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Registration number: 03750079

G Parish Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

G Parish Engineering Limited
(Registration number: 03750079)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

G Parish Engineering Limited
(Registration number: 03750079)

Company Information

Directors

Mr G Parish

Mrs S E B Parish

Company secretary

Mrs S E B Parish

Registered office

Crossways
Sudbury Road
Cockfield
Bury St Edmunds
Suffolk
IP30 0LN

Registered number

03750079

Accountants

Evolve Tax & Accountancy LLP
Chartered Certified Accountants
Baythorne Hall
Baythorne End
Halstead
Essex
CO9 4AH

 

G Parish Engineering Limited
(Registration number: 03750079)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

3,088,879

3,124,990

Current assets

 

Stocks

5

296,907

94,602

Debtors

6

230,692

230,512

Cash at bank and in hand

 

279,125

317,941

 

806,724

643,055

Creditors: Amounts falling due within one year

7

(383,751)

(284,046)

Net current assets

 

422,973

359,009

Total assets less current liabilities

 

3,511,852

3,483,999

Creditors: Amounts falling due after more than one year

7

-

(230,940)

Provisions for liabilities

(277,122)

(207,746)

Net assets

 

3,234,730

3,045,313

Capital and Reserves

 

Called up share capital

8

2

2

Revaluation reserve

745,481

800,425

Retained Earnings

2,489,247

2,244,886

Shareholders' funds

 

3,234,730

3,045,313

For the financial year ending 30 April 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.

 

G Parish Engineering Limited
(Registration number: 03750079)

Balance Sheet as at 30 April 2024

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 15 January 2025 and signed on its behalf by:
 

.........................................
Mr G Parish
Director

 

G Parish Engineering Limited
(Registration number: 03750079)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Crossways
Sudbury Road
Cockfield
Bury St Edmunds
Suffolk
IP30 0LN

These financial statements were authorised for issue by the Board on 15 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.

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 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.

 

G Parish Engineering Limited
(Registration number: 03750079)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Freehold buildings

At cost or valuation

Plant and machinery

20% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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.

 

G Parish Engineering Limited
(Registration number: 03750079)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

G Parish Engineering Limited
(Registration number: 03750079)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 (including directors) during the year, was 14 (2023 - 14).

4

Tangible Assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

2,931,013

85,720

587,092

3,603,825

Additions

-

10,995

3,335

14,330

Disposals

-

(7,800)

(6,645)

(14,445)

At 30 April 2024

2,931,013

88,915

583,782

3,603,710

Depreciation

At 1 May 2023

-

61,854

416,981

478,835

Charge for the year

-

8,652

36,549

45,201

Eliminated on disposal

-

(7,543)

(1,662)

(9,205)

At 30 April 2024

-

62,963

451,868

514,831

Carrying amount

At 30 April 2024

2,931,013

25,952

131,914

3,088,879

At 30 April 2023

2,931,013

23,866

170,111

3,124,990

Included within the net book value of land and buildings above is £2,931,013 (2023 - £2,931,013) in respect of freehold land and buildings.
 

 

G Parish Engineering Limited
(Registration number: 03750079)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

11,156

10,877

Work in progress

285,751

83,725

296,907

94,602

6

Debtors

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2023 - £Nil)

All amounts are due within one year.

Current

2024
£

2023
£

Trade Debtors

229,672

227,554

Prepayments

1,020

1,158

Other debtors

-

1,800

 

230,692

230,512

 

G Parish Engineering Limited
(Registration number: 03750079)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

42,329

Trade Creditors

 

119,611

125,147

Taxation and social security

 

138,564

95,860

Accruals and deferred income

 

19,427

6,250

Other creditors

 

106,149

14,460

 

383,751

284,046

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

230,940

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

G Parish Engineering Limited
(Registration number: 03750079)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(54,944)

(54,944)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

190,586

190,586

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

230,940

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

42,329