Park Display Limited - Filleted accounts

PARK DISPLAY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2019

Company Registration Number: 05536373

PARK DISPLAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 9

PARK DISPLAY LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2019
DIRECTORS
Mr D Robinson
Mr D Stubbs
SECRETARY
Mrs C Robinson
REGISTERED OFFICE
Park House E25
Telford Road
Bicester
Oxfordshire
OX26 4LD
COMPANY REGISTRATION NUMBER
05536373 England and Wales

PARK DISPLAY LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2019
			Notes		2019				2018
					£				£
FIXED ASSETS
Tangible assets			6				33,453				39,475
CURRENT ASSETS
Stock					47,225				47,078
Debtors			7		1,263,438				1,189,398
Cash at bank and in hand					913,745				620,928
					2,224,408				1,857,404
CREDITORS: Amounts falling due within one year			8		572,670				402,195
NET CURRENT ASSETS							1,651,738				1,455,209
TOTAL ASSETS LESS CURRENT LIABILITIES							1,685,191				1,494,684
Provisions for liabilities and charges							5,230				4,902
NET ASSETS							1,679,961				1,489,782
CAPITAL AND RESERVES
Called up share capital							103				103
Distributable profit and loss account							1,679,858				1,489,679
SHAREHOLDERS' FUNDS							1,679,961				1,489,782
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
D Robinson
Director
Date approved by the board: 15 June 2020

PARK DISPLAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
1	GENERAL INFORMATION
	Park Display Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Park House E25
	Telford Road
	Bicester
	Oxfordshire
	OX26 4LD
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable and represents the design and sale of exhibition stands, stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Intangible fixed assets

	Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets are now fully amortised.
	Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 5 years.
	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 expectations.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Plant and machinery					Straight line basis at 10% and 20% per annum
	Motor vehicles					Reducing balance basis at 25% per annum
	Fixtures and fittings					Straight line basis at 33% per annum
	Leasehold improvements					Straight line basis at 10% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Stock

	Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
	The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Foreign currencies

	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
	Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.

	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2019		2018
	Average number of employees								13		13
5	INTANGIBLE FIXED ASSETS
							Goodwill		Corporate identity		Total
							£		£		£
	Cost
	At 1 December 2018						454,818		7,417		462,235
	At 30 November 2019						454,818		7,417		462,235
	Accumulated amounts written off
	At 1 December 2018						454,818		7,417		462,235
	At 30 November 2019						454,818		7,417		462,235
	Net book value
	At 1 December 2018						-		-		-
	At 30 November 2019						-		-		-
6	TANGIBLE ASSETS
			Plant and machinery		Motor vehicles		Fixtures and fittings		Leasehold improvements		Total
			£		£		£		£		£
	Cost
	At 1 December 2018		33,102		129,735		34,145		5,519		202,501
	Additions		645		-		8,742		-		9,387
	Disposals		-		(14,188)		-		-		(14,188)
	At 30 November 2019		33,747		115,547		42,887		5,519		197,700
	Accumulated depreciation and impairments
	At 1 December 2018		27,610		100,136		34,088		1,192		163,026
	Charge for year		2,213		6,628		2,930		552		12,323
	Disposals		-		(11,102)		-		-		(11,102)
	At 30 November 2019		29,823		95,662		37,018		1,744		164,247
	Net book value
	At 1 December 2018		5,492		29,599		57		4,327		39,475
	At 30 November 2019		3,924		19,885		5,869		3,775		33,453
7	DEBTORS
									2019		2018
									£		£
	Trade debtors								405,100		258,805
	Prepayments and accrued income								35,197		76,058
	Other debtors								823,141		854,535
									1,263,438		1,189,398
8	CREDITORS: Amounts falling due within one year
									2019		2018
									£		£
	Trade creditors								282,339		248,952
	Taxation and social security								134,134		105,236
	Accruals and deferred income								150,976		36,733
	Other creditors								5,221		11,274
									572,670		402,195
9	CONTINGENCIES AND COMMITMENTS
	Other Commitments
	Amounts falling due under operating leases:								2019		2018
									£		£
	In less than one year								105,000		105,000
	In more than one but less than five years								87,000		192,000
									192,000		297,000
10	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
	The following directors' advances, credits and guarantees took place during the year
					Balance at 1 December 2018		Amounts advanced		Amounts repaid		Balance at 30 November 2019
					£		£		£		£
	Mr D Robinson				174,981		39,563		72,000		142,544
	Mr D Stubbs				-		3,200		3,200		-
					174,981		42,763		75,200		142,544

	One of these advances is interest free and repayable on demand.
	Interest has been charged on one of these advances at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. This advance is repayable on demand.