Parsonage Investments Limited 4876928 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true 4876928 2023-04-01 2024-03-31 4876928 2024-03-31 4876928 core:CurrentFinancialInstruments 2024-03-31 4876928 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 4876928 core:LandBuildings 2024-03-31 4876928 bus:SmallEntities 2023-04-01 2024-03-31 4876928 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 4876928 bus:FullAccounts 2023-04-01 2024-03-31 4876928 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 4876928 bus:RegisteredOffice 2023-04-01 2024-03-31 4876928 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 4876928 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 4876928 countries:England 2023-04-01 2024-03-31 4876928 2023-03-31 4876928 core:LandBuildings 2023-03-31 4876928 2022-04-01 2023-03-31 4876928 2023-03-31 4876928 core:CurrentFinancialInstruments 2023-03-31 4876928 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 4876928 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 4876928

Parsonage Investments Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Parsonage Investments Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 6

 

Parsonage Investments Limited

(Registration number: 4876928)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,108,697

1,108,697

Current assets

 

Debtors

5

19,745

38,448

Cash at bank and in hand

 

33,656

52,565

 

53,401

91,013

Creditors: Amounts falling due within one year

6

(33,033)

(83,689)

Net current assets

 

20,368

7,324

Net assets

 

1,129,065

1,116,021

Capital and reserves

 

Called up share capital

1,500

1,500

Fair value reserve

242,168

242,168

Retained earnings

885,397

872,353

Shareholders' funds

 

1,129,065

1,116,021

 

Parsonage Investments Limited

(Registration number: 4876928)
Statement of Financial Position as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
S D Cook
Company secretary and director

   
     
 

Parsonage Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/o Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL
England

These financial statements were authorised for issue by the Board on 27 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for rent in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Parsonage Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Investment property

The investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with Financial Reporting Standard 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substnace of the contractual arrangement, as finance assets, finance liabilities or equity instruments. an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Parsonage Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

1,108,697

1,108,697

At 31 March 2024

1,108,697

1,108,697

Depreciation

Carrying amount

At 31 March 2024

1,108,697

1,108,697

At 31 March 2023

1,108,697

1,108,697

Included within the net book value of land and buildings above is £1,108,697 (2023 - £1,108,697) in respect of freehold land and buildings.

The values of the properties were reviewed on 30 April 2018 by S D Cook, M.R.I.C.S, who is a director of the company. The basis of valuation was on open market basis.

In the year ended March 2018 it was concluded that an adjustment to the carrying values of £212,573 was required. This class of assets has a current value of £1,108,697 (2022 - £1,108,697) and a carrying amount at historical cost of £866,530 due to additions this year of £Nil (2022 - £Nil). The depreciation on this historical cost is £Nil (2022 - £Nil).

 

5

Debtors

Current

2024
£

2023
£

Trade debtors

11,548

25,162

Prepayments

8,197

13,286

 

19,745

38,448

 

Parsonage Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

612

11,431

Taxation and social security

20,729

24,169

Accruals and deferred income

11,692

28,089

Other creditors

-

20,000

33,033

83,689