Registration number:
Parakar UK Limited
for the Year Ended 31 December 2024
Parakar UK Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Parakar UK Limited
Company Information
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Directors |
Mr Johannes Jacobus Maria Opperman Ms Pleun Opperman |
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Registered office |
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Auditors |
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Parakar UK Limited
(Registration number: 14329418) (England and Wales)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
12,865 |
2,038 |
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Shareholders' funds |
13,865 |
3,038 |
These financial statements were approved and authorised for issue by the
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Parakar UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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.
The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.
Going concern
At the time of approving these financial statements, the directors are confident that the company has sufficient resources to continue in operational existence and to meet its working capital requirements and liabilities as they fall due for at least twelve months from the date of approval of these financial statements. In forming this view, the directors have considered the company’s positive shareholder funds, its continued profitability and its access to readily available cash resources. Accordingly, the financial statements have been prepared on a going concern basis.
Parakar UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Audit report
Revenue recognition
The company is in the business of providing employer of record and other related services. Turnover from contracts with customers is recognised when control of the services are transferred to the customer at an amount that reflects the consideration to which the company expects to be entitled in exchange for those services. The company has generally concluded that it is the principal in its revenue arrangements relating to management fees but is the agent in its arrangements relating to the payroll cost of employees hired on behalf of its customers.
Income is recognised over time, as the service is provided, due to the fact that the customer simultaneously receives and consumes the benefits provided by the service, i.e. on a recurring monthly basis which is enjoyed evenly throughout each month.
The comany applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised service and the payment is one year or less.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Parakar UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Staff numbers |
The average monthly number of persons employed by the company (including directors) during the year, was
The directors are not remunerated through the company.
Parakar UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Profit before tax |
Arrived at after charging/(crediting)
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31 December |
1 September 2022 to 31 December |
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Foreign currency (gains)/losses - operating expense |
(12,790) |
(2) |
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Taxation |
Tax charged/(credited) in the profit and loss account
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31 December |
1 September 2022 to 31 December |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
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- |
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3,932 |
1,107 |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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- |
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Other debtors |
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Accrued income |
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- |
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Prepayments |
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Parakar UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Corporation tax payable |
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Taxation and social security |
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Accrued expenses |
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
Benraatshoef 41,
4941 TM
Raamsdonksveer
The ultimate controlling parties are Mr