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COMPANY REGISTRATION NUMBER: 11594255
Parity Financial Limited
Filleted Unaudited Financial Statements
31 December 2024
Parity Financial Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Parity Financial Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
19,612
15,690
Investments
6
196,019
111,377
---------
---------
215,631
127,067
Current assets
Debtors
7
926,480
41,917
Cash at bank and in hand
367,216
297,148
------------
---------
1,293,696
339,065
Creditors: amounts falling due within one year
8
18,876,028
9,620,668
-------------
------------
Net current liabilities
17,582,332
9,281,603
-------------
------------
Total assets less current liabilities
( 17,366,701)
( 9,154,536)
-------------
------------
Net liabilities
( 17,366,701)
( 9,154,536)
-------------
------------
Capital and reserves
Called up share capital
962
962
Share premium account
114,919
114,919
Capital redemption reserve
509
509
Profit and loss account
( 17,483,091)
( 9,270,926)
-------------
------------
Shareholders deficit
( 17,366,701)
( 9,154,536)
-------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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 .
Parity Financial Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 26 June 2025 , and are signed on behalf of the board by:
B W Fleichman
Director
Company registration number: 11594255
Parity Financial Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Eastbourne Terrace, London, W2 6LG, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the parent 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 4 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2024
20,150
Additions
8,783
--------
At 31 December 2024
28,933
--------
Depreciation
At 1 January 2024
4,460
Charge for the year
4,861
--------
At 31 December 2024
9,321
--------
Carrying amount
At 31 December 2024
19,612
--------
At 31 December 2023
15,690
--------
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 January 2024
111,377
111,377
Additions
164
164
Disposals
( 30,008)
( 30,008)
Revaluations
114,486
114,486
----
---------
---------
At 31 December 2024
164
195,855
196,019
----
---------
---------
Impairment
At 1 January 2024 and 31 December 2024
----
---------
---------
Carrying amount
At 31 December 2024
164
195,855
196,019
----
---------
---------
At 31 December 2023
111,377
111,377
----
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
768,506
Amounts owed by group undertakings and undertakings in which the company has a participating interest
25,512
Other debtors
157,974
16,405
---------
--------
926,480
41,917
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,867
3,844
Amounts owed to group undertakings and undertakings in which the company has a participating interest
18,826,695
9,582,192
Social security and other taxes
24,672
20,807
Other creditors
20,794
13,825
-------------
------------
18,876,028
9,620,668
-------------
------------
9. Controlling party
The company is a 100% subsidiary of Parity Holding Ltd . The registered address of the ultimate parent company is PO Box 10655, Amicorp Cayman Fiduciary Limited, 2nd Floor, Regatta Office Park, Leeward 2, West Bay Road, Cayman Islands .