Silverfin false false 31/01/2024 01/08/2022 31/01/2024 A L Baker 24/01/2022 O J Baker 24/01/2022 R J Baker 24/01/2022 A M Custard 31/08/2024 10/03/2022 16 October 2024 The principal activity of the Company during the financial year was the development of property. 13868194 2024-01-31 13868194 bus:Director1 2024-01-31 13868194 bus:Director2 2024-01-31 13868194 bus:Director3 2024-01-31 13868194 bus:Director4 2024-01-31 13868194 2022-07-31 13868194 core:CurrentFinancialInstruments 2024-01-31 13868194 core:CurrentFinancialInstruments 2022-07-31 13868194 core:ShareCapital 2024-01-31 13868194 core:ShareCapital 2022-07-31 13868194 core:RetainedEarningsAccumulatedLosses 2024-01-31 13868194 core:RetainedEarningsAccumulatedLosses 2022-07-31 13868194 core:PlantMachinery 2022-07-31 13868194 core:Vehicles 2022-07-31 13868194 core:PlantMachinery 2024-01-31 13868194 core:Vehicles 2024-01-31 13868194 2022-08-01 2024-01-31 13868194 bus:FilletedAccounts 2022-08-01 2024-01-31 13868194 bus:SmallEntities 2022-08-01 2024-01-31 13868194 bus:AuditExemptWithAccountantsReport 2022-08-01 2024-01-31 13868194 bus:PrivateLimitedCompanyLtd 2022-08-01 2024-01-31 13868194 bus:Director1 2022-08-01 2024-01-31 13868194 bus:Director2 2022-08-01 2024-01-31 13868194 bus:Director3 2022-08-01 2024-01-31 13868194 bus:Director4 2022-08-01 2024-01-31 13868194 core:PlantMachinery core:TopRangeValue 2022-08-01 2024-01-31 13868194 core:Vehicles core:TopRangeValue 2022-08-01 2024-01-31 13868194 2022-01-24 2022-07-31 13868194 core:PlantMachinery 2022-08-01 2024-01-31 13868194 core:Vehicles 2022-08-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 13868194 (England and Wales)

PARSONS PROPERTIES (SHERBORNE) LTD

Unaudited Financial Statements
For the financial period from 01 August 2022 to 31 January 2024
Pages for filing with the registrar

PARSONS PROPERTIES (SHERBORNE) LTD

Unaudited Financial Statements

For the financial period from 01 August 2022 to 31 January 2024

Contents

PARSONS PROPERTIES (SHERBORNE) LTD

BALANCE SHEET

As at 31 January 2024
PARSONS PROPERTIES (SHERBORNE) LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 31.01.2024 31.07.2022
£ £
Fixed assets
Tangible assets 3 39,356 12,803
39,356 12,803
Current assets
Stocks 4 610,730 754,419
Debtors 5 10,197 13,712
Cash at bank and in hand 648,648 66,926
1,269,575 835,057
Creditors: amounts falling due within one year 6 ( 860,152) ( 853,650)
Net current assets/(liabilities) 409,423 (18,593)
Total assets less current liabilities 448,779 (5,790)
Provision for liabilities 7 ( 9,839) 0
Net assets/(liabilities) 438,940 ( 5,790)
Capital and reserves
Called-up share capital 100 100
Profit and loss account 438,840 ( 5,890 )
Total shareholders' funds/(deficit) 438,940 ( 5,790)

For the financial period ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Parsons Properties (Sherborne) Ltd (registered number: 13868194) were approved and authorised for issue by the Board of Directors on 16 October 2024. They were signed on its behalf by:

O J Baker
Director
PARSONS PROPERTIES (SHERBORNE) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2022 to 31 January 2024
PARSONS PROPERTIES (SHERBORNE) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2022 to 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Parsons Properties (Sherborne) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 39 Cheap Street, Sherborne, DT9 3PU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In the comparative period, the balance sheet was negative, as the development was in the early stages of construction and no dwellings were ready for sale. In the current year, several properties have been completed and sold and the balance sheet has returned to a positive position. The Directors have considered their expectations and intentions for the next twelve months, and confirmed that the company is a going concern.

Reporting period length

The reporting period has been extended to an eighteen month period ending 31 January 2024.

The director has made the decision to extend the current period in order to incorporate the sale of completed properties.

The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as they are for a six month period.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of properties 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 on the date that the contracts are exchanged.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Vehicles 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to sell.

The cost of work in progress comprises direct materials, direct labour and other direct costs along with the proportion of fixed and variable overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.08.2022 to
31.01.2024
Period from
24.01.2022 to
31.07.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 4 4

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 August 2022 13,967 0 13,967
Additions 0 34,995 34,995
At 31 January 2024 13,967 34,995 48,962
Accumulated depreciation
At 01 August 2022 1,164 0 1,164
Charge for the financial period 6,984 1,458 8,442
At 31 January 2024 8,148 1,458 9,606
Net book value
At 31 January 2024 5,819 33,537 39,356
At 31 July 2022 12,803 0 12,803

4. Stocks

31.01.2024 31.07.2022
£ £
Work in progress 610,730 754,419

5. Debtors

31.01.2024 31.07.2022
£ £
Prepayments 4,101 5,686
VAT recoverable 4,121 8,026
Other debtors 1,975 0
10,197 13,712

6. Creditors: amounts falling due within one year

31.01.2024 31.07.2022
£ £
Trade creditors 12,796 0
Amounts owed to directors 715,944 851,900
Accruals 2,000 1,750
Taxation and social security 116,952 0
Other creditors 12,460 0
860,152 853,650

7. Provision for liabilities

31.01.2024 31.07.2022
£ £
Deferred tax 9,839 0