| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 |
| FOR |
| PARKINSON BUSINESS FINANCE LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 |
| FOR |
| PARKINSON BUSINESS FINANCE LIMITED |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PARKINSON BUSINESS FINANCE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2025 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chandler House |
| 7 Ferry Road Office Park |
| Riversway |
| Preston |
| Lancashire |
| PR2 2YH |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| BALANCE SHEET |
| 31 MAY 2025 |
| 31/5/25 | 31/5/24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| BALANCE SHEET - continued |
| 31 MAY 2025 |
| The financial statements were approved by the director and authorised for issue on |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 1. | STATUTORY INFORMATION |
| Parkinson Business Finance Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Income recognition |
| Commission income represents commissions receivable in the accounting period, excluding value added tax. Income from both operating lease agreements and hire purchase agreements is allocated over the period of the agreement on a straight line basis. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
| Freehold property is maintained to ensure that its value does not diminish over time. The maintenance costs are charged to the profit and loss account as they are incurred. Freehold property is not depreciated as, in the opinion of the directors, the estimated residual value of the property is such that any depreciation charge would be immaterial. |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
| when there is a legally 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. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate.The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
| expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| 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 company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and |
| preference shares that are classified as debt, are initially recognised at transaction price unless the |
| arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company’s contractual obligations expire or are |
| discharged or cancelled. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the estimated useful lives. Those held under finance leases are depreciated over the estimated useful lives or the lease term, whichever is shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 June 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2025 |
| DEPRECIATION |
| At 1 June 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2025 |
| DEPRECIATION |
| At 1 June 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| The freehold property held by by the company were valued on an open market basis by the Director. |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 5. | DEBTORS |
| 31/5/25 | 31/5/24 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts receivable in respect of hire purchase contracts |
14,926 |
43,285 |
| Other debtors |
| Directors' current accounts | 42,209 | 499,530 |
| Amounts falling due after more than one year: |
| Amounts receivable in respect of hire purchase contracts |
4,013 |
14,735 |
| Aggregate amounts |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/5/25 | 31/5/24 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 10,072 | 11,453 |
| Other creditors |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/5/25 | 31/5/24 |
| £ | £ |
| Hire purchase contracts |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/5/25 | 31/5/24 |
| value: | £ | £ |
| Ordinary | £1 | 500 | 500 |
| PARKINSON BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 03778652) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2025 and 31 May 2024: |
| 31/5/25 | 31/5/24 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Amounts owed from the Director at the year end are deemed repayable on demand. Interest has been charged on amounts owed from the Director at a rate of 2.25% and then 3.75% from 1st April 2025. |