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REGISTERED NUMBER: 09968325 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PARMAR AND SONS PROPERTY LIMITED

PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


PARMAR AND SONS PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr S Parmar
Miss C Patel





REGISTERED OFFICE: 69 Manor Road
Harrow
Middlesex
HA1 2PF





REGISTERED NUMBER: 09968325 (England and Wales)





ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PARMAR AND SONS PROPERTY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parmar and Sons Property Limited for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Parmar and Sons Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parmar and Sons Property Limited and state those matters that we have agreed to state to the Board of Directors of Parmar and Sons Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parmar and Sons Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Parmar and Sons Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Parmar and Sons Property Limited. You consider that Parmar and Sons Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Parmar and Sons Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


28 October 2024

PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,666 2,222
Investment property 5 2,240,527 2,240,527
2,242,193 2,242,749

CURRENT ASSETS
Debtors 6 56,927 56,927
Cash at bank 36,419 21,219
93,346 78,146
CREDITORS
Amounts falling due within one year 7 838,574 837,858
NET CURRENT LIABILITIES (745,228 ) (759,712 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,496,965

1,483,037

CREDITORS
Amounts falling due after more than one
year

8

(1,510,720

)

(1,510,720

)

PROVISIONS FOR LIABILITIES (316 ) (422 )
NET LIABILITIES (14,071 ) (28,105 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (14,171 ) (28,205 )
SHAREHOLDERS' FUNDS (14,071 ) (28,105 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2024 and were signed on its behalf by:





Mr S Parmar - Director


PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Parmar and Sons Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rental income receivable. Turnover is recognised when the company has a right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Under pervious UK GAAP, investment property was valued on an open market basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 April 2023
and 31 March 2024 5,190
DEPRECIATION
At 1 April 2023 2,968
Charge for year 556
At 31 March 2024 3,524
NET BOOK VALUE
At 31 March 2024 1,666
At 31 March 2023 2,222

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,240,527
NET BOOK VALUE
At 31 March 2024 2,240,527
At 31 March 2023 2,240,527

In the opinion of the directors the fair value of the investment properties as at 31 March 2024 is not significantly difference to that stated above.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Other debtors 56,927 56,927

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Directors' current accounts 836,534 835,818
Accrued expenses 2,040 2,040
838,574 837,858

PARMAR AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09968325)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£ £
Bank loans more 5 yr by instal 1,510,720 1,510,720

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,510,720 1,510,720

The bank loans are secured by a legal charge over the investment properties and by way of personal guarantees of the directors. The loans are interest only, fully repayable between 25 to 35 years period and the rates of interest charged are between 3.99% and 6.33% above the bank base rate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £ £
100 Ordinary share capital £1 each 100 100

10. RELATED PARTY DISCLOSURES

Included within creditors falling due within one year is a balance of Nil (31.03.2023: Nil) payable to SP Risk Systems Limited, a company which director has beneficial interest. The SP Risk Systems Limited has a going concern issue with in period.

11. ULTIMATE CONTROLLING PARTY

Directors are the ultimate controlling party, as they owns majority of the issued share capital.