COMPANY REGISTRATION NUMBER:
12596837
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Parallel Lines - The Advisor Collective Ltd |
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Filleted Unaudited Financial Statements |
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Parallel Lines - The Advisor Collective Ltd |
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31 May 2025
Fixed assets
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Tangible assets |
5 |
574 |
820 |
|
|
|
|
Current assets
|
Debtors |
6 |
13,576 |
4,359 |
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Cash at bank and in hand |
162,891 |
173,137 |
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--------- |
--------- |
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176,467 |
177,496 |
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|
|
|
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Creditors: amounts falling due within one year |
7 |
82,552 |
84,371 |
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--------- |
--------- |
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Net current assets |
93,915 |
93,125 |
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-------- |
-------- |
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Total assets less current liabilities |
94,489 |
93,945 |
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|
|
|
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Creditors: amounts falling due after more than one year |
8 |
48,327 |
57,994 |
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-------- |
-------- |
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Net assets |
46,162 |
35,951 |
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-------- |
-------- |
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|
|
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Capital and reserves
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Called up share capital |
14,506 |
14,506 |
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Profit and loss account |
31,656 |
21,445 |
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-------- |
-------- |
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Shareholders funds |
46,162 |
35,951 |
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-------- |
-------- |
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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 comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 May 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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
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Parallel Lines - The Advisor Collective Ltd |
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Balance Sheet (continued) |
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31 May 2025
These financial statements were approved by the
board of directors
and authorised for issue on
5 September 2025
, and are signed on behalf of the board by:
Company registration number:
12596837
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Parallel Lines - The Advisor Collective Ltd |
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Notes to the Financial Statements |
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Year ended 31 May 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 c/o DED Accountancy Services Ltd, Cors Afanen, Eryrys Road, Mynydd Du, Denbighshire, CH7 4BR.
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. There are no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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:
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Equipment |
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25% straight line |
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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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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.
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
5
(2024:
5
).
5.
Tangible assets
|
Equipment |
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£ |
|
Cost |
|
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At 1 June 2024 and 31 May 2025 |
984 |
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---- |
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Depreciation |
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At 1 June 2024 |
164 |
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Charge for the year |
246 |
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---- |
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At 31 May 2025 |
410 |
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---- |
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Carrying amount |
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At 31 May 2025 |
574 |
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---- |
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At 31 May 2024 |
820 |
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---- |
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6.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Other debtors |
13,576 |
4,359 |
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-------- |
------- |
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7.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
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£ |
£ |
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Trade creditors |
4,862 |
3,785 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
812 |
10,812 |
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Corporation tax |
2,682 |
1,661 |
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Social security and other taxes |
6,207 |
6,502 |
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Other creditors |
67,989 |
61,611 |
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-------- |
-------- |
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82,552 |
84,371 |
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-------- |
-------- |
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8.
Creditors:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
48,327 |
57,994 |
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-------- |
-------- |
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9.
Related party transactions
During the period the company paid commission of £714,036 to Talking Finances Ltd and £541,847 to Waymark Financial Ltd (both companies under common control). As at 31 May 2025 £41,436 (2024 £26,690) commission was owed to Talking Finances Ltd and £22,667 (2024 £24,777) to Waymark Financial Ltd, and both amounts were paid to these companies during June 2025. During the year, £4,833 was repaid in respect of each of the original loans of £29,000 advanced to the company in the 2023 by Talking Finances Ltd and Waymark Financial Ltd. As at 31 May 2025, £48,333 (2024 £57,994) is outstanding in respect of these loans and the directors do not expect to repay them before 31 May 2025. During the year, £10,000 was repaid in respect of the further short term loan from Waymark Financial Ltd . As at 31 May 2025, £nil (2024 £10,000) is outstanding in respect of this loan and the directors expect to repay this loan before 31 May 2026.