Company Registration No. 2652429 (England and Wales)
PARRY PEOPLE MOVERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
PARRY PEOPLE MOVERS LIMITED
COMPANY INFORMATION
Directors
J P M Parry MBE
R S Glendenning
C B Holden OBE
I H Hamilton
Company number
2652429
Registered office
Overend Road
Cradley Heath
West Midlands
B64 7DD
Solicitors
Wrigleys
19 Cookridge Street
Leeds
LS2 3AG
PARRY PEOPLE MOVERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PARRY PEOPLE MOVERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
1,700,000
1,700,000
Tangible assets
4
1,607
3,143
Investment properties
5
83,650
83,650
1,785,257
1,786,793
Current assets
Debtors
6
11,778
-
Cash at bank and in hand
-
1,927
11,778
1,927
Creditors: amounts falling due within one year
7
(343,629)
(380,420)
Net current liabilities
(331,851)
(378,493)
Total assets less current liabilities
1,453,406
1,408,300
Creditors: amounts falling due after more than one year
8
(97,038)
(101,797)
Net assets
1,356,368
1,306,503
Capital and reserves
Called up share capital
9
1,454,525
1,452,925
Share premium account
1,699,541
1,699,541
Revaluation reserve
10
1,110,072
1,110,072
Profit and loss reserves
(2,907,770)
(2,956,035)
Total equity
1,356,368
1,306,503
PARRY PEOPLE MOVERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
J P M Parry MBE
Director
Company Registration No. 2652429
PARRY PEOPLE MOVERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Parry People Movers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Overend Road, Cradley Heath, West Midlands, B64 7DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Research and development expenditure
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred, treated as an intangible asset and amortised over the period during which the company is expected to benefit. The accumulated value of the company's R&D expenditure has been included at a revalued amount following a professional IP valuation by Coller IP.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
PARRY PEOPLE MOVERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Intangible fixed assets
Other
£
Cost
At 1 January 2018 and 31 December 2018
1,700,000
Amortisation and impairment
At 1 January 2018 and 31 December 2018
-
Carrying amount
At 31 December 2018
1,700,000
At 31 December 2017
1,700,000
PARRY PEOPLE MOVERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
3
Intangible fixed assets
(Continued)
- 5 -
During 2012 the company purchased the registered patents and the remaining intellectual property (IP) concerning lightweight rail passenger vehicles from JPM Parry & Associates Ltd, an associated company. The value of the transaction was agreed by both Boards at £100,000.
Further to this purchase the company engaged an independent professional IP valuation firm, Coller IP Management, to asses the total value of the IP held by Parry People Movers Ltd. The valuation was carried out using accepted valuation methods and was based on sales forecasts and potential future revenue streams from exploiting the technology. The report concluded that the total value of the IP held by the company is in the region of £1,400,000- £2,000,000. The report and valuation has been endorsed by leading railway industry figures. The Board have therefore decided to restate the value of the IP held on the Balance Sheet at the mid-point of £1,700,000.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018 and 31 December 2018
317,804
Depreciation and impairment
At 1 January 2018
314,661
Depreciation charged in the year
1,536
At 31 December 2018
316,197
Carrying amount
At 31 December 2018
1,607
At 31 December 2017
3,143
5
Investment property
2018
£
Fair value
At 1 January 2018 and 31 December 2018
83,650
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
11,778
-
PARRY PEOPLE MOVERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
3,199
3,249
Trade creditors
21,571
55,547
Other taxation and social security
34,594
34,687
Other creditors
284,265
286,937
343,629
380,420
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
97,038
101,797
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
3,093,510 Ordinary Shares of 10p each
309,351
307,751
309,351
307,751
Preference share capital
Issued and fully paid
114,517,400 Deferred Shares of 1p each
1,145,174
1,145,174
1,145,174
1,145,174
10
Revaluation reserve
2018
2017
£
£
At beginning and end of year
1,110,072
1,110,072
PARRY PEOPLE MOVERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
11
Events after the reporting date
As previously disclosed JPM Parry and Associates Ltd was subject to a winding up order on 8th July 2013. This company is a major shareholder in Parry People Movers Ltd and provided administrative, technical and promotional support.
There are also material amounts owed to this company which are currently subject to negotiation with the liquidator. This action continues to have an impact on the trading and operations of Parry People Movers Ltd and the Directors are revising business plans accordingly.