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Registration number: 09594944

Parquez Development Ltd


Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Parquez Development Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Parquez Development Ltd

Company Information

Directors

Steven James Parker

Guillermo Marquez Gonzalez-Andrio

Registered office

Room A109 Business & Technology Centre
Chroma House
Shire Hill
Saffron Walden
Essex
CB11 3AQ

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Parquez Development Ltd

(Registration number: 09594944)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

52,112

71,795

Investments

5

39,968

39,968

 

92,080

111,763

Current assets

 

Stocks

6

303,624

295,211

Debtors

7

397,559

517,574

Cash at bank and in hand

 

245,128

96,343

 

946,311

909,128

Creditors: Amounts falling due within one year

8

(222,351)

(175,883)

Net current assets

 

723,960

733,245

Total assets less current liabilities

 

816,040

845,008

Creditors: Amounts falling due after more than one year

8

(46,342)

(87,499)

Net assets

 

769,698

757,509

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

769,598

757,409

Shareholders' funds

 

769,698

757,509

For the financial year ending 31 May 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.

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.........................................
Steven James Parker
Director

.........................................
Guillermo Marquez Gonzalez-Andrio
Director

 
     
 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Room A109 Business & Technology Centre
Chroma House
Shire Hill
Saffron Walden
Essex
CB11 3AQ
England

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.

Judgements in applying accounting policies and key sources of estimates uncertainty and estimates

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of property 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.

 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current 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.

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

Computer Equipment

Straight line method at 25%

Motor vehicles

Straight line method at 25%.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

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.

 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

20,544

113,855

-

134,399

Additions

5,159

-

6,300

11,459

At 31 May 2024

25,703

113,855

6,300

145,858

Depreciation

At 1 June 2023

15,510

47,094

-

62,604

Charge for the year

4,354

25,213

1,575

31,142

At 31 May 2024

19,864

72,307

1,575

93,746

Carrying amount

At 31 May 2024

5,839

41,548

4,725

52,112

At 31 May 2023

5,034

66,761

-

71,795

5

Investments

2024
£

2023
£

Investments in associates

39,968

39,968

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Garkez Investments

Spain

Ordinary Shares

66%

66%

6

Stocks

2024
£

2023
£

Other inventories

303,624

295,211

 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

179,022

289,740

Other debtors

218,537

227,834

 

397,559

517,574

 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

20,845

20,845

Trade creditors

 

18,562

26,644

Taxation and social security

 

122,334

98,841

Accruals and deferred income

 

2,228

2,228

Other creditors

 

58,382

27,325

 

222,351

175,883

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

46,342

67,188

Other non-current financial liabilities

 

-

20,311

 

46,342

87,499

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

46,342

67,188

 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

20,845

20,845

 

Parquez Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Related party transactions


Included within other creditors is amounts owed to the Directors of £68 (2023 - £8,827).The balance is interest free and repayable on demand.

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

Steven James Parker

Amount owed to/(from) the director

(4,011)

4,259

248

       
     

Guillermo Marquez Gonzalez-Andrio

Amount owed to/(from) the director

(4,816)

4,635

(181)

       
     

 

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

Steven James Parker

Amount owed to/(from) the director

(8,672)

4,661

(4,011)

       
     

Guillermo Marquez Gonzalez-Andrio

Amount owed to/(from) the director

(8,006)

3,190

(4,816)