Registered number
03746099
Parallel Notion Ltd
Filleted Accounts
31 March 2024
Parallel Notion Ltd
Registered number: 03746099
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,354 2,769
Current assets
Debtors 4 28,348 25,949
Cash at bank and in hand 1,925 13,871
30,273 39,820
Creditors: amounts falling due within one year 5 (30,260) (27,258)
Net current assets 13 12,562
Total assets less current liabilities 2,367 15,331
Creditors: amounts falling due after more than one year 6 (2,242) (15,167)
Net assets 125 164
Capital and reserves
Called up share capital 100 100
Profit and loss account 25 64
Shareholders' funds 125 164
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nigel Prabhavalkar
Director
Approved by the board on 28 October 2024
Parallel Notion Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 15% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 35,661
At 31 March 2024 35,661
Depreciation
At 1 April 2023 32,892
Charge for the year 415
At 31 March 2024 33,307
Net book value
At 31 March 2024 2,354
At 31 March 2023 2,769
4 Debtors 2024 2023
£ £
Trade debtors 10,890 10,065
Other debtors 17,458 15,884
28,348 25,949
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,000 7,000
Trade creditors 5,656 875
Taxation and social security costs 14,066 17,883
Other creditors 3,538 1,500
30,260 27,258
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,242 15,167
7 Other information
Parallel Notion Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Chestnut Road
Kingston Upon Thames
Surrey
KT2 5AP
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