8 false false false false false false false false false false true false false false false false false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 261,722 98,314 13,086 111,400 150,322 163,408 xbrli:pure xbrli:shares iso4217:GBP 09322415 2024-04-01 2025-03-31 09322415 2025-03-31 09322415 2024-03-31 09322415 2023-04-01 2024-03-31 09322415 2024-03-31 09322415 2023-03-31 09322415 core:NetGoodwill 2024-04-01 2025-03-31 09322415 core:PlantMachinery 2024-04-01 2025-03-31 09322415 core:MotorVehicles 2024-04-01 2025-03-31 09322415 bus:Director1 2024-04-01 2025-03-31 09322415 core:NetGoodwill 2024-03-31 09322415 core:NetGoodwill 2025-03-31 09322415 core:PlantMachinery 2024-03-31 09322415 core:MotorVehicles 2024-03-31 09322415 core:PlantMachinery 2025-03-31 09322415 core:MotorVehicles 2025-03-31 09322415 core:WithinOneYear 2025-03-31 09322415 core:WithinOneYear 2024-03-31 09322415 core:AfterOneYear 2025-03-31 09322415 core:AfterOneYear 2024-03-31 09322415 core:ShareCapital 2025-03-31 09322415 core:ShareCapital 2024-03-31 09322415 core:RetainedEarningsAccumulatedLosses 2025-03-31 09322415 core:RetainedEarningsAccumulatedLosses 2024-03-31 09322415 core:NetGoodwill 2024-03-31 09322415 core:PlantMachinery 2024-03-31 09322415 core:MotorVehicles 2024-03-31 09322415 bus:SmallEntities 2024-04-01 2025-03-31 09322415 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 09322415 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 09322415 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 09322415 bus:FullAccounts 2024-04-01 2025-03-31
COMPANY REGISTRATION NUMBER: 09322415
Parkin North East Limited
Filleted Unaudited Financial Statements
31 March 2025
Parkin North East Limited
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Intangible assets
5
150,322
163,408
Tangible assets
6
51,841
67,285
---------
---------
202,163
230,693
Current assets
Stocks
990
990
Debtors
7
64,545
48,519
Cash at bank and in hand
50,195
25,217
---------
--------
115,730
74,726
Creditors: amounts falling due within one year
8
125,488
77,177
---------
--------
Net current liabilities
9,758
2,451
---------
---------
Total assets less current liabilities
192,405
228,242
Creditors: amounts falling due after more than one year
9
37,703
61,067
Provisions
Taxation including deferred tax
7,860
10,668
---------
---------
Net assets
146,842
156,507
---------
---------
Capital and reserves
Called up share capital
22
22
Profit and loss account
146,820
156,485
---------
---------
Shareholders funds
146,842
156,507
---------
---------
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 March 2025 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 .
Parkin North East Limited
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 21 July 2025 , and are signed on behalf of the board by:
Mr M.D. Parkin
Director
Company registration number: 09322415
Parkin North East Limited
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Blackthorn 5 Front Street, Whickham, NE16 4HF.
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.
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. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 8 (2024: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
261,722
---------
Amortisation
At 1 April 2024
98,314
Charge for the year
13,086
---------
At 31 March 2025
111,400
---------
Carrying amount
At 31 March 2025
150,322
---------
At 31 March 2024
163,408
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2024
10,450
79,127
9,306
98,883
Additions
919
919
--------
--------
--------
--------
At 31 March 2025
10,450
79,127
10,225
99,802
--------
--------
--------
--------
Depreciation
At 1 April 2024
7,864
17,803
5,931
31,598
Charge for the year
388
15,331
644
16,363
--------
--------
--------
--------
At 31 March 2025
8,252
33,134
6,575
47,961
--------
--------
--------
--------
Carrying amount
At 31 March 2025
2,198
45,993
3,650
51,841
--------
--------
--------
--------
At 31 March 2024
2,586
61,324
3,375
67,285
--------
--------
--------
--------
7. Debtors
2025
2024
£
£
Trade debtors
23,950
9,950
Other debtors
40,595
38,569
--------
--------
64,545
48,519
--------
--------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
7,956
7,884
Trade creditors
20,471
15,095
Corporation tax
46,894
12,355
Social security and other taxes
25,948
19,301
Other creditors
24,219
22,542
---------
--------
125,488
77,177
---------
--------
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
7,385
15,458
Other creditors
30,318
45,609
--------
--------
37,703
61,067
--------
--------
10. Directors' advances, credits and guarantees
Included in debtors: amounts falling due after more than one year is a directors loan balance of £39,703 (2024: £37,677).
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102.