2023-08-012024-07-312024-07-31false12098406Parallel House London 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Parallel House London Limited

Registered Number
12098406
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

Parallel House London Limited
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Mandeep Singh Binning
Antonis Demetri
Antonis Theori
Nicholas Theori

Registered Address

Nicholas Peters & Co, 10-12 Bourlet Close
London
W1W 7BR

Place of Business

Olive Tree Centre

472A Larkshall Road

Higham's Park

London

E4 9HH


Registered Number

12098406 (England and Wales)
Parallel House London Limited
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets425,046,53723,274,681
25,046,53723,274,681
Current assets
Debtors5,68,279,243706,908
Cash at bank and on hand38,9356,815
8,318,178713,723
Creditors amounts falling due within one year7(4,958,810)(16,368,163)
Net current assets (liabilities)3,359,368(15,654,440)
Total assets less current liabilities28,405,9057,620,241
Creditors amounts falling due after one year8(14,077,477)-
Provisions for liabilities9(2,890,163)(2,548,857)
Net assets11,438,2655,071,384
Capital and reserves
Profit and loss account11,438,2655,071,384
Shareholders' funds11,438,2655,071,384
The financial statements were approved and authorised for issue by the Board of Directors on 18 December 2024, and are signed on its behalf by:
Mandeep Singh Binning
Director
Registered Company No. 12098406
Parallel House London Limited
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents the net value of the rent received as per rental agreements.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or revaluation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Fixture & Fittings 20% Straight Line Depreciation

Straight line (years)
Office Equipment5
Investment property
Investment Properties are stated at fair market valuations. Surplus or deficit arising on the revaluation are transferred to the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 August 2323,229,03657,05523,286,091
Additions418,045-418,045
Revaluations1,365,223-1,365,223
At 31 July 2425,012,30457,05525,069,359
Depreciation and impairment
At 01 August 23-11,41011,410
Charge for year-11,41211,412
At 31 July 24-22,82222,822
Net book value
At 31 July 2425,012,30434,23325,046,537
At 31 July 2323,229,03645,64523,274,681
The valuation of properties has been carried out by the directors of the company and reflects the fair market value at the balance sheet date. The historical cost of the investment property is £13,451,653.
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables5,195,14119,643
Other debtors2,796,723593,400
Prepayments and accrued income144,56393,865
Total8,136,427706,908
6.Debtors: amounts due after one year

2024

2023

££
Other debtors142,816-
Total142,816-
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables168,323-
Bank borrowings and overdrafts239,99312,316,264
Taxation and social security922,551-
Other creditors3,624,5933,967,149
Accrued liabilities and deferred income3,35084,750
Total4,958,81016,368,163
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts14,077,477-
Total14,077,477-
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)2,890,1632,548,857
Total2,890,1632,548,857