Registration number:
Parsec IT Limited
for the Year Ended 31 October 2021
Parsec IT Limited
Contents
Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Parsec IT Limited
(Registration number: 06402957)
Abridged Balance Sheet as at 31 October 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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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 current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Parsec IT Limited
(Registration number: 06402957)
Abridged Balance Sheet as at 31 October 2021
For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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 accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
Dr J Moore
Director
Parsec IT Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged 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.
Going concern
The directors have considered the financial position of the company in view of the results in the year ended 31 October 2021.
The company's ability to continue trading is reliant on Dr J Moore and Dr L Moore, the directors, continuing to support the company through their directors' loan account. The directors have agreed not to seek repayment of the amounts owed to them within 12 months of the date of the accounts where doing so would affect the company's ability to trade.
The directors have considered a period of 12 months from the date of approval of the financial statements and consider it appropriate to prepare the financial statements on the going concern basis.
Revenue recognition
Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year and rent receivable on investment properties.
Tax
The tax expense for the period comprises current and deferred 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 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Parsec IT Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2021
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 |
Plant and Machinery |
25% reducing balance |
Office Equipment |
33% straight line |
Investment property
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Total |
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Cost or valuation |
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At 1 November 2020 |
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Additions |
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At 31 October 2021 |
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Depreciation |
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At 1 November 2020 |
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Charge for the year |
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At 31 October 2021 |
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Carrying amount |
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At 31 October 2021 |
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At 31 October 2020 |
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Investment properties
2021 |
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At 1 November 2020 |
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At 31 October 2021 |
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There has been no valuation of investment property by an independent valuer.
Creditors: amounts falling due after more than one year |
Creditors include a loan which is secured of £249,990 (2020 - £249,990). The loan is secured against the investment property of Parsec IT Limited (fixed charge) and the remaining net assets of Parsec IT Limited (floating charge).
Creditors include bank loans not repayable by instalments of £249,990 (2020 - £249,990) due after more than five years.