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COMPANY REGISTRATION NUMBER: 01306377
Parsons Contracting (Chesterfield) Limited
Filleted Unaudited Abridged Financial Statements
31 March 2024
Parsons Contracting (Chesterfield) Limited
Abridged Financial Statements
Year Ended 31 March 2024
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 6
Parsons Contracting (Chesterfield) Limited
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
51,738
58,677
Current Assets
Stocks
15,000
15,000
Debtors
1,837,020
1,199,594
Cash at bank and in hand
565,263
130,912
------------
------------
2,417,283
1,345,506
Creditors: amounts falling due within one year
1,772,552
715,528
------------
------------
Net Current Assets
644,731
629,978
---------
---------
Total Assets Less Current Liabilities
696,469
688,655
Provisions
Taxation including deferred tax
9,122
10,721
---------
---------
Net Assets
687,347
677,934
---------
---------
Capital and Reserves
Called up share capital
6
1,000
1,000
Share premium account
124,835
124,835
Profit and loss account
561,512
552,099
---------
---------
Shareholders Funds
687,347
677,934
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Parsons Contracting (Chesterfield) Limited
Abridged Statement of Financial Position (continued)
31 March 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr W Levers
Director
Company registration number: 01306377
Parsons Contracting (Chesterfield) Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and usual place of business is 36 Brimington Road, Chesterfield, Derbyshire, S41 7UL.
2. Statement of compliance
These abridged 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 . The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition and amounts recoverable on contracts
Turnover is recognised in the income statement when, and to the extent that, the company obtains a right to consideration in exchange for its performance. A right to consideration is obtained when some, but not all, of its contractual obligations have been fulfilled. Where the company has partially performed its contractual obligations, it recognises revenue to the extent that it has obtained the right to consideration through its performance.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property Improvements
-
50 years straight line
Fixtures & Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 30 ).
5. Tangible assets
£
Cost
At 1 April 2023
179,407
Additions
1,766
Disposals
( 34,342)
---------
At 31 March 2024
146,831
---------
Depreciation
At 1 April 2023
120,730
Charge for the year
7,007
Disposals
( 32,644)
---------
At 31 March 2024
95,093
---------
Carrying amount
At 31 March 2024
51,738
---------
At 31 March 2023
58,677
---------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
102,636
59,625
Later than 1 year and not later than 5 years
185,000
41,220
---------
---------
287,636
100,845
---------
---------
8. Related party transactions
Group companies The company has taken advantage of exemption conferred by FRS 102, removing the requirement to disclose transactions between group companies. During the year the company made loans to entities holding a controlling interest. The balance outstanding at 31 March 2024 was £91,640 (2023: £91,640). Outstanding balances with entities are unsecured, interest free and payable on demand. Other related parties Tanyard Properties Limited is a related party due to the fact it is under common control. During the year the company raised sales invoices to Tanyard Properties Limited amounting to £547 (2023: £105,950). The balance due from Tanyard Properties Limited at the year end amounted to £27,740 (2023: £27,193). The company has made short term loans to Tanyard Properties Limited in the year amounting to £28,375 (2023: £30,000). The balance due from Tanyard Properties Limited at the year end amounted to £45,375 (2023: £17,000).
9. Controlling party
The company is under the control of Parsons Contracting Holdings Limited, a company incorporated in England and Wales under company number 09306208. The registered office address is 36 Brimington Road, Chesterfield, Derbyshire S41 7UL.