Registration number:
Parsonage Investments Limited
for the Year Ended 31 March 2024
Parsonage Investments Limited
Contents
Statement of Financial Position |
|
Notes to the Financial Statements |
Parsonage Investments Limited
(Registration number: 4876928)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
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 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
......................................... |
Parsonage Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Parsonage Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Land and buildings |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
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).
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
|
|
Parsonage Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
- |
|
|
|