ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2020
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PARK COMMUNICATIONS LIMITED
COMPANY INFORMATION
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PARK COMMUNICATIONS LIMITED
CONTENTS
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PARK COMMUNICATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The Directors present their report and the financial statements for the year ended 31 December 2020.
The principal activity of the Company during the year was the artworking, printing, finishing, and distribution of reports, magazines, catalogues, and brochures, and the production, installation and de-installation of large format display products.
It has been a very challenging period for the industry in general since the first lockdown in March 2020. The business has also been challenged. However, fast action to reduce costs while maintaining all the core strengths of the Company has put the business in a very good position to benefit from the recovery we are now seeing. The Company has returned to profitability during the first half of 2021 and will continue to focus on key differentiating features; that is the breadth of its services, the quality and speed of account management and production, and the depth of its long standing relations with its customers.
The adjustments that have been made would not have been possible without the tremendous teamwork, skill-set and flexibility of the people within the business. The Company’s strategy is to:
∙Strengthen further our position within those niche markets where we have gained either a dominant or top 3 position;
∙Invest in the latest manufacturing equipment that will enhance our service offering, while reducing costs;
∙Maximise account retention through the high level of service provided to customers;
∙Reach our marketplaces by interesting marketing activities, including sponsorships, to support a strong new business programme, and
∙Invest in winning national awards which provides independent evidence of the strength of our offering to our prospects and customers.
The strategic decision to maintain a mix of markets protected the Company from the more sizeable drop in sales experienced by many other businesses working in the printing industry. Sales were held to £9,272,100, 65% of 2019 levels.
The Company ended the year with a healthy cash balance of £541,202. The closure of significant competitors in the past year and the apparent weakening of others is helping the Company benefit from the economic recovery. The Company’s return to profit in the first six months of 2021 gives great confidence for the future.
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PARK COMMUNICATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Directors assess the performance of the business using a variety of key performance indicators, including the measurement of turnover, operating profit and pre-tax profit.
The Company delivered:
∙turnover from continuing operations of £9,272,100 (2019: £14,288,903);
∙an operating loss of £445,847, after redundancy and notice costs of £100,088 (2019: Profit £250,069);
∙a pre-tax loss of £532,764 (2019: Profit £168,651).
At year-end, there was a cash balance of £541,202 (2019: £494,388), loan finance of £2,113,070 (2019: £2,494,231) and Shareholder Funds of £5,662,455 (2019: £6,026,495). The Directors are satisfied that the base has been established for good growth in sales and a return to profitability in the future. This is evidenced by the return to profitability in the first six months of 2021.
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PARK COMMUNICATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
There are certain risks which could directly and materially impact the Company’s results compared with expectations. A summary of key risks is set out below. This is not an exhaustive list of the factors that could adversely impact Company profitability.
1) General economic conditions The Company minimises its exposure to economic uncertainties and other events that impact customer purchasing by maintaining a mix of markets. COVID-19 has affected the UK economy and the impact of this on the Company has been discussed below. 2) Covid-19 The outbreak of the Covid-19 virus was declared a global pandemic by the World Health Organisation in March 2020. To contain the virus the Government introduced social distancing and implemented a series of lockdowns which have continued through to 2021. As a result of the reduced activity brought about by the social distancing rules and lockdowns, turnover dropped 35%. The Company took quick action to reduce the negative impact of the resulting drop in turnover. Costs were cut quickly and action taken to agree payment plans with key suppliers, the landlord, the rates authority and HMRC in order to preserve cash. The Job Retention scheme was used to enable the Company to retain the skills and number of staff required to support the business as the economy starts to recover. Credit was managed closely and bad debts have been limited to one travel Company at a cost of £12,508. The percentage of debtors over 90 days was 1.18% at 31 December 2020. The cost reductions achieved are sufficient for the Company to break even in 2021 on sales running at 70% of pre-Covid levels. This is evidenced by the Company returning a profit in the six months to June 2021. By March 2021 all deferred payments agreed under the agreed payment plans had been settled and the suppliers brought back to normal terms. In April 2021 the Company took a Corona Virus Business Interruption Loan of £400,000 at competitive interest rates from Lloyds Bank. This loan will provide additional reserves should the pandemic and economic conditions worsen again. The Company has been declared an Essential Covid-19 Business due to its government and pharmaceutical contracts, so has been able to continue and will be able to continue to operate should non-essential manufacturing businesses be required to close. Our assessment of the effects of Covid-19 on the Company are detailed in accounting policy 2.3. 3) Brexit Less than 1% of the Company’s turnover originates from Europe. Although the suppliers are UK based, paper and equipment supplies are largely sourced by the Company’s suppliers from Europe. These suppliers increased their UK stock levels to ensure minimum disruption to supplies due to Brexit. However, the additional administration and time delays incurred due to Brexit are being stated as the reason (along with Covid- 19) that the suppliers have increased their prices in 2021. The Company aims to pass on these cost increases to customers in order to be held harmless from the increases.
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PARK COMMUNICATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
4) Market risk
The Company has a mix of markets in order to reduce exposure to the downturn in any one market. 5) Financial risks The Company finances its operations through a combination of internally generated cash flows, existing cash deposits, borrowings, and in 2020 through agreed deferred payment plans. The Company’s financial controller manages the Company’s cash borrowings, interest rate and its main banking relationship. This is operated as a cost and risk reduction programme. Transactions of a speculative nature are not permitted. Cash flow is closely monitored on a regular basis. 6) Credit risk The principal credit risk arises from trade debtors. The Company asks for payment up-front from less credit worthy customers, and actively chases up any overdue balances. 7) Currency risk The Company’s exposure to currency fluctuations relates to it suppliers’ imports of material and parts from Europe. Therefore, it is the Company’s suppliers who are exposed to currency risk, not the Company directly. With the reduction in demand, the suppliers are not anticipating any price increases in the foreseeable future, despite Brexit.
This report was approved by the board and signed on its behalf.
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PARK COMMUNICATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £364,040 (2019 - profit £330,208).
Particulars of dividends paid are detailed in Note 12 of the financial statements.
The directors who served during the year were:
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PARK COMMUNICATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditors, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PARK COMMUNICATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARK COMMUNICATIONS LIMITED
We have audited the financial statements of Park Communications Limited (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PARK COMMUNICATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARK COMMUNICATIONS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PARK COMMUNICATIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PARK COMMUNICATIONS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management, those charged with governance around actual and potential litigation and claims;
∙performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing minutes and meetings of those charged with governance; and
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
London, United Kingdom
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PARK COMMUNICATIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
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PARK COMMUNICATIONS LIMITED
REGISTERED NUMBER: 02581687
BALANCE SHEET
AS AT 31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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PARK COMMUNICATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
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PARK COMMUNICATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Park Communications Limited is a private company limited by shares incorporated in England within the United Kindom. The registered office is Alpine Way, London, E6 6LA.
The principal activity of the company is printing services. The functional and presentational currency is Pounds Sterling and rounding is to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Park Group Holdings Limited as at 31 December 2020 and these financial statements may be obtained from Companies House.
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has had a significant impact on the company’s operations. In response to the COVID-19 pandemic, the Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Work in progress consists of labour, material, outwork and handling costs. The year end work in progress figure represents the time and materials consumed prior to the year end that are expected to be fully recovered on completion of the work. Where possible actual costs have been used at arriving at the work in progress balance. Trade debtors are provided against on a specific basis to the extent that they are considered irrecoverable. No general provisions are made against the trade debtor balance. No other significant judgements have been made in preparing these financial statements.
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Analysis of turnover by country of destination:
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
11.Taxation (continued)
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
13.Tangible fixed assets (continued)
Typically, the finance leases entered into by the company have an option to purchase and this is always exercised.
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Profit and loss account
Included in the profit and loss is research and development expenditure of £308,641 (2019: £252,061) incurred that has not been capitalised as an intangible asset or as part of the cost of another asset. The company undertakes a number of projects in relation to research and development, including the development of software and altering print technologies.
The company operates a defined contribution pension scheme for the benefit of all employees. The assets of the scheme are administered by trustees in a fund independent from those of the Company.
The total contributions payable in the year amounted to £100,007 (2019: £143,439). The amount unpaid at 31 December 2020 was £22,910 (2019: £22,488).
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PARK COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The ultimate parent company is Park Group Holdings Limited, a company incorporated in England and Wales. Its registered office address is Alpine Way, London, E6 6LA.
The largest and smallest group in which the Company is consolidated is Park Group Holdings Limited. Consolidated accounts can be obtained from Companies House. The ultimate parent company was under the control of H. Mason and A. G. Branch during the years ended 31 December 2020 and 31 December 2019, due to their majority shareholding.
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