 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10699669 d:ShareCapital 2024-03-31 10699669 d:ShareCapital 2023-03-31 10699669 d:RetainedEarningsAccumulatedLosses 2024-03-31 10699669 d:RetainedEarningsAccumulatedLosses 2023-03-31 10699669 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10699669 c:OrdinaryShareClass1 2024-03-31 10699669 c:FRS102 2023-04-01 2024-03-31 10699669 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10699669 c:FullAccounts 2023-04-01 2024-03-31 10699669 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10699669 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10699669









PARROTT INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PARROTT INVESTMENTS LIMITED
REGISTERED NUMBER: 10699669

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
59,633
70,387

Investment property
 5 
450,000
450,000

  
509,633
520,387

CURRENT ASSETS
  

Cash at bank and in hand
  
7,416
19,829

  
7,416
19,829

Creditors: amounts falling due within one year
 6 
(399,844)
(410,372)

NET CURRENT LIABILITIES
  
 
 
(392,428)
 
 
(390,543)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
117,205
129,844

Creditors: amounts falling due after more than one year
 7 
(217,782)
(223,438)

  

NET LIABILITIES
  
(100,577)
(93,594)


CAPITAL AND RESERVES
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(100,677)
(93,694)

  
(100,577)
(93,594)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
PARROTT INVESTMENTS LIMITED
REGISTERED NUMBER: 10699669
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





A W Spence
Director

Date: 7 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PARROTT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Parrott Investments Limited is a private Company limited by shares and incorporated in England and Wales. Its registered office address is Sextry House, St Mary's Street, Ely CB7 4HF. Its pincipal place of business is 12 Station Road and 1 The Drift, Heacham, King's Lynn, Norfolk PE31 7EX. 
The Company's functional and presentational currency is GBP. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company incurred a loss for the financial period and had net liabilities of £100,577 as at 31 March 2024 (2023 - £93,594). The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from its shareholders to provide sufficient funds to enable it to meet its liabilities as they fall due. 

 
2.3

TURNOVER

Turnover comprises rental income recognised by the Company during the period, exclusive of Value Added Tax. Rental income is recognised as the fair value of the consideration received or receivable and is recognised in the period to which it relates, with accrued and deferred income being recognised on the balance sheet accordingly. 

 
2.4

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
PARROTT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Straight-line
Property improvements
-
10%
Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
PARROTT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES



The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 5

 
PARROTT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Property improve ments
Total

£
£
£
£



COST OR VALUATION


At 1 April 2023
3,200
8,591
108,202
119,993


Additions
1,821
-
-
1,821


Disposals
(3,200)
-
-
(3,200)



At 31 March 2024

1,821
8,591
108,202
118,614



DEPRECIATION


At 1 April 2023
1,520
8,591
39,495
49,606


Charge for the year on owned assets
426
-
10,819
11,245


Disposals
(1,870)
-
-
(1,870)



At 31 March 2024

76
8,591
50,314
58,981



NET BOOK VALUE



At 31 March 2024
1,745
-
57,888
59,633



At 31 March 2023
1,680
-
68,707
70,387

Page 6

 
PARROTT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2023
450,000



AT 31 MARCH 2024
450,000


COMPRISING


Cost
311,500

Annual revaluation surplus/(deficit):


2020
88,500

2022
50,000

At 31 March 2024
450,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
6,480
7,117

Trade creditors
96
180

Other creditors
391,488
401,295

Accruals and deferred income
1,780
1,780

399,844
410,372


The bank loan is secured against the investment property owned by the company. 

Page 7

 
PARROTT INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
217,782
223,438

217,782
223,438


The bank loan is secured against the investment property owned by the company. 


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 Ordinary shares shares of £1.00 each
100
100


 
Page 8