Parkinspaces Limited 31/03/2021 iXBRL

Parkinspaces Limited 31/03/2021 iXBRL

PARKINSPACES LIMITED - Company Information

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Company registration number: 6521148
Parkinspaces Limited
Unaudited filleted financial statements
31 March 2021
Parkinspaces Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Parkinspaces Limited
Directors and other information
Director Ian Parkin
Secretary Jessica Eve
Company number 6521148
Registered office The Tall House
29a West Street
Marlow
Bucks
SL7 2LS
Accountants Ruskells Limited
The Tall House
29a West Street
Marlow
Bucks
SL7 2LS
Parkinspaces Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Parkinspaces Limited
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parkinspaces Limited for the year ended 31 March 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Parkinspaces Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Parkinspaces Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parkinspaces Limited and its director as a body for our work or for this report.
It is your duty to ensure that Parkinspaces Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Parkinspaces Limited. You consider that Parkinspaces Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Parkinspaces Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ruskells Limited
Chartered Accountants
The Tall House
29a West Street
Marlow
Bucks
SL7 2LS
30 June 2021
Parkinspaces Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,963,166 1,964,610
_______ _______
1,963,166 1,964,610
Current assets
Debtors 7 313,350 246,193
Cash at bank and in hand 1,082,609 715,384
_______ _______
1,395,959 961,577
Creditors: amounts falling due
within one year 8 ( 400,539) ( 291,920)
_______ _______
Net current assets 995,420 669,657
_______ _______
Total assets less current liabilities 2,958,586 2,634,267
Provisions for liabilities 9 ( 21,534) ( 21,534)
_______ _______
Net assets 2,937,052 2,612,733
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 113,338 113,338
Profit and loss account 2,823,614 2,499,295
_______ _______
Shareholders funds 2,937,052 2,612,733
_______ _______
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 June 2021 , and are signed on behalf of the board by:
Ian Parkin
Director
Company registration number: 6521148
Parkinspaces Limited
Statement of changes in equity
Year ended 31 March 2021
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 April 2019 100 - 2,295,773 2,295,873
Profit for the year 264,522 264,522
Other comprehensive income for the year:
Revaluation of tangible assets 113,338 113,338
_______ _______ _______ _______
Total comprehensive income for the year - 113,338 264,522 377,860
Dividends paid and payable ( 61,000) ( 61,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 61,000) ( 61,000)
_______ _______ _______ _______
At 31 March 2020 and 1 April 2020 100 113,338 2,499,296 2,612,734
Profit for the year 384,318 384,318
_______ _______ _______ _______
Total comprehensive income for the year - - 384,318 384,318
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 60,000) ( 60,000)
_______ _______ _______ _______
At 31 March 2021 100 113,338 2,823,614 2,937,052
_______ _______ _______ _______
Parkinspaces Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Tall House, 29a West Street, Marlow, Bucks, SL7 2LS.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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 tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
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 estimates.
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:
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2020 500,000 500,000
Disposals (500,000) (500,000)
_______ _______
At 31 March 2021 - -
_______ _______
Amortisation
At 1 April 2020 500,000 500,000
Disposals ( 500,000) ( 500,000)
_______ _______
At 31 March 2021 - -
_______ _______
Carrying amount
At 31 March 2021 - -
_______ _______
At 31 March 2020 - -
_______ _______
6. Tangible assets
Freehold property Motor vehicles Total
£ £ £
Cost
At 1 April 2020 and 31 March 2021 1,958,834 13,691 1,972,525
_______ _______ _______
Depreciation
At 1 April 2020 - 7,915 7,915
Charge for the year - 1,444 1,444
_______ _______ _______
At 31 March 2021 - 9,359 9,359
_______ _______ _______
Carrying amount
At 31 March 2021 1,958,834 4,332 1,963,166
_______ _______ _______
At 31 March 2020 1,958,834 5,776 1,964,610
_______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 313,350 246,193
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 146,278 138,046
Corporation tax 93,323 65,000
Social security and other taxes 28,046 19,380
Other creditors 132,892 69,494
_______ _______
400,539 291,920
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 April 2020 and 31 March 2021 21,534 21,534
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 2020
£ £
Included in provisions (note 9) 21,534 21,534
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2021 2020
£ £
Revaluation of tangible assets 21,534 21,534
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Ian Parkin ( 52,631) ( 8,284) ( 60,915)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Ian Parkin ( 27,709) ( 24,922) ( 52,631)
_______ _______ _______