Company registration number 14361133 (England and Wales)
Parry Holdings Limited
Unaudited financial statements
For the year ended 30 September 2024
Parry Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Parry Holdings Limited
Statement of financial position
As at 30 September 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,397
-
0
Investment property
4
230,000
97,836
249,397
97,836
Current assets
Debtors
5
392
18,090
Cash at bank and in hand
41,373
3,798
41,765
21,888
Creditors: amounts falling due within one year
6
(144,801)
(94,518)
Net current liabilities
(103,036)
(72,630)
Total assets less current liabilities
146,361
25,206
Creditors: amounts falling due after more than one year
7
(70,050)
-
0
Provisions for liabilities
(8,100)
-
0
Net assets
68,211
25,206
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
8
9,732
-
0
Distributable profit and loss reserves
58,379
25,106
Total equity
68,211
25,206
Parry Holdings Limited
Statement of financial position (continued)
As at 30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 8 January 2025
Mr W M Parry
Director
Company registration number 14361133 (England and Wales)
Parry Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
- 3 -
1
Accounting policies
Company information

Parry Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Hale Low Road, Hale, Altrincham, Cheshire, WA15 8BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Parry Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans to connected companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax and deferred tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Parry Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 October 2023
-
0
Additions
19,895
At 30 September 2024
19,895
Depreciation and impairment
At 1 October 2023
-
0
Depreciation charged in the year
498
At 30 September 2024
498
Carrying amount
At 30 September 2024
19,397
At 30 September 2023
-
0
4
Investment property
2024
£
Fair value
At 1 October 2023
97,836
Additions
119,232
Revaluations
12,932
At 30 September 2024
230,000

Investment property comprises of residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end date by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Parry Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
392
18,090
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
4,404
7,648
Other creditors
140,397
86,870
144,801
94,518
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
70,050
-
0

The bank loan is secured against the property to which it relates and includes a fixed charge and negative pledge.

8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
9,732
-
At the end of the year
9,732
-
9
Prior period adjustment
Parry Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
9
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in equity
16 September
30 September
2022
2023
£
£
Adjustments to prior year
Reduction in dividend
-
18,000
Equity as previously reported
-
7,206
Equity as adjusted
-
25,206
Analysis of the effect upon equity
Profit and loss reserves
-
18,000
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
32,606
Profit as adjusted
32,606
Notes to reconciliation

Dividends paid in the prior period had been overstated by £18,000. Therefore, a prior period adjustment has been made to correct this error. This has increased distributable profit and loss reserves and reduced the balance owing to the director on their directors loan account. There has been no effect on profit.

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