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Registered number: 07435496
Parnell Trading Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 07435496
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 32,896 43,861
32,896 43,861
CURRENT ASSETS
Debtors 99,768 90,654
Cash at bank and in hand 244,572 164,347
344,340 255,001
Creditors: Amounts Falling Due Within One Year (57,472 ) (43,010 )
NET CURRENT ASSETS (LIABILITIES) 286,868 211,991
TOTAL ASSETS LESS CURRENT LIABILITIES 319,764 255,852
Creditors: Amounts Falling Due After More Than One Year (24,956 ) (30,473 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,033 ) (8,334 )
NET ASSETS 286,775 217,045
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 286,675 216,945
SHAREHOLDERS' FUNDS 286,775 217,045
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For the 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.
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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Christopher Davey
Director
07/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Parnell Trading Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07435496 . The registered office is Units 1-2 Warrior Court, 9 -11 Mumby Road, Gosport, Hampshire, PO12 1BS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of four years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. 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 or deferred taxation assets and liabilities are not discounted.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
3. Average Number of Employees
The average number of persons employed under contracts of service during the year was:  NIL (2023: NIL)
- -
4. Intangible Assets
Total
£
Cost
As at 1 April 2023 11,000
As at 31 March 2024 11,000
Amortisation
As at 1 April 2023 11,000
As at 31 March 2024 11,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Total
£
Cost
As at 1 April 2023 59,581
As at 31 March 2024 59,581
Depreciation
As at 1 April 2023 15,720
Provided during the period 10,965
As at 31 March 2024 26,685
Net Book Value
As at 31 March 2024 32,896
As at 1 April 2023 43,861
6. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,517 5,255
Later than one year and not later than five years 24,956 30,473
30,473 35,728
30,473 35,728
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Christopher Davey 58,647 108,526 (80,090 ) - 87,083
Beneficial loan interest is charged on the director's overdrawn loan account at a rate of 2.25% p.a during the year, 2024: £1,219 (2023: £1,565). 
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