Registered number
02890927
Deb Parrington & Son Limited
Unaudited Filleted Accounts
31 January 2024
Deb Parrington & Son Limited
Registered number: 02890927
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 40,413 41,248
Current assets
Stocks 2,250 2,250
Debtors 4 186,284 197,217
Cash at bank and in hand 21,134 54,802
209,668 254,269
Creditors: amounts falling due within one year 5 (170,693) (164,185)
Net current assets 38,975 90,084
Total assets less current liabilities 79,388 131,332
Creditors: amounts falling due after more than one year 6 (75,735) (91,990)
Provisions for liabilities (2,073) (7,837)
Net assets 1,580 31,505
Capital and reserves
Called up share capital 106 106
Profit and loss account 1,474 31,399
Shareholders' funds 1,580 31,505
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.
Julian Parrington
Director
Approved by the board on 31 October 2024
Deb Parrington & Son Limited
Notes to the Accounts
for the year ended 31 January 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 9 10
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 70,099 87,723 157,822
Additions 2,216 33,317 35,533
Disposals - (60,748) (60,748)
At 31 January 2024 72,315 60,292 132,607
Depreciation
At 1 February 2023 65,559 51,015 116,574
Charge for the year 1,644 4,466 6,110
On disposals - (30,490) (30,490)
At 31 January 2024 67,203 24,991 92,194
Net book value
At 31 January 2024 5,112 35,301 40,413
At 31 January 2023 4,540 36,708 41,248
The net book value of tangible fixed assets includes £ 33,351 (2023: £29,350) of assets
held under fnance leases and hp contracts
4 Debtors 2024 2023
£ £
Trade debtors 95,808 74,437
Other debtors 90,476 122,780
186,284 197,217
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 25,000 25,000
Obligations under finance lease and hp contracts ( secured) 5,607 6,419
Trade creditors 53,097 45,054
Taxation and social security costs 17,280 21,797
Other creditors 69,709 65,915
170,693 164,185
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 54,167 79,167
Obligations under finance lease and hp contracts ( secured) 21,568 12,823
75,735 91,990
The total of secured creditors is £ 27,175 ( 2023: £19,242).
The above sums are also the total amount due under finance leases and hp contracts
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 7,013 10,129
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Julian Parrington (Loan 2) 39,520 - (9,021) 30,499
Loan 3 35,000 35,000
- -
Kirsty Parrington ( Loan 3) 5,987 (5,987)
Loan 3 5,987 (5,987) -
-
- - - -
45,507 35,000 (15,008) 65,499
The loans are interest free and repayable on demand.
9 Related party transactions
During the year the company paid rent to Brantwood Estates of £ 13,350 (2023: £21,600) ,
a rental business owned by JD Parrington , a director.
10 Other information
Deb Parrington & Son Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8A Palatine Industrial Estate
Causeway Avenue
Warrington
WA4 6QQ
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