| Parking Places Limited |
| Notes to the Accounts |
| for the year ended 30 June 2023 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Group accounts have not been prepared as the directors have taken advantage of the exemption conferred by section 400 of the Companies Act 2006, due to the company being "small" as defined by section 381 of the Act. The financial statements present information about the company as an individual undertaking and not about its group. |
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The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. |
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Going concern |
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These accounts have been prepared on the going concern basis, on the understanding that there are sufficient external funds available to financially support the company. |
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Turnover |
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Turnover, representing rental income from investment properties and car parking income, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is charged to profit or loss on a straight-line basis over the term of the lease. Revenue from management fees is shown as other operating income. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life using the straight-line method: |
|
Computer equipment |
25% per annum |
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Motor vehicles |
25% per annum |
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Fixtures and fittings |
20% per annum |
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Investments |
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Investments in subsidiaries are measured at cost less any accumulated impairment losses. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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| 1 |
Accounting policies (continued) |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Taxation on loss |
2023 |
|
2022 |
| £ |
£ |
|
UK corporation tax on profits/(losses) of the year |
- |
|
- |
|
Adjustment in respect of previous years |
- |
|
- |
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Total current tax |
- |
|
- |
|
Movement in deferred tax liability |
- |
|
- |
|
Taxation charge/(credit) on profit/(loss) |
- |
|
- |
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The tax assessed for the year differs from the standard rate of corporation tax in the UK. The differences are explained below: |
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2023 |
|
2022 |
| £ |
£ |
|
Profit/(loss) before tax |
(71,883) |
|
(63,501) |
|
|
|
|
|
|
|
|
|
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Profit/(loss) at the standard rate of corporation tax in the UK |
|
(14,733) |
|
(12,065) |
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Effects of: |
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Capital allowances (greater)/less than depreciation for the year |
(175) |
|
(198) |
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Group relief |
14,908 |
|
12,263 |
|
Taxation charge/(credit) on profit/(loss) for the year |
- |
|
- |
|
|
|
|
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| 3 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
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Average number of persons employed by the company |
2 |
|
2 |
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| 4 |
Tangible fixed assets |
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Investment properties |
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Fixtures and fittings |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 July 2022 |
2,109,147 |
|
- |
|
- |
|
2,109,147 |
|
Additions |
37,071 |
|
- |
|
- |
|
37,071 |
|
At 30 June 2023 |
2,146,218 |
|
- |
|
- |
|
2,146,218 |
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|
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Depreciation |
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At 1 July 2022 |
- |
|
- |
|
- |
|
- |
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At 30 June 2023 |
- |
|
- |
|
- |
|
- |
|
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|
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|
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Net book value |
|
At 30 June 2023 |
2,146,218 |
|
- |
|
- |
|
2,146,218 |
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At 30 June 2022 |
2,109,147 |
|
- |
|
- |
|
2,109,147 |
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The historical cost of investment properties is £1,705,701 (2022: £1,668,630). |
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The company's investment properties were valued by the directors for the year ended 30 June 2023 and are stated at open market value. |
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| 5 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
Amounts falling due within one year: |
|
Trade debtors |
14,070 |
|
13,710 |
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Amounts owed by related parties |
|
|
|
|
55,620 |
|
24,939 |
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Other debtors |
775 |
|
- |
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|
|
|
|
70,465 |
|
38,649 |
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Amounts owed by related parties and group undertakings are interest free and due on demand. |
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| 6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade creditors |
2,400 |
|
8,503 |
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Amounts owed to related parties |
|
|
|
|
1,073,384 |
|
951,329 |
|
Taxation and social security costs |
(2,629) |
|
(9,861) |
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Other creditors |
17,566 |
|
17,512 |
|
|
|
|
|
|
1,090,721 |
|
967,483 |
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Amounts owed to group undertakings and related parties are interest free and due on demand. |
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| 7 |
Related party transactions |
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Included in debtors are amounts of £39,690 (2022: £24,939) due from Satnam Parking Limited, £14,174 (2022: £nil) due from Satnam Urban Regeneration Limited, £1,256 (2022: £nil) due from Supara Limited, and £500 (2022: £nil) due from Satnam Millennium Limited, companies in which S S Dhillon is a director. |
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Included in creditors are amounts of £902,328 (2022: £784,934) owed to Satnam Investments Limited, £156,846 (2022: £156,505) owed to Parking Places (Gloucester) Limited, and £14,210 (2022: £9,890) owed to Satnam Planning Services Limited, companies in which S S Dhillon is a director. |
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| 8 |
Controlling party |
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The ultimate controlling party of the company is S S Dhillon, a director of the company. |
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| 9 |
Other information |
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Parking Places Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
17 Imperial Square |
|
Cheltenham |
|
Gloucestershire |
|
GL50 1QZ |
