Company registration number: 06307553
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 MARCH 2024
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PARALLEL BUSINESS CENTRES LIMITED
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PARALLEL BUSINESS CENTRES LIMITED
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COMPANY INFORMATION
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Charles Russell Speechlys LLP
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PARALLEL BUSINESS CENTRES LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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PARALLEL BUSINESS CENTRES LIMITED
REGISTERED NUMBER:06307553
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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PARALLEL BUSINESS CENTRES LIMITED
REGISTERED NUMBER:06307553
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Julian Munday
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Sandra Leslie
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The notes on pages 3 to 6 form part of these financial statements.
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PARALLEL BUSINESS CENTRES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Parallel Business Centres Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office, which is also the principal place of business, is disclosed on the company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
At 31 March 2024 the company's liabilities exceeded its assets.
The directors remain confident in the going concern status of the entity. The company is a subsidiary of the Wilky Group Limited. The company is reliant upon continued support of the Wilky Group in order that they can meet their day today financial commitments. The Wilky Group has confirmed that it will continue to provide support for day to day working capital as required. The directors have reviewed the groups plans for the next twelve months from the date of the approved financial statements and are satisfied that the company and the group will have sufficient funds to meet the day to day working capital requirements. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.
Turnover represents amounts receivable for rent exclusive of Value Added Tax.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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PARALLEL BUSINESS CENTRES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The average monthly number of employees, including directors, during the year was 9 (2023 - 9).
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PARALLEL BUSINESS CENTRES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charge for the year on owned assets
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Prepayments and accrued income
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PARALLEL BUSINESS CENTRES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Operating lease commitments - Lessor
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At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The immediate parent company is Wilky Property Holdings Limited, a company registered in England. The registered office address of Wilky Property Holdings Limited is: Parallel House, 32 London Road, Guildford, Surrey, GU1 2AB.
The ultimate parent company is Wilky Group Limited, a company registered in England. The registered office address of the Wilky Group Limited is: Parallel House, 32 London Road, Guildford, Surrey, GU1 2AB.
The smallest and largest group in which the results of the company are consolidated is that headed by The Wilky Group Limited.
The Wilky Group Limited prepares consolidated financial statements and copies can be obtained from Companies House.
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