Parkside Properties Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03667596 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2022

for

Parkside Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M. Liasis

SECRETARY:

Mrs L. Liasis

REGISTERED OFFICE:

1146 High Road

Whetstone

London

N20 0RA

REGISTERED NUMBER:

03667596 (England and Wales)

ACCOUNTANTS:

Cymans

Chartered Certified Accountants

1146 High Road

Whetstone

London

N20 0RA

FIXED ASSETS

Property, plant and equipment

4

1,048

1,040

Investment property

5

757,000

757,000

758,048

758,040

CURRENT ASSETS

Cash at bank and in hand

315,624

369,158

CREDITORS

Amounts falling due within one year

6

7,640

48,794

NET CURRENT ASSETS

307,984

320,364

TOTAL ASSETS LESS CURRENT LIABILITIES

1,066,032

1,078,404

CREDITORS

Amounts falling due after more than one year

7

(56,562

)

(56,562

)

PROVISIONS FOR LIABILITIES

(100,634

)

(100,634

)

NET ASSETS

908,836

921,208

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

8

908,834

921,206

SHAREHOLDERS' FUNDS

908,836

921,208

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 2 August 2023 and were signed by:

Mr M. Liasis - Director

1.	STATUTORY INFORMATION

Parkside Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc

-

20% on reducing balance

Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities, it is a departure from the general requirement of the Companies Act 2006 for the tangible assets to be depreciated. In the opinion of the director compliance with standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of which otherwise have been charged cannot be separately identified or qualified.

The directors are of the opinion that the value stated in the accounts for land and buildings reflect the market value.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Turnover

Turnover represents rent receivable on an accrual basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 December 2021

4,945

Additions

270

At 30 November 2022

5,215

DEPRECIATION

At 1 December 2021

3,905

Charge for year

262

At 30 November 2022

4,167

NET BOOK VALUE

At 30 November 2022

1,048

At 30 November 2021

1,040

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2021

and 30 November 2022

757,000

NET BOOK VALUE

At 30 November 2022

757,000

At 30 November 2021

757,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Taxation and social security

116

44,379

Other creditors

7,524

4,415

7,640

48,794

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.22

30.11.21

£

£

Other creditors

56,562

56,562

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

56,562

56,562

8.

RESERVES

Retained

earnings

£

At 1 December 2021

921,206

Deficit for the year

(8,372

)

Dividends

(4,000

)

At 30 November 2022

908,834

Retained earnings comprises of the following:

Distributable reserves £479,815 (£492,187 in 2021)

Non distributable reserves £429,019 (£429,019 in 2021)