PARKSTONE CAPITAL LTD Filleted accounts for Companies House (small and micro)

PARKSTONE CAPITAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01634010

PARKSTONE CAPITAL LTD

Filleted Unaudited Financial Statements

31 December 2021

PARKSTONE CAPITAL LTD

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		17,489	19,784

Current assets

Debtors	6	212,346	116,256
Cash at bank and in hand		216,589	68,053
		---------	---------
		428,935	184,309

Creditors: amounts falling due within one year	7	140,005		126,619
		---------		---------
Net current assets			288,930	57,690
			---------	--------
Total assets less current liabilities			306,419	77,474

Creditors: amounts falling due after more than one year	8	4,906,016	4,896,894
		------------	------------
Net liabilities		( 4,599,597)	( 4,819,420)
		------------	------------

Capital and reserves

Called up share capital	250,000	250,000
Profit and loss account	( 4,849,597)	( 5,069,420)
	------------	------------
Shareholders deficit	( 4,599,597)	( 4,819,420)
	------------	------------

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.

For the year ending 31 December 2021 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 .

PARKSTONE CAPITAL LTD

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 21 March 2023 , and are signed on behalf of the board by:

P A Bobroff

Director

Company registration number: 01634010

PARKSTONE CAPITAL LTD

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 64 North Row, London, W1K 7DA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 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.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25 % reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2021	194,258	75,033	269,291
Additions	–	3,535	3,535
	---------	--------	---------
At 31 December 2021	194,258	78,568	272,826
	---------	--------	---------
Depreciation
At 1 January 2021	184,663	64,844	249,507
Charge for the year	2,399	3,431	5,830
	---------	--------	---------
At 31 December 2021	187,062	68,275	255,337
	---------	--------	---------
Carrying amount
At 31 December 2021	7,196	10,293	17,489
	---------	--------	---------
At 31 December 2020	9,595	10,189	19,784
	---------	--------	---------

5. Investments

	Other investments other than loans
	£
Cost
At 1 January 2021 and 31 December 2021	43,500
	--------
Impairment
At 1 January 2021 and 31 December 2021	43,500
	--------

Carrying amount
At 31 December 2021	–
	--------
At 31 December 2020	–
	--------

The Company owns 60,000 ordinary shares in Sovereign Oilfield Group plc. The shares were suspended on the London stock exchange on 25 September 2008.

6. Debtors

	2021	2020
	£	£
Trade debtors	50,734	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	400	–
Other debtors	161,212	116,256
	---------	---------
	212,346	116,256
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	3	6
Social security and other taxes	36,989	–
Other creditors	103,013	126,613
	---------	---------
	140,005	126,619
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Chester Group Limited	4,906,016	4,896,894
	------------	------------

9. Related party transactions

During the year ended 31 December 2021, the company paid funds to a connected company (in which Mr D J Buchler is a director) for rent and accommodation charges in respect of its office premises amounting to £32,958 (2020: £132,481). At 31 December 2021, the net amounts due to this company was £55,871 (2020: £47,058). As at the balance sheet date an amount of £101,750 (2020:£100,450) owed by Templewood Partners LLP of which Mr Paul Bobroff and Mr David Buchler are the designated members. At 31 December 2021, the net amount due was £4,906,016 (2020: £4,896,894) to Chester Group Limited of which is the immediate holding company. All the balances from mentioned above are unsecured, interest free and repayable on demand.

10. Controlling party

Chester Group Limited (incorporated in Bermuda) is regarded by the directors as being the company's immediate holding company.