Company registration number 00244308 (England and Wales)
PARRY MURRAY & COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PARRY MURRAY & COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 15
PARRY MURRAY & COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
4
63,638
82,607
Investments
5
17,713,706
11,513,623
17,777,344
11,596,230
Current assets
Inventories
9,692
78,339
Trade and other receivables
6
1,577,412
849,482
Bank and cash
1,185,681
3,211,866
2,772,785
4,139,687
Current liabilities
7
(974,831)
(797,241)
Net current assets
1,797,954
3,342,446
Total assets less current liabilities
19,575,298
14,938,676
Provisions for liabilities
8
(3,107,584)
(2,162,421)
Net assets
16,467,714
12,776,255
Equity
Called up share capital
9
100,000
100,000
Share premium account
385,000
385,000
Capital redemption reserve
35,000
35,000
Unrealised revaluation reserve
9,329,906
6,494,417
Retained earnings
6,617,808
5,761,838
Total equity
16,467,714
12,776,255
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 May 2024 and are signed on its behalf by:
A A V Kumar
E Campbell
Director
Company secretary
Company Registration No. 00244308
PARRY MURRAY & COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Unrealised revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
100,000
385,000
35,000
5,285,403
4,983,598
10,789,001
Year ended 31 March 2023:
Profit for the year
-
-
-
-
1,987,254
1,987,254
Other comprehensive income:
Transfer unrealised revaluation surplus
-
-
-
1,209,014
(1,209,014)
-
Total comprehensive income for the year
-
-
-
1,209,014
778,240
1,987,254
Balance at 31 March 2023
100,000
385,000
35,000
6,494,417
5,761,838
12,776,255
Year ended 31 March 2024:
Profit for the year
-
-
-
-
3,691,459
3,691,459
Other comprehensive income:
Transfer unrealised revaluation surplus
-
-
-
2,835,489
(2,835,489)
-
Total comprehensive income for the year
-
-
2,835,489
855,970
3,691,459
Balance at 31 March 2024
100,000
385,000
35,000
9,329,906
6,617,808
16,467,714
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Parry Murray & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor Simpson House, 6 Cherry Orchard Road, Croydon, CR0 6BA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
As part of the directors going concern assessment, they have considered a possible deterioration in our principle markets due to high inflation and interest rates. Considering the liquidity and net assets position of the company, the directors believe the going concern assumption continue to be valid despite this.true
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The significant risks and rewards of ownership of the goods pass to the buyer when either:
i) the customer's freight forwarder accepts the goods; or
ii) if the company is in charge of transportation, then on successful delivery to the customer.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computer and other equipment
25% per annum on cost
Short leasehold
25% per annum on cost
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.
1.5
Non-current investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of non-current assets
At each reporting date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises purchase cost of the inventories and, where applicable, other direct costs that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled or expire.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before taxation as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement at the reporting date is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable for the year are charged to profit or loss.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
1.14
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit or loss.
Non-monetary assets denominated in foreign currencies, principally equity investments, are translated at the actual sterling cost of the transaction or, if carried at fair value, at the rate of exchange ruling at the reporting date.
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Leases
The company has entered into commercial property leases as a lessee to obtain the use of property, plant, and equipment. The classification of such leases as an operating or finance lease requires the company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.
Inventories
Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell ("net realisable value"). Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
Property, plant and equipment
Property, plant and equipment are recorded at cost less accumulated depreciation and impairment losses. Judgement is required to determine whether there are indicators of impairment of the company’s property, plant and equipment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets.
Unlisted investments
Unlisted investments are stated at cost or at fair value. Judgement is required to determine whether there are indicators of impairment of the investments. Factors taken into consideration in reaching such a decision include the financial performance of the companies, returns of investment, current market conditions, and expected future financial performance.
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 9 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Inventory provisioning
The company sells bespoke fabric and designs and is subject to changing consumer demands and fashion trends. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When considering the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of inventory held and recent sales performance of inventory lines.
Impairment of receivables
The company makes an estimate of the recoverable value of trade and other receivables. When assessing impairment of trade and other receivables, management considers factors including the current credit rating of the receivable, the ageing profile of receivables and historical experience.
Property, plant and equipment
Property, plant and equipment are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Valuation of unlisted investments
Unlisted investments, as set out in note 8 to the financial statements, include investments stated at fair value based on a valuation of underlying net assets performed by a firm of Chartered Accountants in the country in which the investee companies are based. The valuer has used established valuation techniques adjusted, as necessary, by the company's directors to take into account factors such as minority shareholding percentages and the absence of an active market in the shares held.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
13
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023
325,515
Additions
30,904
Disposals
(38,242)
At 31 March 2024
318,177
Depreciation and impairment
At 1 April 2023
242,909
Depreciation charged in the year
49,873
Eliminated in respect of disposals
(38,242)
At 31 March 2024
254,540
Carrying amount
At 31 March 2024
63,637
At 31 March 2023
82,606
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
Other investments other than loans
17,712,706
11,512,623
17,713,706
11,513,623
Fixed asset investments not carried at market value
Investments include shares in an unlisted company at a fair value of £12,688,913 (2023: £8,910,466). The valuation is based on the market value of listed investments and the fair value of unlisted investments held by the investee company, discounted to reflect the company's minority interest and absence of an active market in the investee company's shares.
The historical cost of these unlisted investments is £989,162 (2023: £989,162).
The remaining investments are carried at market value or cost.
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 11 -
Movements in non-current investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
1,000
11,512,623
11,513,623
Additions
-
2,394,665
2,394,665
Valuation changes
-
3,960,494
3,960,494
Disposals
-
(155,076)
(155,076)
At 31 March 2024
1,000
17,712,706
17,713,706
Carrying amount
At 31 March 2024
1,000
17,712,706
17,713,706
At 31 March 2023
1,000
11,512,623
11,513,623
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,318,363
669,371
Amounts owed by group undertakings
219,048
27,798
Other receivables
40,001
152,313
1,577,412
849,482
7
Current liabilities
2024
2023
£
£
Trade payables
163,668
147,562
Amounts owed to group undertakings
229,033
80,904
Corporation tax
238,691
144,050
Other taxation and social security
160,295
132,579
Other payables
183,144
292,146
974,831
797,241
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Other timing differences
-
(6,485)
Investment revaluations
3,107,584
2,168,906
3,107,584
2,162,421
2024
Movements in the year:
£
Liability at 1 April 2023
2,162,421
Charge to profit or loss
945,163
Liability at 31 March 2024
3,107,584
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
The £1 Ordinary shares carry one voting right each.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Nicholas Nicolaou FCCA
Statutory Auditor:
Alliotts LLP
Date of audit report:
28 May 2024
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
11
Operating lease commitments
Lessee
At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
53,727
45,405
Between two and five years
103,444
147,279
In over five years
157,171
192,684
12
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, which includes directors, is as follows.
2024
2023
£
£
Aggregate compensation
365,997
351,195
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2024
2023
£
£
Entities with control, joint control or significant influence over the company
3,104,839
3,874,802
Interest and commission received
2024
2023
£
£
Entities with control, joint control or significant influence over the company
9,046
19,543
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Related party transactions
(Continued)
- 14 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
228,034
79,904
Entities over which the entity has control, joint control or significant influence
1,000
1,000
Key management personnel
3,350
-
Other related parties
-
4,664
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
219,048
27,798
PARRY MURRAY & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Related party transactions
(Continued)
- 15 -
Other information
The company has taken advantage of the exemption available in FRS 102 33.1A whereby disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
13
Parent company
The immediate parent company, ultimate holding company and ultimate controlling party of Parry Murray & Company Limited is Ambadi Enterprises Limited which is incorporated in India. Copies of the group accounts of the parent company are obtainable from its head office at Parry House Vth Floor 43, Moore Street, Chennai - 600 001, India,
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