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Registration number: 00746277

Parrett Property Co. Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Parrett Property Co. Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Parrett Property Co. Limited

Company Information

Directors

G Stacey

M Amesbury

M Forges

J Merrifield

Registered office

Quantock Terrace
The Drove
Bridgwater
Somerset
TA6 4BA

Accountants

Westcotts
Chartered Accountants7 Castle Street
Bridgwater
TA6 3DD

 

Parrett Property Co. Limited

(Registration number: 00746277)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

625,000

625,000

Current assets

 

Debtors

5

2,777

30

Cash at bank and in hand

 

448,782

394,681

 

451,559

394,711

Creditors: Amounts falling due within one year

6

(133,065)

(115,083)

Net current assets

 

318,494

279,628

Net assets

 

943,494

904,628

Capital and reserves

 

Called up share capital

4,068

4,068

Profit and loss account

939,426

900,560

Shareholders' funds

 

943,494

904,628

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 4 August 2025 and signed on its behalf by:
 


G Stacey
Director

 

Parrett Property Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Quantock Terrace
The Drove
Bridgwater
Somerset
TA6 4BA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents the property rental accrued during the financial period.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Parrett Property Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2024

625,000

625,000

At 31 March 2025

625,000

625,000

Depreciation

Carrying amount

At 31 March 2025

625,000

625,000

At 31 March 2024

625,000

625,000

The investment properties are shown at their fair value on an open market basis as determined by the directors.

The historic cost of the investment properties at 31 March 2025 was £64,100 (2024: £64,100)

 

Parrett Property Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5

Debtors

2025
£

2024
£

Trade debtors

2,747

-

Other debtors

30

30

2,777

30

6

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Trade creditors

14,825

11,823

Taxation and social security

17,711

12,904

Accruals and deferred income

2,646

2,520

Other creditors

97,883

87,836

133,065

115,083

7

Related party transactions

The company was indebted to the directors at the year end in the sum of £97,883 (2024: £87,836) repayable on demand.