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Registration number: 04692773

Phil Parker Training Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

image-name
 

Phil Parker Training Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Phil Parker Training Limited

Company Information

Director

Dr PK Parker

Company secretary

Dr PK Parker

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Phil Parker Training Limited

(Registration number: 04692773)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

898

-

Tangible assets

6

5,138

6,930

Other financial assets

7

727,706

646,031

 

733,742

652,961

Current assets

 

Stocks

8

-

1,000

Debtors

9

17,306

8,284

Cash at bank and in hand

 

328,615

75,408

 

345,921

84,692

Creditors: Amounts falling due within one year

10

(805,294)

(491,151)

Net current liabilities

 

(459,373)

(406,459)

Total assets less current liabilities

 

274,369

246,502

Provisions for liabilities

(846)

(1,518)

Net assets

 

273,523

244,984

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

273,323

244,784

Total equity

 

273,523

244,984

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

 

Phil Parker Training Limited

(Registration number: 04692773)
Balance Sheet as at 31 July 2024

Approved and authorised by the director on 26 November 2024
 

.........................................
Dr PK Parker
Company secretary and director

 

Phil Parker Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the director on 26 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.

 

Phil Parker Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Prior period errors

Investment management fees are deducted directly from the investment fund, and are reflected in the closing valuation of investments. In prior periods, investment management fees have been accounted for as a separate creditor via the intercompany account, in addition to the net movement in the fund value. This has resulted in an overstatement of creditors, and an understatement of fair value gains reported within the profit and loss account.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Gain/(loss) from revaluation of investments

-

-

3,130

Intercompany creditor

-

(10,150)

(10,150)

Profit and loss reserves

-

10,150

7,020

    

Turnover

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Phil Parker Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

20% on reducing balance

Equipment and fittings

25% on cost

Office equipment

20% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

Over 10 years

 

Phil Parker Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Phil Parker Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,458

2,506

Amortisation expense

31

-

5

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 August 2023

25,558

-

25,558

Additions acquired separately

-

929

929

At 31 July 2024

25,558

929

26,487

Amortisation

At 1 August 2023

25,558

-

25,558

Amortisation charge

-

31

31

At 31 July 2024

25,558

31

25,589

Carrying amount

At 31 July 2024

-

898

898

 

Phil Parker Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

20,847

38,422

43,279

102,548

Additions

-

-

666

666

At 31 July 2024

20,847

38,422

43,945

103,214

Depreciation

At 1 August 2023

19,988

38,349

37,281

95,618

Charge for the year

172

36

2,250

2,458

At 31 July 2024

20,160

38,385

39,531

98,076

Carrying amount

At 31 July 2024

687

37

4,414

5,138

At 31 July 2023

859

73

5,998

6,930

7

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

727,706

646,031

 

Phil Parker Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2023

646,031

646,031

Fair value adjustments

81,675

81,675

At 31 July 2024

727,706

727,706

Carrying amount

At 31 July 2024

727,706

727,706

8

Stocks

2024
£

2023
£

Inventory

-

1,000

9

Debtors

Current

2024
£

2023
£

Trade debtors

12,791

5,833

Prepayments

2,068

2,451

Other debtors

2,447

-

 

17,306

8,284

 

Phil Parker Training Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,451

338

Other creditors

 

2,491

4,641

Income in advance

 

25,854

24,390

Accruals

 

2,600

2,520

PAYE and NIC creditor

 

361

343

VAT Control account

 

30,208

54,090

Corporation tax control

 

-

24,915

Intercompany creditors

 

741,329

379,914

 

805,294

491,151

11

Related party transactions

During the year the company made the following related party transactions:

Lightning Process Limited
A company under common control.

During the year the company invoiced Lightning Process Limited £115,000 (2023: £115,000) in respect of management charges. At the balance sheet date the amount due to Lightning Process Limited was £565,406 (2023: £278,131).

Nipton Publishing Limited
A company under common control.

At the balance sheet date the amount due to Nipton Publishing Limited was £181,823 (2023: £107,453).

Phil Parker Group Limited
A company under common control.

During the year, the company issued dividends to Phil Parker Group Limited of £30,000 (2023: £70,000). At the balance sheet date the amount due from Phil Parker Group Limited was £5,900 (2023: £5,669).