Parkview Developments (South) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09633472 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

PARKVIEW DEVELOPMENTS (SOUTH) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J J Johnson

REGISTERED OFFICE:

1386 London Road

Leigh on Sea

Essex

SS9 2UJ

REGISTERED NUMBER:

09633472 (England and Wales)

ACCOUNTANTS:

Francis James & Partners LLP

Chartered Accountants

1386 London Road

Leigh on Sea

Essex

SS9 2UJ

FIXED ASSETS

Tangible assets

3

142,669

122,517

CURRENT ASSETS

Stocks

2,674,963

1,796,636

Debtors

4

103,850

85,868

Cash at bank

24,353

14,137

2,803,166

1,896,641

CREDITORS

Amounts falling due within one year

5

2,743,785

1,929,927

NET CURRENT ASSETS/(LIABILITIES)

59,381

(33,286

)

TOTAL ASSETS LESS CURRENT LIABILITIES

202,050

89,231

CREDITORS

Amounts falling due after more than one year

6

50,000

-

NET ASSETS

152,050

89,231

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

151,950

89,131

SHAREHOLDERS' FUNDS

152,050

89,231

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 July 2021 and were signed by:

M J J Johnson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2019

153,973

Additions

48,000

Disposals

(2,671

)

At 31 October 2020

199,302

DEPRECIATION

At 1 November 2019

31,456

Charge for year

25,177

At 31 October 2020

56,633

NET BOOK VALUE

At 31 October 2020

142,669

At 31 October 2019

122,517

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

50,553

47,676

Other debtors

17,472

17,472

VAT

35,825

20,720

103,850

85,868

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

453,579

370,311

Trade creditors

366,054

76,158

Tax

9,979

556

Social security and other taxes

39,210

20,529

Other creditors

1,823,086

1,412,986

Directors' current accounts

46,377

45,637

Accrued expenses

5,500

3,750

2,743,785

1,929,927

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

50,000

-

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J J Johnson.