Parkes & Pearn (SW) Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 9

Parkes & Pearn (SW) Ltd

(Registration number: 08364144)
Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	4	-	101
Tangible assets	5	6,301	20,181
		6,301	20,282
Current assets
Debtors	6	35,398	34,903
Cash at bank and in hand		40,788	21,402
		76,186	56,305
Creditors: Amounts falling due within one year	7	(36,437)	(38,126)
Net current assets		39,749	18,179
Total assets less current liabilities		46,050	38,461
Creditors: Amounts falling due after more than one year	7	(15,522)	(25,014)
Net assets		30,528	13,447
Capital and reserves
Called up share capital		2,000	2,000
Profit and loss account		28,528	11,447
Shareholders' funds		30,528	13,447

For the financial period ending 31 March 2026 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 period 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 20 July 2026 and signed on its behalf by:
 

Ms Rhiannon Llewellyn Director

Parkes & Pearn (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2025 to 31 March 2026

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:
Pendennis Court Falmouth Business Park
Bickland Water Road
Falmouth
Cornwall
TR11 4SZ
England

Principal activity

The principal activity of the company is that of a real estate agency.

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.

Parkes & Pearn (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2025 to 31 March 2026 (continued)

2	Accounting policies (continued)

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & Fittings	25% reducing balance
Computer Equipment	25% reducing balance

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.

Parkes & Pearn (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2025 to 31 March 2026 (continued)

2	Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Parkes & Pearn (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2025 to 31 March 2026 (continued)

2	Accounting policies (continued)

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 period, was 5 (2025 - 5).

Parkes & Pearn (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2025 to 31 March 2026 (continued)

4	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
At 1 February 2025	2,871	2,871
At 31 March 2026	2,871	2,871
Amortisation
At 1 February 2025	2,770	2,770
Amortisation charge	101	101
At 31 March 2026	2,871	2,871
Carrying amount
At 31 March 2026	-	-
At 31 January 2025	101	101

Parkes & Pearn (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2025 to 31 March 2026 (continued)

5	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2025	28,858	-	74,930	103,788
Additions	-	2,490	-	2,490
Disposals	-	-	(74,930)	(74,930)
At 31 March 2026	28,858	2,490	-	31,348
Depreciation
At 1 February 2025	22,921	-	60,686	83,607
Charge for the period	1,855	271	-	2,126
Eliminated on disposal	-	-	(60,686)	(60,686)
At 31 March 2026	24,776	271	-	25,047
Carrying amount
At 31 March 2026	4,082	2,219	-	6,301
At 31 January 2025	5,937	-	14,244	20,181

6

Debtors

	Note	2026 £	2025 £
Trade debtors		-	7,650
Amounts owed by related parties	10	16,083	-
Other debtors		16,701	27,253
Prepayments		2,614	-
		35,398	34,903

Parkes & Pearn (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2025 to 31 March 2026 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	9	3,801	8,071
Trade creditors		-	625
Taxation and social security		27,314	25,835
Accruals and deferred income		5,125	3,595
Other creditors		197	-
		36,437	38,126

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings	9	15,522	25,014

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Parkes & Pearn (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 February 2025 to 31 March 2026 (continued)

9	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Bank borrowings	15,522	16,475
Hire purchase contracts	-	8,539
	15,522	25,014

Current loans and borrowings

	2026 £	2025 £
Bank borrowings	3,801	3,801
Hire purchase contracts	-	4,270
	3,801	8,071

10	Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:
 

2026	At 1 February 2025 £	Advances to director £	Repayments by director £	At 31 March 2026 £
Directors	19,805	8,219	(25,000)	3,024