Parklife Innovations Ltd Filleted accounts

PARKLIFE INNOVATIONS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07629887

Parklife Innovations Ltd

Filleted Unaudited Financial Statements

Year Ended

31 December 2018

Parklife Innovations Ltd

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£	£

Fixed Assets

Intangible assets	5	29,068	31,373
Tangible assets	6	5,255	7,007
		--------	--------
		34,323	38,380

Current Assets

Stocks		7,851	13,652
Debtors	7	89,685	8,917
Cash at bank and in hand		65,326	8,370
		---------	--------
		162,862	30,939

Creditors: Amounts Falling due Within One Year	8	71,926		39,914
		---------		--------
Net Current Assets/(Liabilities)			90,936		( 8,975)
			---------		--------
Total Assets Less Current Liabilities			125,259		29,405

Creditors: Amounts Falling due after More than One Year	9	60,081	60,081
		---------	--------
Net Assets/(Liabilities)		65,178	( 30,676)
		---------	--------

Capital and Reserves

Called up share capital	2,338	2,338
Share premium account	151,131	151,131
Profit and loss account	( 88,291)	( 184,145)
	---------	---------
Shareholders Funds/(Deficit)	65,178	( 30,676)
	---------	---------

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 comprehensive income has not been delivered.

For the year ending 31st December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Parklife Innovations Ltd

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 27 September 2019 , and are signed on behalf of the board by:

Mr A A Wennesland Director

Company registration number: 07629887

Parklife Innovations Ltd

Notes to the Financial Statements

Year Ended 31st December 2018

1. General Information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4th Floor, 100 Fenchurch Street, London, EC3M 5JD.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure Exemptions

The financial statements have been prepared in accordance with the provision of FRS 102 Section 1A for small entities. There were no material departures from the standard.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue Recognition

Turnover represents the total value of sales made during the year, excluding Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income 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.

Foreign Currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development Costs	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 & Machinery	-	25% reducing balance

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Staff Numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Intangible Assets

	Development costs
	£

Cost
At 1st January 2018 and 31st December 2018	46,090
	--------
Amortisation
At 1st January 2018	14,717
Charge for the year	2,305
	--------
At 31st December 2018	17,022
	--------
Carrying amount
At 31st December 2018	29,068
	--------
At 31st December 2017	31,373
	--------

6. Tangible Assets

	Plant and machinery	Total
	£	£

Cost
At 1st January 2018 and 31st December 2018	36,394	36,394
	--------	--------
Depreciation
At 1st January 2018	29,387	29,387
Charge for the year	1,752	1,752
	--------	--------
At 31st December 2018	31,139	31,139
	--------	--------
Carrying amount
At 31st December 2018	5,255	5,255
	--------	--------
At 31st December 2017	7,007	7,007
	--------	--------

7. Debtors

	2018	2017
	£	£

Trade debtors	89,685	210
Other debtors	–	8,707
	--------	-------
	89,685	8,917
	--------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	65,015	32,894
Social security and other taxes	2,007	4,515
Other creditors	4,904	2,505
	--------	--------
	71,926	39,914
	--------	--------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£

Other creditors	60,081	60,081
	--------	--------

10. Director's Advances, Credits and Guarantees

There were no directors advances, credits and guarantees to disclose during the period .