PARKSTONE CAPITAL LTD Filleted accounts for Companies House (small and micro)

PARKSTONE CAPITAL LTD Filleted accounts for Companies House (small and micro)

PARKSTONE CAPITAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01634010
PARKSTONE CAPITAL LTD
Filleted Unaudited Financial Statements
31 December 2019
PARKSTONE CAPITAL LTD
Statement of Financial Position
31 December 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
4
25,854
34,473
Current assets
Debtors
6
260,292
266,475
Cash at bank and in hand
13,222
8,851
---------
---------
273,514
275,326
Creditors: amounts falling due within one year
7
128,630
113,191
---------
---------
Net current assets
144,884
162,135
---------
---------
Total assets less current liabilities
170,738
196,608
Creditors: amounts falling due after more than one year
8
4,996,893
4,996,893
------------
------------
Net liabilities
( 4,826,155)
( 4,800,285)
------------
------------
Capital and reserves
Called up share capital
250,000
250,000
Profit and loss account
( 5,076,155)
( 5,050,285)
------------
------------
Shareholders deficit
( 4,826,155)
( 4,800,285)
------------
------------
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 Section 1A of 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 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 .
PARKSTONE CAPITAL LTD
Statement of Financial Position (continued)
31 December 2019
These financial statements were approved by the board of directors and authorised for issue on 29 January 2021 , and are signed on behalf of the board by:
P A Bobroff
Director
Company registration number: 01634010
PARKSTONE CAPITAL LTD
Notes to the Financial Statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Grosvenor Street, London, W1K 4PZ.
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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
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.
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:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25 % reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2019 and 31 December 2019
194,258
74,508
268,766
---------
--------
---------
Depreciation
At 1 January 2019
177,199
57,094
234,293
Charge for the year
4,265
4,354
8,619
---------
--------
---------
At 31 December 2019
181,464
61,448
242,912
---------
--------
---------
Carrying amount
At 31 December 2019
12,794
13,060
25,854
---------
--------
---------
At 31 December 2018
17,059
17,414
34,473
---------
--------
---------
5. Investments
Other investments other than loans
£
Cost
At 1 January 2019 and 31 December 2019
43,500
--------
Impairment
At 1 January 2019 and 31 December 2019
43,500
--------
Carrying amount
At 31 December 2019
–
--------
At 31 December 2018
–
--------
The Company owns 60,000 ordinary shares in Sovereign Oilfield Group plc. The shares were suspended on the London stock exchange on 25 September 2008.
6. Debtors
2019
2018
£
£
Trade debtors
6,727
6,727
Other debtors
253,565
259,748
---------
---------
260,292
266,475
---------
---------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
5
6
Social security and other taxes
–
2,996
Other creditors
128,625
110,189
---------
---------
128,630
113,191
---------
---------
8. Creditors: amounts falling due after more than one year
2019
2018
£
£
Chester Group Limited
4,996,893
4,996,893
------------
------------
9. Related party transactions
During the year ended 31 December 2019, the company paid funds to a connected company (in which Mr D J Buchler is a director) for rent and accommodation charges in respect of its office premises amounting to £175,949 (2018: £257,972). At 31 December 2019, the net amounts due to this company was £46,125 (2018: £97,147). At 31 December 2019, the same connected entity held the company's rental deposit of £133,846 (2018: £133,846). As at the balance sheet date an amount of £99,750 (2018:£99,150) owed by Templewood Partners LLP of which Mr Paul Bobroff and Mr David Buchler are the designated members. At 31 December 2019, the net amount due was £4,996,893 (2018: £4,996,893) to Chester Group Limited of which is the immediate holding company. All the balances from mentioned above are unsecured, interest free and repayable on demand.
10. Controlling party
Chester Group Limited (incorporated in Bermuda) is regarded by the directors as being the company's immediate holding company.