Park Plant and Vehicle Leasing Ltd Filleted accounts for Companies House (small and micro)

PARK PLANT AND VEHICLE LEASING LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC369395

Park Plant and Vehicle Leasing Ltd

Filleted Unaudited Financial Statements

31 December 2018

Park Plant and Vehicle Leasing Ltd

Financial Statements

Year ended 31 December 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Park Plant and Vehicle Leasing Ltd

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		939,482	1,368,495

Current assets

Debtors	6	147,839	130,000
Cash at bank and in hand		5,167	7,167
		---------	---------
		153,006	137,167

Creditors: amounts falling due within one year	7	969,009		1,335,186
		---------		------------
Net current liabilities			816,003	1,198,019
			---------	------------
Total assets less current liabilities			123,479	170,476

Provisions for liabilities	49,219	109,415
	---------	---------
Net assets	74,260	61,061
	---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		74,160	60,961
		--------	--------
Shareholders funds		74,260	61,061
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 July 2019 , and are signed on behalf of the board by:

Mr Sean Reilly

Director

Company registration number: SC369395

Park Plant and Vehicle Leasing Ltd

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is SR House, 18 Tom Johnston Road, Dundee, DD4 8XD, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Corporation & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	20% straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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.

4. Tax on profit/(loss)

Major components of tax income

	2018	2017
	£	£

Current tax:

UK current tax expense	53,854	48,253

Deferred tax:

Origination and reversal of timing differences	( 60,196)	( 64,472)
	--------	--------
Tax on profit/(loss)	( 6,342)	( 16,219)
	--------	--------

5. Tangible assets

	Plant and machinery
	£
Cost
At 1 January 2018	2,701,444
Additions	170,345
	------------
At 31 December 2018	2,871,789
	------------
Depreciation
At 1 January 2018	1,332,949
Charge for the year	599,358
	------------
At 31 December 2018	1,932,307
	------------
Carrying amount
At 31 December 2018	939,482
	------------
At 31 December 2017	1,368,495
	------------

6. Debtors

	2018	2017
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	130,000	130,000
Other debtors	17,839	–
	---------	---------
	147,839	130,000
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	969,009	1,328,330
Corporation tax	–	6,856
	---------	------------
	969,009	1,335,186
	---------	------------

Park Plant and Vehicle Leasing Ltd has given a cross guarantee to the Bank of Scotland on behalf of IAS (Dundee) Ltd, a company in the same group.

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions for liabilities	49,219	109,415
	--------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	49,219	109,415
	--------	---------

9. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Related party transactions

At the year end, an amount of £130,000 (2017 - £130,000) was due to be received from Athlone Holding Company Ltd. At the year end, an amount of £734,420 (2017 - £734,420) was due to be paid to Triang Properties Ltd, the parent company. At the year end, an amount of £234,589 (2017 - £593,910) was due to be paid to IAS (Dundee) Ltd, a fellow subsidiary undertaking. All of the aforementioned loans are interest free and repayable on demand.

11. Controlling party

The company is a wholly owned subsidiary of Triang Properties Ltd which is, in turn, a wholly owned subsidiary of Athlone Holding Company Ltd. Both companies are incorporated in Scotland and have the same registered office as Park Plant and Vehicle Leasing Ltd . The company is controlled by Mr Sean Reilly , who owns 100% of the issued share capital of Athlone Holding Company Ltd.