Registered number
10052290
(England & Wales)
PAREKH HOUSE LTD
Unaudited Filleted Accounts
for the year ended 31 March 2024
PAREKH HOUSE LTD
Registered number: 10052290
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 28,000 42,000
Tangible assets 4 18,866 16,786
46,866 58,786
Current assets
Stocks 53,100 58,450
Debtors 5 285,022 211,079
Cash at bank and in hand 99,420 147,858
437,542 417,387
Creditors: amounts falling due within one year 6 (53,721) (53,883)
Net current assets 383,821 363,504
Total assets less current liabilities 430,687 422,290
Creditors: amounts falling due after more than one year 7 (20,885) (24,213)
Net assets 409,802 398,077
Capital and reserves
Called up share capital 140,000 140,000
Profit and loss account 269,802 258,077
Shareholders' funds 409,802 398,077
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Parekh
Director
Approved by the board on 20 December 2024
PAREKH HOUSE LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and equipment 15% per annum on a reducing balance basis
Motor vehicles 20% per annum on a reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 140,000
At 31 March 2024 140,000
Amortisation
At 1 April 2023 98,000
Provided during the year 14,000
At 31 March 2024 112,000
Net book value
At 31 March 2024 28,000
At 31 March 2023 42,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 33,344 10,165 43,509
Additions 5,598 - 5,598
At 31 March 2024 38,942 10,165 49,107
Depreciation
At 1 April 2023 19,774 6,949 26,723
Charge for the year 2,875 643 3,518
At 31 March 2024 22,649 7,592 30,241
Net book value
At 31 March 2024 16,293 2,573 18,866
At 31 March 2023 13,570 3,216 16,786
5 Debtors 2024 2023
£ £
Trade debtors 187 -
Loan to Sunmast Ltd 283,955 208,555
Prepayments 880 2,524
285,022 211,079
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 34,058 29,510
Taxation and social security costs 10,663 15,373
Loan from Happy Days Sunnyside Ltd 9,000 9,000
53,721 53,883
7 Creditors: amounts falling due after one year 2024 2023
£ £
Directors loan account 20,885 24,213
8 Related party transactions
The directors consider all related party transactions to have been at arms length.
9 Controlling party
Mr N Parekh and Mrs S N Parekh control the company by virtue of their joint 100% beneficial ownership of the issued ordinary share capital.
10 Other information
PAREKH HOUSE LTD is a private company limited by shares and incorporated in England. Its registered office is:
Chalcombe Stores
44b Chalcombe Avenue
Northampton
NN2 8LD
The accounts are presented in sterling which is the fuctional currency of the company.
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