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Registration number: 12930151

Parrot Quay Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Parrot Quay Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Parrot Quay Limited

Company Information

Directors:

J L Passingham

MC Passingham

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

12930151

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Parrot Quay Limited

(Registration number: 12930151)
Balance Sheet as at 31 October 2024

Note

31.10.24

31.10.23

   

£

£

£

£

FIXED ASSETS

   

 

Other financial assets

4

 

9,518,728

 

8,563,432

CURRENT ASSETS

   

 

Debtors

5

16,825

 

-

 

Cash at bank and in hand

 

174,327

 

110,691

 

 

191,152

 

110,691

 

CREDITORS

   

 

Creditors within 1yr

6

9,686,879

 

9,358,761

 

Net current liabilities

   

(9,495,727)

 

(9,248,070)

Total assets less current liabilities

   

23,001

 

(684,638)

PROVISIONS FOR ASSETS/(LIABILITIES)

 

175,644

 

245,529

Net assets/(liabilities)

   

198,645

 

(439,109)

CAPITAL AND RESERVES

   

 

Called up share capital

 

100

 

100

Other reserves

 

1,204,027

 

274,004

Profit and loss account

 

(1,005,482)

 

(713,213)

Shareholders' funds/(deficit)

   

198,645

 

(439,109)

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

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.

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 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 13 January 2025

 

Parrot Quay Limited

(Registration number: 12930151)
Balance Sheet as at 31 October 2024 (continued)

.........................................
J L Passingham
Director

.........................................
MC Passingham
Director

 

Parrot Quay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the Board on 13 January 2025.

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.

The presentational currency is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis on the understanding that the director will comtine to support the company for the foreseeable future.

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.

 

Parrot Quay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

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.

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. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. 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.

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.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Parrot Quay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4.

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Non-current financial assets

Cost or valuation

At 1 November 2023

8,563,432

Fair value adjustments

1,240,031

Additions

2,930,354

Disposals

(3,215,089)

At 31 October 2024

9,518,728

Impairment

Carrying amount

At 31 October 2024

9,518,728

5.

Debtors

Current

31.10.24
£

31.10.23
£

Other debtors

192,469

245,529

 

192,469

245,529

6.

Creditors

Creditors: amounts falling due within one year

31.10.24
£

31.10.23
£

Due within one year

Taxation and social security

35,190

-

Accruals and deferred income

2,312,744

1,349,857

Other creditors

7,338,945

8,008,904

9,686,879

9,358,761

Other creditors represents directors loans for which no repayment terms have been set.