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REGISTERED NUMBER: 03073313 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

PARALLEL.NET LIMITED

PARALLEL.NET LIMITED (REGISTERED NUMBER: 03073313)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARALLEL.NET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr C Markou
Mrs G Markou
Miss B Ramsay





REGISTERED OFFICE: 8 Hurlingham Business Park
Sulivan Road
Fulham
London
SW6 3DU





REGISTERED NUMBER: 03073313 (England and Wales)





ACCOUNTANTS: TaxAgility Limited
34 Lower Richmond Road
Putney
London
SW15 1JP

PARALLEL.NET LIMITED (REGISTERED NUMBER: 03073313)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 89,870 88,821

CURRENT ASSETS
Inventories 5,000 5,000
Debtors 5 1,521,760 1,051,671
Cash at bank 181,809 209,394
1,708,569 1,266,065
CREDITORS
Amounts falling due within one year 6 (413,985 ) (318,301 )
NET CURRENT ASSETS 1,294,584 947,764
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,384,454

1,036,585

PROVISIONS FOR LIABILITIES (17,075 ) (16,876 )
NET ASSETS 1,367,379 1,019,709

CAPITAL AND RESERVES
Called up share capital 7 2,000 2,000
Retained earnings 8 1,365,379 1,017,709
SHAREHOLDERS' FUNDS 1,367,379 1,019,709

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

PARALLEL.NET LIMITED (REGISTERED NUMBER: 03073313)

BALANCE SHEET - continued
31 AUGUST 2024


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 15 May 2025 and were signed on its behalf by:





Mr C Markou - Director


PARALLEL.NET LIMITED (REGISTERED NUMBER: 03073313)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Parallel.net Limited 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.

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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office furniture - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 20% on reducing balance

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 26 ) .

PARALLEL.NET LIMITED (REGISTERED NUMBER: 03073313)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Office Plant and and Computer
furniture machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 35,471 26,001 57,531 142,870 261,873
Additions 728 1,144 4,589 12,818 19,279
At 31 August 2024 36,199 27,145 62,120 155,688 281,152
DEPRECIATION
At 1 September 2023 28,222 18,366 31,140 95,324 173,052
Charge for year 1,170 1,264 4,451 11,345 18,230
At 31 August 2024 29,392 19,630 35,591 106,669 191,282
NET BOOK VALUE
At 31 August 2024 6,807 7,515 26,529 49,019 89,870
At 31 August 2023 7,249 7,635 26,391 47,546 88,821

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 489,239 357,637
Amounts owed by group undertakings 1,014,452 671,944
Other debtors 18,069 22,090
1,521,760 1,051,671

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 102,999 116,554
Taxation and social security 287,444 185,780
Other creditors 23,542 15,967
413,985 318,301

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
2,000 Ordinary £1 2,000 2,000

PARALLEL.NET LIMITED (REGISTERED NUMBER: 03073313)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. RESERVES
Retained
earnings
£   

At 1 September 2023 1,017,709
Profit for the year 415,670
Dividends (68,000 )
At 31 August 2024 1,365,379

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
Mr C Markou
Balance outstanding at start of year (3,670 ) (31,975 )
Amounts advanced 3,112 -
Amounts repaid - 28,305
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (558 ) (3,670 )

It is confirmed that the director’s current account is debited with personal transactions and credited with director’s remuneration as well as dividends.

The loan is unsecured, interest free and no repayment terms have been agreed.

10. RELATED PARTY DISCLOSURES

Parallel Holdings SW6 Ltd is a limited company 100% held by the same shareholders as Parallel.net Limited. A loan of £4,907 (2023 : 2,787) was advanced to Parallel Holdings SW6 Ltd.

Parallel Property SW6 Ltd is 100% held by Parallel Holdings SW6 Ltd. During the year a loan of £1,009,545 (2023 : 669,157) was advanced to Parallel Property SW6 Ltd from Parallel.net Limited.

Both loans are unsecured, interest free and no repayment terms have been agreed.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Markou.