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REGISTERED NUMBER: 07721063 (England and Wales)











PARALLEL CREATIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025






PARALLEL CREATIONS LTD (REGISTERED NUMBER: 07721063)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2025




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4

Chartered accountants' report 7

PARALLEL CREATIONS LTD

COMPANY INFORMATION
for the year ended 31 March 2025







DIRECTORS: Ms Y Chilcott
G O Chilcott





REGISTERED OFFICE: 2 Peterstow Close
London
SW19 6JW





REGISTERED NUMBER: 07721063 (England and Wales)





ACCOUNTANTS: Berringers LLP
Chartered Accountants
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

PARALLEL CREATIONS LTD (REGISTERED NUMBER: 07721063)

BALANCE SHEET
31 March 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,422 6,777
5,422 6,777

CURRENT ASSETS
Debtors 6 34,373 11,813
Cash at bank 851 1,397
35,224 13,210
CREDITORS
Amounts falling due within one year 7 7,627 6,658
NET CURRENT ASSETS 27,597 6,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,019

13,329

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 33,017 13,327
SHAREHOLDERS' FUNDS 33,019 13,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 CREATIONS LTD (REGISTERED NUMBER: 07721063)

BALANCE SHEET - continued
31 March 2025


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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 June 2025 and were signed on its behalf by:





Ms Y Chilcott - Director


PARALLEL CREATIONS LTD (REGISTERED NUMBER: 07721063)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2025

1. STATUTORY INFORMATION

Parallel Creations 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.

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.

Going Concern

The company has been and will continue to be financially supported by the directors.

The directors will continue to financially support the company for a period exceeding twelve months from the date of the directors report.

On the basis that the company has sufficient financial support from the directors, they have prepared the accounts on a going concern basis.

The directors have also reviewed the post year end financial information available at the time of approving these financial statements and have concluded that the financial statements should be prepared on a going concern basis.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Bicycles - 20% on reducing balance
Office & computer equipment - 25% on reducing balance

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

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 balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

PARALLEL CREATIONS LTD (REGISTERED NUMBER: 07721063)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2024
and 31 March 2025 7,500
AMORTISATION
At 1 April 2024
and 31 March 2025 7,500
NET BOOK VALUE
At 31 March 2025 -
At 31 March 2024 -

5. TANGIBLE FIXED ASSETS
Office &
computer
Bicycles equipment Totals
£    £    £   
COST
At 1 April 2024
and 31 March 2025 5,188 13,448 18,636
DEPRECIATION
At 1 April 2024 1,868 9,991 11,859
Charge for year 664 691 1,355
At 31 March 2025 2,532 10,682 13,214
NET BOOK VALUE
At 31 March 2025 2,656 2,766 5,422
At 31 March 2024 3,320 3,457 6,777

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors - 432
Other debtors 34,373 11,381
34,373 11,813

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Taxation and social security 7,052 6,084
Other creditors 575 574
7,627 6,658

PARALLEL CREATIONS LTD (REGISTERED NUMBER: 07721063)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025

8. RELATED PARTY DISCLOSURES

As at the balance sheet date, the directors owed the company the sum of £34,373 (2024 - £11,381). This will be repaid within nine months of the year end.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PARALLEL CREATIONS 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 Balance sheet. 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 Parallel Creations Ltd for the year ended 31 March 2025 which comprise the Statement of income and retained earnings, Balance sheet 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 Parallel Creations 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 Parallel Creations Ltd and state those matters that we have agreed to state to the Board of Directors of Parallel Creations 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 Parallel Creations Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Parallel Creations 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 Parallel Creations Ltd. You consider that Parallel Creations 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 Parallel Creations 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.






Berringers LLP
Chartered Accountants
Lygon House
50 London Road
Bromley
Kent
BR1 3RA


1 June 2025