ACCOUNTS - Final Accounts

PARKVIEW FIFE LIMITED - Company Information

Registered number: SC179391

PARKVIEW FIFE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019


PARKVIEW FIFE LIMITED

COMPANY INFORMATION

Directors	Mr J Moffat
	Mrs E Moffat


Company secretary	Agnes Wallace


Registered number	SC179391


Registered office	Birniefield By Birnie Loch
	Collessie Ladybank
	Cupar
	Fife
	KY15 7UT


Accountants	EQ Accountants LLP
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH


PARKVIEW FIFE LIMITED REGISTERED NUMBER:SC179391

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2019

		2019		2018
		£		£


Fixed assets
Tangible assets	4		154,808		155,418
			154,808		155,418
Current assets
Stocks		5,500		5,500
Cash at bank and in hand		4,499		5,474
		9,999		10,974
Creditors: amounts falling due within one year	5	(25,784)		(27,145)
Net current liabilities			(15,785)		(16,171)
Total assets less current liabilities			139,023		139,247

Creditors: amounts falling due after more than one year	6		(153,304)		(151,002)
			(14,281)		(11,755)


Net liabilities			(14,281)		(11,755)

Capital and reserves
Called up share capital	7	2	2
Profit and loss account		(14,283)	(11,757)
		(14,281)	(11,755)

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PARKVIEW FIFE LIMITED REGISTERED NUMBER:SC179391

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 August 2020.

Mr J Moffat

Director

The notes on pages 3 to 6 form part of these financial statements.

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PARKVIEW FIFE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

The Company is limited by shares and incorporated in Scotland; Registration Number SC179391. The registered office address is Birniefield By Birnie Loch, Collessie Ladybank, Cupar, Fife, KY15 7UT.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company meets its day to day working capital requirements through a directors' loan. The directors consider that the Company will continue to operate by utilising the directors' loan. On this basis, the directors consider it appropriate to prepare financial statements on a going concern basis.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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PARKVIEW FIFE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Freehold property	-	0% reducing balance
				Plant and machinery	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

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PARKVIEW FIFE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

4.	Tangible fixed assets

	Freehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 January 2019	152,978	11,367	164,345
At 31 December 2019	152,978	11,367	164,345
Depreciation
At 1 January 2019	-	8,927	8,927
Charge for the year on owned assets	-	610	610
At 31 December 2019	-	9,537	9,537
Net book value
At 31 December 2019	152,978	1,830	154,808
At 31 December 2018	152,978	2,440	155,418

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank loans	3,639	3,322
Other taxation and social security	1,335	3,128
Other creditors	20,000	20,000
Accruals and deferred income	810	695
	25,784	27,145

6.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

Bank loans	639	4,277
Other creditors	152,665	146,725
	153,304	151,002

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PARKVIEW FIFE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

7.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

2 Ordinary shares of £1.00 each	2	2

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