COMPANY REGISTRATION NO. 06963491 (England and Wales)
PARNA LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
PARNA LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
PARNA LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PARNA LTD FOR THE YEAR ENDED 31 JULY 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parna Ltd for the year ended 31 July 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Parna Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Parna Ltd
and state those matters that we have agreed to state to the Board of Directors of Parna Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parna Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Parna Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Parna Ltd. You consider that Parna Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Parna Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
UHY Hacker Young
29 April 2020
Chartered Accountants
Lanyon House
Mission Court
Newport
South Wales
United Kingdom
NP20 2DW
PARNA LTD
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
424
562
Current assets
Stocks
10,000
10,000
Debtors
4
160
488
Cash at bank and in hand
19,618
13,005
29,778
23,493
Creditors: amounts falling due within one year
5
(5,317)
(8,791)
Net current assets
24,461
14,702
Total assets less current liabilities
24,885
15,264
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
24,785
15,164
Total equity
24,885
15,264
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 28 April 2020
Ms K A Griffiths
Director
Company Registration No. 06963491
PARNA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
Parna Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, United Kingdom, NP20 2DW.
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 provided in the normal course of business
.
1.3
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:
Fixtures and fittings
25% Straight line
Computers
33% Straight line
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PARNA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
1
-
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2018
1,734
Additions
349
At 31 July 2019
2,083
Depreciation and impairment
At 1 August 2018
1,172
Depreciation charged in the year
487
At 31 July 2019
1,659
Carrying amount
At 31 July 2019
424
At 31 July 2018
562
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
160
488
PARNA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
164
-
Trade creditors
974
(13)
Corporation tax
2,290
1,402
Other creditors
1,889
7,402
5,317
8,791
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100
7
Directors' transactions
During the year the company operated a loan account with its director. As at 31 July 2019 the company owed the director £869 (2018, £7,010).