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Registration number: 04764861

Kevin Parsons Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Kevin Parsons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Kevin Parsons Limited

Company Information

Directors

Mrs YA Parsons

Mr KD Parsons

Mr TS Parsons

Company secretary

Miss L Parsons

Registered office

Units 5
9 & 10 Token Spire Business Park
Woodmansey
Beverley
North Humberside
HU17 0TB

Accountants

DAH Accountancy Services Limited
Chartered Management Accountants
Cedar Lodge
York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PH

 

Kevin Parsons Limited

(Registration number: 04764861)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

484,868

370,682

Current assets

 

Stocks

5

122,959

156,111

Debtors

6

155,489

155,377

Cash at bank and in hand

 

291,949

277,790

 

570,397

589,278

Creditors: Amounts falling due within one year

7

(649,725)

(729,602)

Net current liabilities

 

(79,328)

(140,324)

Total assets less current liabilities

 

405,540

230,358

Creditors: Amounts falling due after more than one year

7

(32,330)

(23,594)

Provisions for liabilities

(105,661)

(88,278)

Net assets

 

267,549

118,486

Capital and reserves

 

Called up share capital

8

24

20

Retained earnings

267,525

118,466

Shareholders' funds

 

267,549

118,486

For the financial year ending 30 June 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Kevin Parsons Limited

(Registration number: 04764861)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

.........................................
Mr TS Parsons
Director

 

Kevin Parsons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Units 5
9 & 10 Token Spire Business Park
Woodmansey
Beverley
North Humberside
HU17 0TB
England

These financial statements were authorised for issue by the Board on 13 November 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Kevin Parsons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

Asset class

Depreciation method and rate

Plant and equipment

10% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% on cost

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.

Trade 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.

 

Kevin Parsons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Kevin Parsons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 55 (2023 - 61).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

17,239

662,850

164,785

844,874

Additions

-

10,246

215,327

225,573

Disposals

-

-

(53,044)

(53,044)

At 30 June 2024

17,239

673,096

327,068

1,017,403

Depreciation

At 1 July 2023

-

375,877

98,315

474,192

Charge for the year

-

37,417

57,188

94,605

Eliminated on disposal

-

-

(36,262)

(36,262)

At 30 June 2024

-

413,294

119,241

532,535

Carrying amount

At 30 June 2024

17,239

259,802

207,827

484,868

At 30 June 2023

17,239

286,973

66,470

370,682

Included within the net book value of land and buildings above is £17,239 (2023 - £17,239) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

122,959

156,111

 

Kevin Parsons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

82,699

100,307

Prepayments

65,826

50,225

Other debtors

6,964

4,845

 

155,489

155,377

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

29,832

72,831

Trade creditors

 

269,393

361,374

Taxation and social security

 

307,615

252,987

Accruals and deferred income

 

35,556

34,345

Other creditors

 

7,329

8,065

 

649,725

729,602


Creditors include net obligations under hire purchase contracts which are secured of £20,305 (2023 - £63,304) falling due within one year.

Creditors include unsecured bank loans of £9,527 (2023 - £9,527) falling due within one year.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

32,330

23,594


Creditors include net obligations under hire purchase contracts which are secured of £21,948 (2023 - £3,198) falling due after more than one year.

Creditors include unsecured bank loans of £10,381 (2023 - £20,396) falling due after more than one year.

 

Kevin Parsons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

20

20

20

20

B Ordinary of £1 (2023 - £0) each

2

2

-

-

C Ordinary of £1 (2023 - £0) each

1

1

-

-

D Ordinary of £1 (2023 - £0) each

1

1

-

-

24

24

20

20

 

Kevin Parsons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,382

20,396

Hire purchase contracts

21,948

3,198

32,330

23,594

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,527

9,527

Hire purchase contracts

20,305

63,304

29,832

72,831

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Repayments by director
£

At 30 June 2024
£

Mr TS Parsons

Director loan

(36)

(23)

(59)

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Mr TS Parsons

Director loan

102,328

(102,364)

(36)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

104,713

98,710

Contributions paid to money purchase schemes

203,333

45,133

308,046

143,843