Parkit Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08051637 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

Parkit Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss A S Young

M M E Frow

REGISTERED OFFICE:

c/o ABC Accounting Services

Unit 1, Sandars Road

Heapham Road Industrial Estate

Gainsborough

Lincolnshire

DN21 1RZ

REGISTERED NUMBER:

08051637 (England and Wales)

ACCOUNTANTS:

ABC Accounting Services

Unit 1, Sandars Road

Heapham Rd Ind Estate

Gainsborough

Lincolnshire

DN21 1RZ

FIXED ASSETS

Tangible assets

4

45,313

32,729

CURRENT ASSETS

Debtors

5

9,000

37,050

Cash at bank

53,079

4,962

62,079

42,012

CREDITORS

Amounts falling due within one year

6

23,019

35,211

NET CURRENT ASSETS

39,060

6,801

TOTAL ASSETS LESS CURRENT LIABILITIES

84,373

39,530

CREDITORS

Amounts falling due after more than one year

7

(50,729

)

(10,879

)

PROVISIONS FOR LIABILITIES

(5,638

)

(2,599

)

NET ASSETS

28,006

26,052

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

28,002

26,048

SHAREHOLDERS' FUNDS

28,006

26,052

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 directors acknowledge their 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 Board of Directors and authorised for issue on 28 July 2021 and were signed on its behalf by:

Miss A S Young - Director

1.	STATUTORY INFORMATION

Parkit Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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 represents cash received from car parking fees and fines, stated net of value added tax.

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

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 November 2019

44,345

5,263

49,608

Additions

24,053

-

24,053

At 31 October 2020

68,398

5,263

73,661

DEPRECIATION

At 1 November 2019

13,860

3,019

16,879

Charge for year

10,908

561

11,469

At 31 October 2020

24,768

3,580

28,348

NET BOOK VALUE

At 31 October 2020

43,630

1,683

45,313

At 31 October 2019

30,485

2,244

32,729

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Other debtors

-

32,883

Prepayments

9,000

4,167

9,000

37,050

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

6,250

7,350

VAT

3,702

5,457

Directors' current accounts

12,367

21,803

Accrued expenses

700

601

23,019

35,211

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans - 2-5 years

50,729

10,879

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.20

31.10.19

£

£

Bank loan

11,979

18,229

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £11,000 (2019 - £4,000) were paid to the directors .

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors. At the balance sheet date the amount owed by the company to the directors was £12,367 (2019 - £21,803).