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20 November 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
NI682510
2023-01-01
2023-12-31
NI682510
2023-12-31
NI682510
2022-12-31
NI682510
2021-09-21
2022-12-31
NI682510
2022-12-31
NI682510
2021-09-20
NI682510
bus:Director2
2023-01-01
2023-12-31
NI682510
core:WithinOneYear
2023-12-31
NI682510
core:WithinOneYear
2022-12-31
NI682510
core:ShareCapital
2023-12-31
NI682510
core:ShareCapital
2022-12-31
NI682510
core:RetainedEarningsAccumulatedLosses
2023-12-31
NI682510
core:RetainedEarningsAccumulatedLosses
2022-12-31
NI682510
bus:SmallEntities
2023-01-01
2023-12-31
NI682510
bus:Audited
2023-01-01
2023-12-31
NI682510
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
NI682510
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
NI682510
bus:FullAccounts
2023-01-01
2023-12-31
NI682510
core:OtherGroupMember1
2023-01-01
2023-12-31
NI682510
core:OtherGroupMember1
2023-12-31
NI682510
core:OtherGroupMember1
2022-12-31
NI682510
core:OtherGroupMember1
2021-09-21
2022-12-31
NI682510
core:OtherGroupMember2
2023-01-01
2023-12-31
NI682510
core:OtherGroupMember2
2023-12-31
NI682510
core:OtherGroupMember2
2022-12-31
NI682510
1
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
NI682510
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Stocks |
737,206 |
327,340 |
Debtors |
5 |
653,563 |
513,298 |
Cash at bank and in hand |
7,174 |
6,490 |
|
------------ |
--------- |
|
1,397,943 |
847,128 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
2,112,822 |
1,475,060 |
|
------------ |
------------ |
Net current liabilities |
714,879 |
627,932 |
|
--------- |
--------- |
Total assets less current liabilities |
(
714,879) |
(
627,932) |
|
--------- |
--------- |
Net liabilities |
(
714,879) |
(
627,932) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
(
714,979) |
(
628,032) |
|
--------- |
--------- |
Shareholders deficit |
(
714,879) |
(
627,932) |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
20 November 2024
, and are signed on behalf of the board by:
Company registration number:
NI682510
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Suites 3 & 4, Fortwilliam House, Edgewater Road, Belfast, BT3 9JQ, Northern Ireland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The decision was made at the close of the 2022 financial year to close the company, in a controlled manner, on completion of the contracts that were in progress into 2023. The 2023 period was one of significant transition for the Parr Group of companies as a whole, as management and the directors contemplated changes across client groupings, staff and overall organisational structure. It was envisaged that substantial leadership time and resource would be invested to design, plan and adopt what would be a long term, workable framework for all of the Group companies to work together effectively. The intention to subsume the activities of Parr Projects into Parr FM did not take place by the end of the financial year, and is now planned before the close of the 2024 financial year. The directors will ensure that all financial, legal and regulatory obligations are resolved appropriately prior to strike off. It is notable that the Group's intention - to undertake similar work under the auspices of Parr FM Ltd - still remains. The financial statements are prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. Although no significant sums are expected, no provision has been made for the future costs of ceasing the company's trade unless such costs were committed at the reporting date.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Going concern In order to assess whether it is appropriate for the company to be reported as a going concern, the directors apply judgement, having undertaken appropriate enquiries and having considered the business activities and the company's principal risks and uncertainties. In arriving at this judgement there are a large number of assumptions and estimates involved. This includes management's expectations of revenue, EBITDA, timing and quantum of future capital expenditure and estimates and cost of future funding. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Provision for bad or doubtful debts The company has significant trade debtor balances from a large number of customers at any given point in time and further to that, significant debtor balances from related party entities. Consequently estimating the required provision for such debtors requires a regular review to identify those entities where events (either historical or current) give management an indication that future collectability may be uncertain.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress includes labour and attributable overheads.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2022:
8
).
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
653,563 |
418,863 |
Other debtors |
– |
94,435 |
|
--------- |
--------- |
|
653,563 |
513,298 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
627,709 |
206,448 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
1,339,961 |
1,120,492 |
Social security and other taxes |
102,263 |
112,202 |
Other creditors |
42,889 |
35,918 |
|
------------ |
------------ |
|
2,112,822 |
1,475,060 |
|
------------ |
------------ |
|
|
|
7.
Limitation of auditors liability
The group has entered into a liability limitation agreement with its auditor, Aubrey Campbell and Company, on the following basis:
(a) the maximum aggregate amount of the auditor's liability to the company shall not exceed the sum of seven times the fees payable (excluding expenses and value added tax) under the engagement letter agreed for the financial period, or £30,000, whichever is the lesser amount.
(b) the agreement was passed by a resolution of the company's shareholders on 19th November 2024.
8.
Summary audit opinion
The auditor's report dated
20 November 2024
was
unqualified
.
The senior statutory auditor was
John Magee
, for and on behalf of
Aubrey Campbell & Company
.
9.
Related party transactions
The company owed £
987,103
(2022: £ 722,059
) and £ 352,858
(2022: £ 398,433
) to its fellow subsidiaries, Parr Facilities Management Limited
and SPE Contracts Ltd
respectively at the balance sheet date. All amounts are repayable on demand. During the period the company paid management charges of £ 1,177,249
(2022: £ 255,093
) to Parr Facilities Management Limited.
10.
Controlling party
The company regards Parr Group Limited as its parent company
. The company's ultimate parent undertaking is Parr Group Limited. The address of Parr Group Limited is Suites 3 & 4, Fortwilliam House, Edgewater Road, Belfast, BT3 9JQ. Parr Group Limited is the controlling party. Stephen Parr is the ultimate controlling party by virtue of his shareholding in Parr Group Limited
. The parent of the largest group in which the results are consolidated is Parr Group Limited. Parr Group Limited is registered in Northern Ireland
.