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COMPANY REGISTRATION NUMBER: 08532998
Parsonage Estates Limited
Filleted Unaudited Abridged Financial Statements
31 May 2024
Parsonage Estates Limited
Abridged Financial Statements
Year ended 31 May 2024
Contents
Page
Balance sheet
1
Notes to the abridged financial statements
3
Parsonage Estates Limited
Balance Sheet
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,095,000
848,436
Current assets
Debtors
320
139
Cash at bank and in hand
4,554
4,421
-------
-------
4,874
4,560
Creditors: amounts falling due within one year
( 804,704)
( 817,908)
---------
---------
Net current liabilities
( 799,830)
( 813,348)
------------
---------
Total assets less current liabilities
295,170
35,088
Provisions
( 61,641)
---------
--------
Net assets
233,529
35,088
---------
--------
Capital and reserves
Called up share capital
28
28
Other reserves
184,923
Profit and loss account
48,578
35,060
---------
--------
Shareholders funds
233,529
35,088
---------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged income statement and the balance sheet for the year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Parsonage Estates Limited
Balance Sheet (continued)
31 May 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
Mrs M Tee
Director
Company registration number: 08532998
Parsonage Estates Limited
Notes to the Abridged Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Parsonage.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Average number of employees
The average number of employees (excluding directors) during the current and preceding year was Nil.
5. Tangible assets
£
Cost or valuation
At 1 June 2023
848,436
Revaluations
246,564
------------
At 31 May 2024
1,095,000
------------
Depreciation
At 1 June 2023 and 31 May 2024
------------
Carrying amount
At 31 May 2024
1,095,000
------------
At 31 May 2023
848,436
------------
Included within the above is investment property as follows:
£
At 1 June 2023
848,436
Fair value adjustments
246,564
------------
At 31 May 2024
1,095,000
------------
Investment property was valued on an open market basis at the balance sheet date by the director of the company. Had the investment properties not been revalued they would have been held at historic cost of £848,436.
6. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2024
2023
£
£
Reclassification from fair value reserve to profit and loss account
184,923
---------
----
At end of year
184,923
---------
----
7. Related party transactions
As at the balance sheet date the company owed the director £791,415 (2023: £800,000). This loan is interest free with no fixed repayment terms.