Parkes Products Limited Filleted Accounts Cover
Parkes Products Limited
Company No. 01905021
Information for Filing with The Registrar
31 January 2024
Parkes Products Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 January 2024.
Principal activities
The principal activity of the company during the year under review was the manufacture and sale of building components.
Directors
The Directors who served at any time during the year were as follows:
R.S. Berwick
S.B.E. Berwick
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
R.S. Berwick
Director
30 October 2024
Parkes Products Limited Balance Sheet Registrar
at
31 January 2024
Company No.
01905021
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
455,480485,458
455,480485,458
Current assets
Stocks
5
577,147615,162
Debtors
6
595,986610,651
Cash at bank and in hand
79,282110,345
1,252,4151,336,158
Creditors: Amount falling due within one year
7
(393,025)
(595,978)
Net current assets
859,390740,180
Total assets less current liabilities
1,314,8701,225,638
Creditors: Amounts falling due after more than one year
8
(538,923)
(566,551)
Provisions for liabilities
Deferred taxation
(13,562)
(13,257)
Net assets
762,385645,830
Capital and reserves
Called up share capital
9,0009,000
Revaluation reserve
11
87,75690,505
Profit and loss account
11
665,629546,325
Total equity
762,385645,830
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 30 October 2024 and signed on its behalf by:
R.S. Berwick
Director
30 October 2024
Parkes Products Limited Notes to the Accounts Registrar
for the year ended 31 January 2024
1
General information
Parkes Products Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 01905021
Its registered office is:
Temple Works
Burrell Way
Thetford
Norfolk
IP24 3QT
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Property which had been revalued previously in 1991 and carried at its revalued amount less depreciation prior to FRS102 was included in accordance with the transitional provisions for FRS102 at the revalued amount as deemed cost less depreciation and that valuation has not been updated. The company's freehold property was most recently valued at 18 May 2019 at £970,000: this valuation has not been used in the accounts.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Freehold buildings
2% on cost
Plant and machinery
% at varying rates on cost
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.
Trade and other debtors
Trade and other debtors are measured at the transaction price less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Leased assets
Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
1212
4
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost or revaluation
At 1 February 2023
646,8161,173,8081,820,624
Additions
-3,3353,335
Disposals
-
(3,335)
(3,335)
At 31 January 2024
646,8161,173,8081,820,624
Depreciation
At 1 February 2023
239,0321,096,1341,335,166
Charge for the year
10,03620,60930,645
Disposals
-
(667)
(667)
At 31 January 2024
249,0681,116,0761,365,144
Net book values
At 31 January 2024
397,74857,732455,480
At 31 January 2023
407,784
77,674
485,458
5
Stocks
2024
2023
£
£
Finished goods
577,147615,162
577,147615,162
6
Debtors
2024
2023
£
£
Trade debtors
569,953533,835
Other debtors
12,25765,866
Prepayments and accrued income
13,77610,950
595,986610,651
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
29,44739,129
Trade creditors
108,913340,281
Amounts owed to group undertakings
75,000
75,000
Taxes and social security
108,215
81,010
Loans from directors
2,3081,390
Accruals and deferred income
69,14259,168
393,025595,978
The company has a bank loan repayable in instalments over a remaining term of 11 years 6 months. The loan is a commercial mortgage secured on the company's freehold property. The company has a factoring facility under which the balance due to factors is secured on book debts and by fixed and floating charge. There was no balance due to factors at 31 January 2024 or 2023.
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
538,923566,551
538,923566,551
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
390,579
394,627
390,579394,627
The company has a bank loan repayable in instalments over a remaining term of 11 years 6 months. The loan is a commercial mortgage secured on the company's freehold property.
9
Creditors: secured liabilities
2024
2023
£
£
The aggregate amount of secured liabilities included within creditors
568,370605,680
10
Share Capital
Ordinary £1 shares fully paid
11
Reserves
Revaluation Reserve
Total other reserves
£
£
At 1 February 2022
93,254
93,254
Movement on revaluation reserve
(2,749)
(2,749)
At 31 January 2023 and 1 February 2023
90,505
90,505
Movement on revaluation reserve
(2,749)
(2,749)
At 31 January 2024
87,75687,756
Revaluation reserve - reflects the revaluation of property other than investment properties.
Profit and loss account - includes all current and prior period retained profits and losses.
12
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
47,700
19,600
47,700
19,600
Dividends by type:
Equity dividends
47,70019,600
47,700
19,600
13
Related party disclosures
Transactions with related parties
Parent Company
The name of the parent of the immediate controlling party:
Reflex Safety Ltd
The parent's registered office address is:
Temple Works
Burrell Way
Thetford
Norfolk IP24 3QT
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