Parallel Flooring Accessories Limited 03192959 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is continued to be that of the manufacture of flooring accessories Digita Accounts Production Advanced 6.30.9574.0 true true 03192959 2023-05-01 2024-04-30 03192959 2024-04-30 03192959 bus:Director1 1 2024-04-30 03192959 bus:OrdinaryShareClass1 2024-04-30 03192959 core:RetainedEarningsAccumulatedLosses 2024-04-30 03192959 core:ShareCapital 2024-04-30 03192959 core:CurrentFinancialInstruments 2024-04-30 03192959 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 03192959 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 03192959 core:Goodwill 2024-04-30 03192959 core:FurnitureFittings 2024-04-30 03192959 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 03192959 core:MotorVehicles 2024-04-30 03192959 core:PlantMachinery 2024-04-30 03192959 core:OtherRelatedParties 2024-04-30 03192959 bus:SmallEntities 2023-05-01 2024-04-30 03192959 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03192959 bus:FilletedAccounts 2023-05-01 2024-04-30 03192959 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03192959 bus:RegisteredOffice 2023-05-01 2024-04-30 03192959 bus:CompanySecretaryDirector2 2023-05-01 2024-04-30 03192959 bus:Director1 2023-05-01 2024-04-30 03192959 bus:Director1 1 2023-05-01 2024-04-30 03192959 bus:Director3 2023-05-01 2024-04-30 03192959 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 03192959 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03192959 core:Goodwill 2023-05-01 2024-04-30 03192959 core:FurnitureFittings 2023-05-01 2024-04-30 03192959 core:LandBuildings 2023-05-01 2024-04-30 03192959 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03192959 core:MotorVehicles 2023-05-01 2024-04-30 03192959 core:PlantMachinery 2023-05-01 2024-04-30 03192959 core:OtherRelatedParties 2023-05-01 2024-04-30 03192959 countries:AllCountries 2023-05-01 2024-04-30 03192959 2023-04-30 03192959 bus:Director1 1 2023-04-30 03192959 core:Goodwill 2023-04-30 03192959 core:FurnitureFittings 2023-04-30 03192959 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 03192959 core:MotorVehicles 2023-04-30 03192959 core:PlantMachinery 2023-04-30 03192959 core:OtherRelatedParties 2023-04-30 03192959 2022-05-01 2023-04-30 03192959 2023-04-30 03192959 bus:Director1 1 2023-04-30 03192959 bus:OrdinaryShareClass1 2023-04-30 03192959 core:RetainedEarningsAccumulatedLosses 2023-04-30 03192959 core:ShareCapital 2023-04-30 03192959 core:CurrentFinancialInstruments 2023-04-30 03192959 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 03192959 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 03192959 core:FurnitureFittings 2023-04-30 03192959 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 03192959 core:MotorVehicles 2023-04-30 03192959 core:PlantMachinery 2023-04-30 03192959 core:OtherRelatedParties 2023-04-30 03192959 bus:Director1 1 2022-05-01 2023-04-30 03192959 2022-04-30 03192959 bus:Director1 1 2022-04-30 03192959 core:OtherRelatedParties 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03192959

Parallel Flooring Accessories Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Parallel Flooring Accessories Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Parallel Flooring Accessories Limited

Company Information

Directors

Mr Anthony Bell

Mrs Julie Bell

Mr Graeme Bell

Company secretary

Mrs Julie Bell

Registered office

Unit 4
Woodwork Row
Willingham Hall Industrial Estate
Market Rasen
LN8 3RH

 

Parallel Flooring Accessories Limited

(Registration number: 03192959)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

296,612

349,036

Current assets

 

Stocks

6

216,152

233,108

Debtors

7

214,862

214,067

Cash at bank and in hand

 

179,171

234,607

 

610,185

681,782

Creditors: Amounts falling due within one year

8

(361,751)

(293,959)

Net current assets

 

248,434

387,823

Total assets less current liabilities

 

545,046

736,859

Creditors: Amounts falling due after more than one year

8

(36,546)

(74,108)

Provisions for liabilities

(42,246)

(42,000)

Net assets

 

466,254

620,751

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

465,254

619,751

Shareholders' funds

 

466,254

620,751

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.

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 7 January 2025 and signed on its behalf by:
 

.........................................
Mr Anthony Bell
Director

 

Parallel Flooring Accessories Limited

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 UK.

The address of its registered office is:
Unit 4
Woodwork Row
Willingham Hall Industrial Estate
Market Rasen
LN8 3RH

These financial statements were authorised for issue by the Board on 7 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 financial statements are presented in sterling and are rounded to the nearest pound.

This is the first year the company has adopted FRS102 Section 1A. There were no material adjustments required upon transition to FRS102 Section 1A.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason 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.

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.

 

Parallel Flooring Accessories Limited

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

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold land and buildings

10 years straight line

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% Reducing balance

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, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

20 years straight line

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.

 

Parallel Flooring Accessories Limited

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

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.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Parallel Flooring Accessories Limited

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

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 11 (2023 - 14).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

15,000

15,000

At 30 April 2024

15,000

15,000

Amortisation

At 1 May 2023

15,000

15,000

At 30 April 2024

15,000

15,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

128,939

43,732

341,718

206,903

721,292

Additions

-

-

53,895

83,039

136,934

Disposals

-

-

-

(146,506)

(146,506)

At 30 April 2024

128,939

43,732

395,613

143,436

711,720

Depreciation

At 1 May 2023

73,564

18,393

233,503

46,796

372,256

Charge for the year

7,866

3,801

24,315

29,758

65,740

Eliminated on disposal

-

-

-

(22,888)

(22,888)

At 30 April 2024

81,430

22,194

257,818

53,666

415,108

Carrying amount

At 30 April 2024

47,509

21,538

137,795

89,770

296,612

At 30 April 2023

55,375

25,339

108,215

160,107

349,036

Included within the net book value of land and buildings above is £47,509 (2023 - £55,375) in respect of land and buildings.
 

 

Parallel Flooring Accessories Limited

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

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

216,152

233,108

7

Debtors

Current

2024
£

2023
£

Trade debtors

206,595

197,619

Prepayments

8,267

12,185

Other debtors

-

4,263

 

214,862

214,067

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

40,065

45,668

Trade creditors

 

183,867

145,649

Taxation and social security

 

119,638

91,174

Accruals and deferred income

 

18,181

11,468

 

361,751

293,959

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

36,546

74,108

2024
£

2023
£

Due after more than five years

-

-

 

Parallel Flooring Accessories Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,833

20,833

Hire purchase contracts

25,713

53,275

36,546

74,108

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

1,075

Hire purchase contracts

23,790

32,835

Other borrowings

6,275

1,758

40,065

45,668

Other borrowings

Pension scheme loan is denominated in Sterling with a nominal interest rate of 3%, and the final instalment is due
on 31 May 2022. The carrying amount at year end is £nil (2023 - £1,758).

11

Related party transactions

Transactions with Directors

2024

At 1 May 2023
£

Repayments by Director
£

At 30 April 2024
£

Mr Anthony Bell

Directors Loan

4,263

(4,263)

-

2023

At 1 May 2022
£

Advances to Director
£

Repayments by Director
£

At 30 April 2023
£

Mr Anthony Bell

Directors Loan

9,428

144,835

(150,000)

4,263

Summary of transactions with other related parties

 

Parallel Flooring Accessories Limited

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

Parallel Retirement Benefit Scheme
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

1,757

1,757

Repaid

(1,757)

(1,757)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

1,757

1,757

At end of period

1,757

1,757