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Registration number: 11814378

Parquez Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Parquez Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Parquez Properties Limited

Company Information

Directors

Mr Steven James Parker

Mr Guillermo Marquez Gonzalez-Andrio

Registered office

Room A109 Business & Technology Centre
Chroma House
Shire Hill
Saffron Walden
Essex
CB11 3AQ

Accountants

Michaelides Warner & Co Limited
102 Fulham Palace Road
London
W6 9PL

 

Parquez Properties Limited

(Registration number: 11814378)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

622,405

419,853

Current assets

 

Cash at bank and in hand

 

7,574

9,597

Creditors: Amounts falling due within one year

5

(198,294)

(189,204)

Net current liabilities

 

(190,720)

(179,607)

Total assets less current liabilities

 

431,685

240,246

Creditors: Amounts falling due after more than one year

5

(385,090)

(250,604)

Provisions for liabilities

(13,912)

-

Net assets/(liabilities)

 

32,683

(10,358)

Capital and reserves

 

Called up share capital

6

100

100

Other reserves

41,735

-

Retained earnings

(9,152)

(10,458)

Shareholders' funds/(deficit)

 

32,683

(10,358)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

 

Parquez Properties Limited

(Registration number: 11814378)
Balance Sheet as at 29 February 2024

.........................................
Mr Steven James Parker
Director

.........................................
Mr Guillermo Marquez Gonzalez-Andrio
Director

 

Parquez Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Room A109 Business & Technology Centre
Chroma House
Shire Hill
Saffron Walden
Essex
CB11 3AQ
England

These financial statements were authorised for issue by the Board on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Parquez Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Parquez Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4

Investment properties

2024
£

At 1 March

419,853

Additions

146,905

Fair value adjustments

55,647

At 29 February

622,405

There has been no valuation of investment property by an independent valuer.

 

Parquez Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

23,293

15,660

Trade creditors

 

169

39

Taxation and social security

 

2

-

Accruals and deferred income

 

900

900

Other creditors

 

173,930

172,605

 

198,294

189,204

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

385,090

250,604

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Share Capital of £1 each

100

100

100

100

         

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

342,690

250,604

Other borrowings

42,400

-

385,090

250,604

 

Parquez Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

23,293

15,660

8

Related party transactions

Included in other creditors is amounts owed to the Directors of £3,610 (2023: £2,290). The loan is repayable on demand.

Transactions with directors

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

Mr Steven James Parker

Amounts owed to/(from) the Director

1,145

660

1,805

       
     

Mr Guillermo Marquez Gonzalez-Andrio

Amounts owed to/(from) the Director

1,145

660

1,805

       
     

 

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

Mr Steven James Parker

Amounts owed to/(from) the Director

(104)

1,249

1,145

       
     

Mr Guillermo Marquez Gonzalez-Andrio

Amounts owed to/(from) the Director

(104)

1,249

1,145

       
     

 

Summary of transactions with other related parties

Parquez Development Ltd a related party is owed £170,315 (2023 - £170,315)