Park Green Investments Limited 31/07/2019 iXBRL

Park Green Investments Limited 31/07/2019 iXBRL

PARK GREEN INVESTMENTS LIMITED - Company Information

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Company registration number: 2835586
Park Green Investments Limited
Unaudited filleted abridged financial statements
31 July 2019
Park Green Investments Limited
Contents
Directors and other information
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Park Green Investments Limited
Directors and other information
Directors Stephen Thompson
Robert Thompson
Secretary Robert Thompson
Company number 2835586
Registered office Onslow Hall
Little Green
Richmond
Surrey
TW9 1QS
Business address Onslow Hall
Little Green
Richmond
Surrey
TW9 1QS
Bankers Barclays Plc
3rd Floor
3 Bedford Street
Exeter
Devon EX1 1LX
Solicitors Vivash Brand LLP
Nonsuch House
538-542 London Road
Sutton
SM3 9AA
Park Green Investments Limited
Abridged statement of financial position
31 July 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 3,082,833 3,083,779
Investments 5 875,454 875,454
_______ _______
3,958,287 3,959,233
Current assets
Debtors 2,485,309 2,072,046
Cash at bank and in hand 170 1,344
_______ _______
2,485,479 2,073,390
Creditors: amounts falling due
within one year ( 2,814,427) ( 2,388,956)
_______ _______
Net current liabilities ( 328,948) ( 315,566)
_______ _______
Total assets less current liabilities 3,629,339 3,643,667
Creditors: amounts falling due
after more than one year ( 3,119,203) ( 3,133,944)
_______ _______
Net assets 510,136 509,723
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 2,411,607 2,411,607
Other reserves 50 50
Profit and loss account ( 1,901,621) ( 1,902,034)
_______ _______
Shareholders funds 510,136 509,723
_______ _______
For the year ending 31 July 2019 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 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 22 July 2020 , and are signed on behalf of the board by:
Stephen Thompson
Director
Company registration number: 2835586
Park Green Investments Limited
Statement of changes in equity
Year ended 31 July 2019
Called up share capital Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 August 2017 100 2,411,607 50 ( 1,902,183) 509,574
Profit for the year 149 149
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 149 149
_______ _______ _______ _______ _______
At 31 July 2018 and 1 August 2018 100 2,411,607 50 (1,902,035) 509,722
Profit for the year 414 414
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 414 414
_______ _______ _______ _______ _______
At 31 July 2019 100 2,411,607 50 ( 1,901,621) 510,136
_______ _______ _______ _______ _______
Park Green Investments Limited
Notes to the financial statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Onslow Hall, Little Green, Richmond, Surrey, TW9 1QS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
£
Cost
At 1 August 2018 and 31 July 2019 3,116,878
_______
Depreciation
At 1 August 2018 34,989
Charge for the year ( 944)
_______
At 31 July 2019 34,045
_______
Carrying amount
At 31 July 2019 3,082,833
_______
At 31 July 2018 3,081,889
_______
5. Investments
£
Cost
At 1 August 2018 and 31 July 2019 875,454
_______
Impairment
At 1 August 2018 and 31 July 2019 -
_______
Carrying amount
At 31 July 2019 875,454
_______
At 31 July 2018 875,454
_______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Stephen Thompson 69,471 7,950 77,421
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Stephen Thompson 60,070 9,401 69,471
_______ _______ _______
7. Controlling party
Stephen Thompson , a director, controls the company by virtue of a 51% holding of the issued ordinary share capital.