Parkguard Limited 31/03/2022 iXBRL

Parkguard Limited 31/03/2022 iXBRL

PARKGUARD LIMITED - Company Information

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Company registration number: 06157958
Parkguard Limited
Unaudited filleted financial statements
31 March 2022
Parkguard Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Parkguard Limited
Directors and other information
Directors L Hutchings
P A Hutchings
C Hutchings
J P Rossouw
Secretary L Hutchings
Company number 06157958
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Parkguard Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Parkguard Limited
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parkguard Limited for the year ended 31 March 2022 which comprise the statement of financial position 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 board of directors of Parkguard Limited, as a body, in accordance with the terms of our engagement letter dated 30 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Parkguard Limited and state those matters that we have agreed to state to the board of directors of Parkguard Limited 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 Parkguard Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Parkguard 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 Parkguard Limited. You consider that Parkguard 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 Parkguard 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
30 December 2022
Parkguard Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 272,772 277,308
_________ _________
272,772 277,308
Current assets
Debtors 6 2,113,031 1,653,690
Cash at bank and in hand 3,326,582 2,482,398
_________ _________
5,439,613 4,136,088
Creditors: amounts falling due
within one year 7 ( 1,943,758) ( 1,658,349)
_________ _________
Net current assets 3,495,855 2,477,739
_________ _________
Total assets less current liabilities 3,768,627 2,755,047
Creditors: amounts falling due
after more than one year 8 ( 5,404) ( 29,324)
Provisions for liabilities ( 6,300) ( 3,400)
_________ _________
Net assets 3,756,923 2,722,323
_________ _________
Capital and reserves
Called up share capital 250 250
Profit and loss account 3,756,673 2,722,073
_________ _________
Shareholders funds 3,756,923 2,722,323
_________ _________
For the year ending 31 March 2022 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 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.
These financial statements were approved by the board of directors and authorised for issue on 30 December 2022 , and are signed on behalf of the board by:
L Hutchings
Director
Company registration number: 06157958
Parkguard Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
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 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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Freehold land - Not depreciated
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 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 retrospectively 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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 74 (2021: 61 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 April 2021 43,637 241 31,032 408,272 18,224 501,406
Additions - - 1,250 77,511 - 78,761
Disposals - - - ( 23,250) - ( 23,250)
_________ _________ _________ _________ _________ _________
At 31 March 2022 43,637 241 32,282 462,533 18,224 556,917
_________ _________ _________ _________ _________ _________
Depreciation
At 1 April 2021 - 241 20,006 187,682 16,169 224,098
Charge for the year - - 2,783 72,700 514 75,997
Disposals - - - ( 15,950) - ( 15,950)
_________ _________ _________ _________ _________ _________
At 31 March 2022 - 241 22,789 244,432 16,683 284,145
_________ _________ _________ _________ _________ _________
Carrying amount
At 31 March 2022 43,637 - 9,493 218,101 1,541 272,772
_________ _________ _________ _________ _________ _________
At 31 March 2021 43,637 - 11,026 220,590 2,055 277,308
_________ _________ _________ _________ _________ _________
6. Debtors
2022 2021
£ £
Trade debtors 1,479,870 1,046,922
Other debtors 633,161 606,768
_________ _________
2,113,031 1,653,690
_________ _________
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 598,967 561,187
Corporation tax 310,761 242,406
Social security and other taxes 548,707 466,020
Other creditors 485,323 388,736
_________ _________
1,943,758 1,658,349
_________ _________
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 5,404 29,324
_________ _________
Other creditors includes obligations under lease purchase agreements which are secured on the assets to which they relate.
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 33,486 24,621
Later than 1 year and not later than 5 years 37,591 12,941
_________ _________
71,077 37,562
_________ _________
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
L Hutchings ( 922) ( 594) ( 1,516)
P A Hutchings ( 47,019) ( 644) ( 47,663)
C Hutchings ( 922) ( 594) ( 1,516)
_________ _________ _________
( 48,863) ( 1,832) ( 50,695)
_________ _________ _________
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
L Hutchings ( 492) ( 430) ( 922)
P A Hutchings ( 19,259) ( 27,760) ( 47,019)
C Hutchings ( 492) ( 430) ( 922)
_________ _________ _________
( 20,243) ( 28,620) ( 48,863)
_________ _________ _________