Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01falseThe principal activity of the company throughout the year was the provision of financial advice to private clients.88truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04036870 2024-01-01 2024-12-31 04036870 2023-01-01 2023-12-31 04036870 2024-12-31 04036870 2023-12-31 04036870 2023-01-01 04036870 c:Director1 2024-01-01 2024-12-31 04036870 d:CurrentFinancialInstruments 2024-12-31 04036870 d:CurrentFinancialInstruments 2023-12-31 04036870 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04036870 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04036870 d:ShareCapital 2024-12-31 04036870 d:ShareCapital 2023-12-31 04036870 d:ShareCapital 2023-01-01 04036870 d:SharePremium 2024-01-01 2024-12-31 04036870 d:SharePremium 2024-12-31 04036870 d:SharePremium 2023-12-31 04036870 d:SharePremium 2023-01-01 04036870 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04036870 d:RetainedEarningsAccumulatedLosses 2024-12-31 04036870 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04036870 d:RetainedEarningsAccumulatedLosses 2023-12-31 04036870 d:RetainedEarningsAccumulatedLosses 2023-01-01 04036870 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 04036870 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 04036870 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 04036870 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04036870 c:OrdinaryShareClass1 2024-01-01 2024-12-31 04036870 c:OrdinaryShareClass1 2024-12-31 04036870 c:OrdinaryShareClass1 2023-12-31 04036870 c:OrdinaryShareClass2 2024-01-01 2024-12-31 04036870 c:OrdinaryShareClass2 2024-12-31 04036870 c:OrdinaryShareClass2 2023-12-31 04036870 c:OrdinaryShareClass3 2024-01-01 2024-12-31 04036870 c:OrdinaryShareClass3 2024-12-31 04036870 c:OrdinaryShareClass3 2023-12-31 04036870 c:FRS102 2024-01-01 2024-12-31 04036870 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 04036870 c:FullAccounts 2024-01-01 2024-12-31 04036870 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04036870 2 2024-01-01 2024-12-31 04036870 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04036870









PARALLEL FINANCIAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PARALLEL FINANCIAL LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 8


 
PARALLEL FINANCIAL LIMITED
REGISTERED NUMBER: 04036870

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
355,046
360,412

Cash at bank and in hand
 5 
645,223
506,290

  
1,000,269
866,702

Creditors: amounts falling due within one year
 6 
(437,521)
(360,374)

Net current assets
  
 
 
562,748
 
 
506,328

Total assets less current liabilities
  
562,748
506,328

Provisions for liabilities
  

Other provisions
 8 
(30,000)
(30,000)

  
 
 
(30,000)
 
 
(30,000)

Net assets
  
532,748
476,328


Capital and reserves
  

Called up share capital 
 9 
135
135

Share premium account
 10 
49,965
49,965

Profit and loss account
 10 
482,648
426,228

  
532,748
476,328


Page 1

 
PARALLEL FINANCIAL LIMITED
REGISTERED NUMBER: 04036870
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M D Lyons
Director

Date: 25 February 2025

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
PARALLEL FINANCIAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
135
49,965
658,586
708,686



Profit for the year
-
-
915,654
915,654

Dividends: Equity capital
-
-
(1,148,012)
(1,148,012)



At 1 January 2024
135
49,965
426,228
476,328



Profit for the year
-
-
1,068,432
1,068,432

Dividends: Equity capital
-
-
(1,012,012)
(1,012,012)


At 31 December 2024
135
49,965
482,648
532,748


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
PARALLEL FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Parallel Financial Limited is a private company, limited by shares, incorporated in England and Wales with registration number 04036870. The registered office is Unit 5, Plaza Gardens, Upper Richmond Road, Putney, London, SW15 2DT.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. Having considered the contingency plans in place and having reviewed updated cashflow forecasts, the director considers the adoption of the going concern basis in preparing these financial statements is appropriate.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

TURNOVER

Turnover represents the fair value of consideration receivable in respect of services supplied during the year, exclusive of Value Added Tax, where applicable. 

Page 4

 
PARALLEL FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

PENSIONS

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.


 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PARALLEL FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


DEBTORS

2024
2023
£
£


Trade debtors
14,588
17,150

Other debtors
324,072
324,072

Prepayments and accrued income
16,386
19,190

355,046
360,412



5.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
645,223
506,290


Page 6

 
PARALLEL FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
42,770
25,302

Corporation tax
360,813
295,200

Other taxation and social security
29,470
11,770

Other creditors
3,076
6,754

Accruals and deferred income
1,392
21,348

437,521
360,374



7.


FINANCIAL INSTRUMENTS

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
645,223
506,290




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


8.


PROVISIONS





Commission Clawback

£





At 1 January 2024
30,000



At 31 December 2024
30,000

Page 7

 
PARALLEL FINANCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



85 (2023 - 85) Ordinary A shares of £1 each
85
85
15 (2023 - 15) Ordinary B shares of £1 each
15
15
35 (2023 - 35) Ordinary C shares of £1 each
35
35

135

135



10.


RESERVES

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.


11.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions totalling £2,480 (2023 - £2,300) were payable to the fund at the balance sheet date and are included in creditors.


12.


TRANSACTIONS WITH DIRECTORS

Included within other debtors (note 4) is an amount of £183,298 (2023 - £183,298) due from M D Lyons, a director of the company. This amount is interest free and repayable on demand.

 
Page 8