Registered number
07431145
Parmar Acquisitions Ltd
Unaudited Filleted Accounts
30 June 2024
Parmar Acquisitions Ltd
Registered number: 07431145
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 320,791 328,935
Investments 4 513,342 513,342
834,133 842,277
Current assets
Debtors 5 - 738
Cash at bank and in hand 6,284 9,364
6,284 10,102
Creditors: amounts falling due within one year 6 (51,985) (61,020)
Net current liabilities (45,701) (50,918)
Total assets less current liabilities 788,432 791,359
Creditors: amounts falling due after more than one year 7 (668,980) (680,656)
Net assets 119,452 110,703
Capital and reserves
Called up share capital 100 100
Profit and loss account 119,352 110,603
Shareholder's funds 119,452 110,703
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Dr Hitesh Parmar
Director
Approved by the board on 15 November 2024
Parmar Acquisitions Ltd
Notes to the Accounts
for the year ended 30 June 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:
Freehold buildings 2% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Non-Consolidation
The financial statements only reflect information about the company as an individual undertaking and not about the group. The company being a parent company of a small-sized group is exempt under Section 383 of the Companies Act 20016 from obligation to prepare group accounts.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 407,218
At 30 June 2024 407,218
Depreciation
At 1 July 2023 78,283
Charge for the year 8,144
At 30 June 2024 86,427
Net book value
At 30 June 2024 320,791
At 30 June 2023 328,935
4 Investments
Other
investments
£
Cost
At 1 July 2023 513,342
At 30 June 2024 513,342
5 Debtors 2024 2023
£ £
Other debtors - 738
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 17,686 25,824
Trade creditors 336 336
Taxation and social security costs 3,963 4,860
Other creditors 30,000 30,000
51,985 61,020
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 18,140
Amounts owed to subsidiaries 401,085 401,085
Directors loan 267,895 261,431
668,980 680,656
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 17,686 43,964
The company has granted a Debenture comprising fixed and floating charges over all assets and undertaking of Parmar Acquisitions Ltd, First Legal Mortgage over the three Freehold Properties and Unlimited Composite Company Guarantee given by Parmar Acquisition Ltd and Maginnis Opticians (Optometrists) Ltd to secure all liabilities of each other.
9 Related party transactions
The Director's loan which is on interest free basis and as at 30 June 2024 the company owed the director £267,895 (2023: £261,431).
10 Controlling party
The director has control by virtue of his shareholding.
11 Other information
Parmar Acquisitions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
12 Stapenhall Road
Shirley
Solihull
B90 4XX
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