Asian Parsnip Ltd 13370389 false 2023-06-01 2024-11-30 2024-11-30 The principal activity of the company is retail sale of beverages Digita Accounts Production Advanced 6.30.9574.0 true true 13370389 2023-06-01 2024-11-30 13370389 2024-11-30 13370389 2 2024-11-30 13370389 core:RetainedEarningsAccumulatedLosses 2024-11-30 13370389 core:ShareCapital 2024-11-30 13370389 core:CurrentFinancialInstruments 2024-11-30 13370389 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 13370389 core:PatentsTrademarksLicencesConcessionsSimilar 2024-11-30 13370389 core:OfficeEquipment 2024-11-30 13370389 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-11-30 13370389 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-11-30 13370389 bus:SmallEntities 2023-06-01 2024-11-30 13370389 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-11-30 13370389 bus:FilletedAccounts 2023-06-01 2024-11-30 13370389 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-11-30 13370389 bus:RegisteredOffice 2023-06-01 2024-11-30 13370389 bus:Director1 2023-06-01 2024-11-30 13370389 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-11-30 13370389 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-01 2024-11-30 13370389 core:OfficeEquipment 2023-06-01 2024-11-30 13370389 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-06-01 2024-11-30 13370389 core:KeyManagementPersonnel 2023-06-01 2024-11-30 13370389 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-11-30 13370389 countries:EnglandWales 2023-06-01 2024-11-30 13370389 2023-05-31 13370389 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 13370389 core:OfficeEquipment 2023-05-31 13370389 2022-06-01 2023-05-31 13370389 2023-05-31 13370389 2 2023-05-31 13370389 core:RetainedEarningsAccumulatedLosses 2023-05-31 13370389 core:ShareCapital 2023-05-31 13370389 core:CurrentFinancialInstruments 2023-05-31 13370389 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 13370389 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 13370389 core:OfficeEquipment 2023-05-31 13370389 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-31 13370389 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 13370389 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-06-01 2023-05-31 13370389 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-01 2023-05-31 13370389 2022-05-31 13370389 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-31 13370389 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 13370389

Asian Parsnip Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 June 2023 to 30 November 2024

 

Asian Parsnip Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Asian Parsnip Ltd

(Registration number: 13370389)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

331

408

Tangible assets

5

226

1,218

 

557

1,626

Current assets

 

Stocks

6

223,124

166,046

Debtors

7

302,237

88,848

Cash at bank and in hand

 

101,745

138,313

 

627,106

393,207

Creditors: Amounts falling due within one year

8

(341,583)

(107,213)

Net current assets

 

285,523

285,994

Net assets

 

286,080

287,620

Capital and reserves

 

Called up share capital

100

100

Retained earnings

285,980

287,520

Shareholders' funds

 

286,080

287,620

For the financial period ending 30 November 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 period 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 28 February 2025 and signed on its behalf by:
 

Mr G Colquhoun
Director

   
     
 

Asian Parsnip Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 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:
Freshford House
Redcliffe Way
Bristol
Avon
BS1 6NL
England

These financial statements were authorised for issue by the Board on 28 February 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 prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

 

Asian Parsnip Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

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.

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

Office equipment

33% straight line method

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Patents, trademarks and licences

10% straight line method

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.

 

Asian Parsnip Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2023 - 3).

 

Asian Parsnip Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

4

Intangible assets

Patents, trademarks and licenses
 £

Total
£

Cost or valuation

At 1 June 2023

510

510

At 30 November 2024

510

510

Amortisation

At 1 June 2023

102

102

Amortisation charge

77

77

At 30 November 2024

179

179

Carrying amount

At 30 November 2024

331

331

At 31 May 2023

408

408

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

2,350

2,350

At 30 November 2024

2,350

2,350

Depreciation

At 1 June 2023

1,132

1,132

Charge for the period

992

992

At 30 November 2024

2,124

2,124

Carrying amount

At 30 November 2024

226

226

At 31 May 2023

1,218

1,218

6

Stocks

2024
£

2023
£

Other inventories

223,124

166,046

 

Asian Parsnip Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

43,947

17,957

Amounts owed by related parties

9

3,154

-

Other debtors

 

13,453

4,742

Accrued income

 

241,660

66,149

Income tax asset

23

-

 

302,237

88,848

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

114,698

32,228

Amounts due to related parties

9

122,574

-

Social security and other taxes

 

48

461

Accruals

 

104,263

23,555

Corporation tax liability

-

50,969

 

341,583

107,213

 

Asian Parsnip Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

9

Related party transactions

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

Advanced

3,154

3,154

At end of period

3,154

3,154

Loans from related parties

2024

Key management
£

Total
£

Advanced

122,574

122,574

At end of period

122,574

122,574

2023

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

198

189

387

Repaid

(198)

(189)

(387)

At end of period

-

-

-

Terms of loans from related parties

Loans from entites with joint control or significant influence are provided on an interest-free basis and are repayable on demand.
 
Loans from key mangement are provided on an interest-free basis and are repayable within a year.