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Parcway Developments Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 04465211

 

Parcway Developments Limited

Contents

Directors' Report

1

Statement of Income and Retained Earnings

2

Balance Sheet

3

Notes to the Financial Statements

4 to 6

 

Parcway Developments Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs K Long

Mr R Long

Principal activity

The principal activity of the company is that of property rental.

Small companies provision statement

This report has 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 20 January 2025 and signed on its behalf by:
 

.........................................
Mrs K Long
Director

 

Parcway Developments Limited

Statement of Income and Retained Earnings

Year Ended 30 June 2024

2024
£

2023
£

Turnover

53,005

46,874

Cost of sales

(6,245)

(6,010)

Gross profit

46,760

40,864

Administrative expenses

(13,131)

(10,702)

Operating profit

33,629

30,162

Profit before tax

33,629

30,162

Taxation

(6,390)

(5,774)

Profit for the financial year

27,239

24,388

Retained earnings brought forward

205,139

180,751

Retained earnings carried forward

232,378

205,139

 

Parcway Developments Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

635,000

635,000

Current assets

 

Debtors

324

264

Cash at bank and in hand

 

3

3

 

327

267

Creditors: Amounts falling due within one year

5

(402,947)

(430,126)

Net current liabilities

 

(402,620)

(429,859)

Net assets

 

232,380

205,141

Capital and reserves

 

Called up share capital

6

2

2

Profit and loss account

232,378

205,139

Shareholders' funds

 

232,380

205,141

For the financial year ending 30 June 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 and delivered 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 20 January 2025 and signed on its behalf by:
 

.........................................
Mrs K Long
Director

.........................................
Mr R Long
Director

 
     

Company Registration Number: 04465211

 

Parcway Developments Limited

Notes to the Financial Statements

Year Ended 30 June 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:
C/O Francis Clark LLP
Unit 18, 23 Melville Building East
Royal William Yard
Plymouth
Devon
PL1 3GW

The principal place of business is:
7 Wilton Street
Stoke
Plymouth
Devon
PL1 5AN

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

 

Parcway Developments Limited

Notes to the Financial Statements

Year Ended 30 June 2024

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 corporation 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

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

 

Parcway Developments Limited

Notes to the Financial Statements

Year Ended 30 June 2024

4

Investment properties

2024
£

At 1 July 2023

635,000

At 30 June 2024

635,000

There has been no valuation of investment property by an independent valuer.

The directors have confirmed the value of investment property reflects the market value and therefore no revaluation is needed.

5

Creditors

2024
 £

2023
 £

Due within one year

Corporation tax

6,389

5,774

Other creditors

395,311

423,407

Accrued expenses

1,247

945

402,947

430,126

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2