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REGISTERED NUMBER:
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PARKER & SON (HOLDINGS) LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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REGISTERED NUMBER:
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PARKER & SON (HOLDINGS) LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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PARKER & SON (HOLDINGS) LTD (REGISTERED NUMBER: 06455900) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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PARKER & SON (HOLDINGS) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
81 Burton Road |
Derby |
Derbyshire |
DE1 1TJ |
PARKER & SON (HOLDINGS) LTD (REGISTERED NUMBER: 06455900) |
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BALANCE SHEET |
28 FEBRUARY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Other reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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PARKER & SON (HOLDINGS) LTD (REGISTERED NUMBER: 06455900) |
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BALANCE SHEET - continued |
28 FEBRUARY 2017 |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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PARKER & SON (HOLDINGS) LTD (REGISTERED NUMBER: 06455900) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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1. | STATUTORY INFORMATION |
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Parker & Son (Holdings) Ltd is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first year in which the financial statements have been prepared under FRS102 1A. Refer to |
the notes in the financial statements for the explanation of the transition. |
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Preparation of consolidated financial statements |
The financial statements contain information about Parker & Son (Holdings) Ltd as an individual |
company and do not contain consolidated financial information as the parent of a group. The |
company has taken the option under Section 398 of the Companies Act 2006 not to prepare |
consolidated financial statements. |
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Turnover |
Rental income shown in the profit and loss account represents amounts invoiced during the year |
exclusive of value added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment |
losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at deemed cost less any provision for |
impairment. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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Investment properties for which fair value can be measured reliably without undue cost or effort are |
measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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PARKER & SON (HOLDINGS) LTD (REGISTERED NUMBER: 06455900) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument |
is any contract that evidences a residual interest in the assets of the company after deducting all of |
its liabilities. |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 March 2016 |
and 28 February 2017 |
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DEPRECIATION |
At 1 March 2016 |
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Charge for year |
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At 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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At 29 February 2016 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 March 2016 |
and 28 February 2017 |
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PROVISIONS |
At 1 March 2016 | 36,052 |
Provision for year | 11,816 |
At 28 February 2017 | 47,868 |
NET BOOK VALUE |
At 28 February 2017 |
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At 29 February 2016 |
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PARKER & SON (HOLDINGS) LTD (REGISTERED NUMBER: 06455900) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2016 |
and 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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At 29 February 2016 |
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The investment property was valued on an open market basis by Mr M T Parker a director. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Amounts owed to group undertakings |
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Corporation tax |
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VAT | 1,190 | 900 |
Directors' current accounts | 161,703 | 171,703 |
Accruals and deferred income |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 2-5 years |
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Bank loans >5 yr (instalments) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans >5 yr (instalments) | 228,371 | 247,289 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 50,850 | 50,850 |
PARKER & SON (HOLDINGS) LTD (REGISTERED NUMBER: 06455900) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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10. | OTHER FINANCIAL COMMITMENTS |
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The company had total guarantees and commitments at the balance sheet date of £54,055 (2016 - |
£38,211). |
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The above contingent liability is by virtue of a bank loan guarantee in favour of it's subsidiary, Parker |
& Son (Printers) Ltd. |
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11. | RELATED PARTY DISCLOSURES |
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2017 | 2016 |
£ | £ |
Amounts owed to subsidiary undertakings | 26,666 | 13,367 |
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Amounts owed to directors |
161,70
3 |
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171,70
3 |
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12. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its financial statements under Section 1A of |
Financial Reporting Standard 102 (FRS102 1A) issued by the Financial Reporting Council. The last |
financial statements, for the year ended 29 February 2016, were prepared under previous UK GAAP. |
The transition date to FRS102 1A is therefore 1 March 2015. |
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Adopting FRS102 1A has resulted in a change to the accounting policy for Freehold land and buildings |
causing them to be be reclassified under investment properties. |
Investment properties are carried at fair value with a provision for deferred tax on any indexed gains. |
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Reconciliation of equity |
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1 March
2015 |
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29 Feb 2016 |
£ | £ |
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As previously reported | 20,234 | 31,134 |
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Depreciation on buildings | 50,978 | 58,390 |
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As reported under FRS 102 1A | 71,212 | 89,524 |
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Reconciliation of profit |
Year ended |
29 Feb 2016 |
£ |
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As previously reported | 10,900 |
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Depreciation on buildings in the year | 7,412 |
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As reported under FRS 102 1A | 18,312 |
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