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Company registration number:
06637742
Parsonage Lane Properties Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Parsonage Lane Properties Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Parsonage Lane Properties Limited
Year ended
31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Parsonage Lane Properties Limited
for the year ended
31 December 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Parsonage Lane Properties Limited
, as a body, in accordance with the terms of our engagement letter dated 6 June 2013. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Parsonage Lane Properties Limited
and state those matters that we have agreed to state to the Board of Directors of
Parsonage Lane Properties Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Parsonage Lane Properties Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Parsonage Lane Properties Limited
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
Parsonage Lane Properties Limited
. You consider that
Parsonage Lane Properties Limited
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 Parsonage Lane Properties Limited. 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.
Fitton & Co
Chartered Certified Accountants
Callis Mill
Woodland View
Hebden Bridge
West Yorkshire
HX7 6PJ
United Kingdom
Date:
23 June 2025
Parsonage Lane Properties Limited
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Tangible assets 5
180,000
 
180,000
 
Current assets    
Debtors 6
171
 
160
 
Cash at bank and in hand
26,348
 
26,230
 
26,519
 
26,390
 
Creditors: amounts falling due within one year 7
(1,249
)
(2,461
)
Net current assets
25,270
 
23,929
 
Total assets less current liabilities 205,270   203,929  
Capital and reserves    
Called up share capital
193,500
 
193,500
 
Profit and loss account
11,770
 
10,429
 
Shareholders funds
205,270
 
203,929
 
For the year ending
31 December 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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 Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 June 2025
, and are signed on behalf of the board by:
J Taylor
Director
Company registration number:
06637742
Parsonage Lane Properties Limited
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
33 Knightsbridge Court
,
Parsonage Lane
,
Brighouse
,
HD6 1FB
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The directors have reviewed the property valuation and consider the property to be fairly valued at £180,000 and that no further changes be made since its last revaluation on 1 December 2018.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Investment properties

The property having a cost of £190,670 was valued by Chris Rowlands & Co. on 27 January 2012, in accordance with the RICS Valuation Standards 7th Edition (The Red Book) at a historic value of £100,000.
The directors reviewed the property valuation 1 December 2018 and considered the property to have increased in value since the last valuation on 31 January 2016 therefore the directors revalued the property to the value of £180,000, (31 January 2016 £170,000, an increase in value of £10,000).
The directors are of the belief that this is still a true and fair value.
If the property was sold at the current revalued amount there would be a potential loss of £10,670 from its original cost.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2023:
4.00
).

5 Tangible assets

Land and buildings
£
Cost  
At
1 January 2024
and
31 December 2024
180,000
 
Depreciation  
At
1 January 2024
and
31 December 2024
-  
Carrying amount  
At
31 December 2024
180,000
 
At 31 December 2023
180,000
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying value at
1 January 2024
and
31 December 2024
180,000
 

6 Debtors

20242023
££
Other debtors
171
 
160
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
315
 
1,578
 
Other creditors
934
 
883
 
1,249
 
2,461