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Filleted

Registration number: 06853816

The Parsnipship Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

The Parsnipship Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

The Parsnipship Ltd

Company Information

Directors

Mr Benjamin Ellis Moss

Miss Fiona Lucy Ticehurst

Registered office

Bwlchblaencorn
Ffarmers
Llanwrda
Carmarthenshire
SA19 8JU

 

The Parsnipship Ltd

(Registration number: 06853816)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,400

1,600

Tangible assets

5

42,047

49,034

 

43,447

50,634

Current assets

 

Stocks

6

7,549

7,324

Debtors

7

27,270

36,075

Cash at bank and in hand

 

2,710

5,312

 

37,529

48,711

Creditors: Amounts falling due within one year

8

(44,693)

(30,472)

Net current (liabilities)/assets

 

(7,164)

18,239

Total assets less current liabilities

 

36,283

68,873

Creditors: Amounts falling due after more than one year

8

(39,379)

(48,979)

Net (liabilities)/assets

 

(3,096)

19,894

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(4,096)

18,894

Total equity

 

(3,096)

19,894

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

The Parsnipship Ltd

(Registration number: 06853816)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mr Benjamin Ellis Moss
Director

.........................................
Miss Fiona Lucy Ticehurst
Director

 
     
 

The Parsnipship Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Bwlchblaencorn
Ffarmers
Llanwrda
Carmarthenshire
SA19 8JU

These financial statements were authorised for issue by the Board on 24 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

The Parsnipship Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Motor Vehicles

20% reducing balance

Improvements to property

10% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those 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.

 

The Parsnipship Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Parsnipship Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 14).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

2,000

2,000

At 31 March 2024

2,000

2,000

Amortisation

At 1 April 2023

400

400

Amortisation charge

200

200

At 31 March 2024

600

600

Carrying amount

At 31 March 2024

1,400

1,400

At 31 March 2023

1,600

1,600

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

23,494

12,938

29,611

26,925

Additions

-

1,200

-

-

At 31 March 2024

23,494

14,138

29,611

26,925

Depreciation

At 1 April 2023

3,628

4,813

26,518

8,975

Charge for the year

2,350

1,628

619

3,590

At 31 March 2024

5,978

6,441

27,137

12,565

Carrying amount

At 31 March 2024

17,516

7,697

2,474

14,360

At 31 March 2023

19,866

8,125

3,093

17,950

 

The Parsnipship Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Total
£

Cost or valuation

At 1 April 2023

92,968

Additions

1,200

At 31 March 2024

94,168

Depreciation

At 1 April 2023

43,934

Charge for the year

8,187

At 31 March 2024

52,121

Carrying amount

At 31 March 2024

42,047

At 31 March 2023

49,034

Included within the net book value of land and buildings above is £17,516 (2023 - £19,866) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Work in progress

1,749

1,564

Other inventories

5,800

5,760

7,549

7,324

7

Debtors

2024
£

2023
£

Trade debtors

23,289

30,061

Other debtors

3,981

6,014

27,270

36,075

 

The Parsnipship Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

8,825

8,765

Trade creditors

 

14,241

12,306

Taxation and social security

 

1,537

1,472

Other related parties

 

15,055

4,993

Outstanding defined contribution pension costs

 

182

148

Other creditors

 

4,853

2,788

 

44,693

30,472

Due after one year

 

Loans and borrowings

10

39,379

48,979

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

39,379

48,979

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

32,109

36,862

HP and finance lease liabilities

7,270

12,117

39,379

48,979

 

The Parsnipship Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,190

5,130

HP and finance lease liabilities

3,635

3,635

8,825

8,765

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Benjamin Ellis Moss

Interest free loan and repayable on demand

(2,223)

2,397

(7,428)

(7,254)

         
       

Miss Fiona Lucy Ticehurst

Interest free loan and repayable on demand

(2,770)

2,397

(7,428)

(7,801)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Benjamin Ellis Moss

Interest free loan and repayable on demand

(1,391)

6,182

(7,014)

(2,223)

         
       

Miss Fiona Lucy Ticehurst

Interest free loan and repayable on demand

(1,938)

6,182

(7,014)

(2,770)