Company registration number 04883688 (England and Wales)
PARWORTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PARWORTH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PARWORTH LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
-
0
529,616
Investments
4
1,200,101
1,200,101
1,200,101
1,729,717
Current assets
Stocks
490,680
449,903
Debtors
5
509,697
81,324
Cash at bank and in hand
168,882
6,098
1,169,259
537,325
Creditors: amounts falling due within one year
6
(1,222,223)
(1,124,374)
Net current liabilities
(52,964)
(587,049)
Total assets less current liabilities
1,147,137
1,142,668
Creditors: amounts falling due after more than one year
7
(10,833)
(16,359)
Net assets
1,136,304
1,126,309
Capital and reserves
Called up share capital
960
960
Profit and loss reserves
1,135,344
1,125,349
Total equity
1,136,304
1,126,309
PARWORTH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 2 May 2025 and are signed on its behalf by:
Mr C  Duckworth
Director
Company registration number 04883688 (England and Wales)
PARWORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Parworth Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 King Street, King's Lynn, Norfolk, England, PE30 1HE. The business address is 19 Chesilton Road, London, SW6 5AA.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The accounts have been prepared on the going concern basis although it had net current liabilities at the balance sheet date. The directors have confirmed that they will continue to support the company for the foreseeable future and for a period of at least 12 months from the date of approval of the balance sheet.true

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the date of issue of the invoice to the customer.

 

1.4
Investment properties

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

PARWORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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
Investment property
2024
£
Fair value
At 1 October 2023
529,616
Disposals
(529,616)
At 30 September 2024
-
0
PARWORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Investment property
(Continued)
- 5 -

The investment property of £529,616 was initially recognised at cost, which included the purchase cost and any directly attributable expenditure. Subsequently it was measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,200,101
1,200,101
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
455,255
834
Other debtors
54,442
80,490
509,697
81,324
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
116,770
10,000
Trade creditors
49,929
97,491
Amounts owed to group undertakings
560,145
527,181
Taxation and social security
41,629
18,402
Other creditors
453,750
471,300
1,222,223
1,124,374

Included within other creditors is a loan of £405,000 (2023 - £405,000) which is secured on future development properties.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,833
16,359
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