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REGISTERED NUMBER: 08444874 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

M I Parrott Ltd

M I Parrott Ltd (Registered number: 08444874)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

M I Parrott Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Parrott
Ms J L Goffe





REGISTERED OFFICE: The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS





REGISTERED NUMBER: 08444874 (England and Wales)





ACCOUNTANTS: GREGORY WILDMAN
The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS

M I Parrott Ltd (Registered number: 08444874)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 212,024 266,166

CURRENT ASSETS
Stocks 5 240,954 224,951
Debtors 6 228,241 382,102
Cash at bank 18 41
469,213 607,094
CREDITORS
Amounts falling due within one year 7 547,084 707,327
NET CURRENT LIABILITIES (77,871 ) (100,233 )
TOTAL ASSETS LESS CURRENT LIABILITIES 134,153 165,933

CREDITORS
Amounts falling due after more than one year 8 (31,560 ) (74,748 )

PROVISIONS FOR LIABILITIES (51,891 ) (50,572 )
NET ASSETS 50,702 40,613

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 50,602 40,513
SHAREHOLDERS' FUNDS 50,702 40,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:





Ms J L Goffe - Director


M I Parrott Ltd (Registered number: 08444874)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

M I Parrott Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from site preparation is recognised at the completion date of work carried out.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows:

Plant & machinery - 25% reducing balance
Fixtures & fittings - 33% reducing balance
Motor vehicle - 25% reducing balance
Computer equipment - 33% reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

M I Parrott Ltd (Registered number: 08444874)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 467,915 1,292 21,500 5,527 496,234
Additions - - - 1,200 1,200
Disposals (26,000 ) - - - (26,000 )
At 31 March 2024 441,915 1,292 21,500 6,727 471,434
DEPRECIATION
At 1 April 2023 211,717 1,236 11,959 5,156 230,068
Charge for year 30,196 18 2,385 320 32,919
Eliminated on disposal (3,577 ) - - - (3,577 )
At 31 March 2024 238,336 1,254 14,344 5,476 259,410
NET BOOK VALUE
At 31 March 2024 203,579 38 7,156 1,251 212,024
At 31 March 2023 256,198 56 9,541 371 266,166

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 426,621 20,000 446,621
Disposals (25,000 ) - (25,000 )
Transfer to ownership (141,675 ) - (141,675 )
At 31 March 2024 259,946 20,000 279,946
DEPRECIATION
At 1 April 2023 175,792 11,092 186,884
Charge for year 25,179 2,227 27,406
Eliminated on disposal (2,854 ) - (2,854 )
Transfer to ownership (13,705 ) - (13,705 )
At 31 March 2024 184,412 13,319 197,731
NET BOOK VALUE
At 31 March 2024 75,534 6,681 82,215
At 31 March 2023 250,829 8,908 259,737

M I Parrott Ltd (Registered number: 08444874)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. STOCKS
31.3.24 31.3.23
£    £   
Stocks 61,475 -
Work-in-progress 179,479 224,951
240,954 224,951

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 192,407 319,484
Amounts owed from associates - 61,456
VAT 34,428 -
Prepayments 1,406 1,162
228,241 382,102

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 7,993 19,653
Other loans 17,297 26,937
Amounts owed to associates 199,847 -
Hire purchase contracts 32,049 67,834
Trade creditors 115,209 162,789
Tax 32,409 9,556
Social security and other taxes 116,127 252,150
VAT - 45,241
Other creditors 8,684 1,031
Directors' current accounts 12,619 113,141
Accrued expenses 4,850 8,995
547,084 707,327

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Other loans - 1-5 years 23,230 33,948
Other loans more 5yrs instal 6,945 12,037
Hire purchase contracts 1,385 28,763
31,560 74,748

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 6,945 12,037

9. RELATED PARTY DISCLOSURES

Amount outstanding at the year end to the directors is £12,619 (2023 - £113,141).

The amount outstanding at the year end to Parrott Utilities Ltd, an associated company, is £199,847 (2023 due from - £61,456).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
M I Parrott Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M I Parrott Ltd for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of M I Parrott Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M I Parrott Ltd and state those matters that we have agreed to state to the Board of Directors of M I Parrott Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M I Parrott Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that M I Parrott Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M I Parrott Ltd. You consider that M I Parrott Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of M I Parrott Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






GREGORY WILDMAN
The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS


14 March 2025