Parkvia Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06557569 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2023

for

PARKVIA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

D Halsall

N C Hough

M Jones

Registered office:

6th Floor Olympic House

Manchester Airport

Manchester

M90 1QX

Registered number:

06557569 (England and Wales)

Accountants:

Haines Watts Salford Limited

1 City Approach

Albert Street

Manchester

M30 0BG

Fixed assets

Intangible assets

5

530,202

458,291

Tangible assets

6

8,533

8,149

538,735

466,440

Current assets

Debtors

7

1,478,474

1,679,148

Cash at bank

2,413,313

2,181,784

3,891,787

3,860,932

Creditors

Amounts falling due within one year

8

5,576,402

4,533,319

Net current liabilities

(1,684,615

)

(672,387

)

Total assets less current liabilities

(1,145,880

)

(205,947

)

Creditors

Amounts falling due after more than one year

9

-

1,000,000

Net liabilities

(1,145,880

)

(1,205,947

)

Capital and reserves

Called up share capital

10

3

3

Retained earnings

(1,145,883

)

(1,205,950

)

Shareholders' funds

(1,145,880

)

(1,205,947

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2024 and were signed on its behalf by:

D Halsall - Director

1.	Statutory information

Parkvia 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

As at 30 April 2023 the company had net current liabilities of £1,684,615 (2022 - £672,387.). The company is dependant on the continued support of the parent group, who has confirmed its commitment to continue to provide the necessary support.

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.The financial statements do not include any adjustments that might be necessary if the parent group was not to provide further support.

Subsequent events

On 31 May 2023, 100% of the share capital of ParkCloud Holdings Limited, ParkVia Limited's parent company, was acquired by CAVU Group Limited. CAVU Group Limited is a wholly owned subsidiary within the group headed by Manchester Airports Holdings Limited ("MAG"). On 20 September 2023 MAG issued a £360m bond with an expiry date of September 2041, and on 22 April 2024 issued a further £300m bond with an expiry date of September 2042.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits and the turnover can be reliably measured. Turnover is stated net of refunds and value added tax. Turnover represents commission on airport parking bookings as an agent and is recognised on the date of departure

Intangible assets

Development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in relation to sales from such projects.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currency translation and operations policy

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are

presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'other operation income'.

Employee benefits policy

Contributions to defined contribution plans are expensed in the period to which they relate.

4.	Employees and directors

The average number of employees during the year was 21 (2022 - 20 ) .

5.	Intangible fixed assets

Other

intangible

assets

£

Cost

At 1 May 2022

640,748

Additions

200,060

At 30 April 2023

840,808

Amortisation

At 1 May 2022

182,457

Charge for year

128,149

At 30 April 2023

310,606

Net book value

At 30 April 2023

530,202

At 30 April 2022

458,291

6.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 May 2022

13,034

Additions

3,742

Disposals

(2,926

)

At 30 April 2023

13,850

Depreciation

At 1 May 2022

4,885

Charge for year

2,178

Eliminated on disposal

(1,746

)

At 30 April 2023

5,317

Net book value

At 30 April 2023

8,533

At 30 April 2022

8,149

7.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

1,138,843

54,435

Amounts owed by group undertakings

106,404

267,176

Other debtors

233,227

1,357,537

1,478,474

1,679,148

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.

8.

Creditors: amounts falling due within one year

2023

2022

£

£

Trade creditors

1,674,865

625,076

Social security and other taxes

21,338

38,380

VAT

128,101

7,200

Other creditors

635

1,282,076

Credit Card

324,822

151,115

Pensions Control

-

2,262

Payments Recieved on Account

3,011,788

2,427,210

Deferred Income

414,853

-

5,576,402

4,533,319

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.

9.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans - 1-2 years

-

1,000,000

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

3

Ordinary

1

3

3

11.	Prior year adjustment

The 2022 comparative figures have been restated to reclassify assets and liabilities appropriately. The result of this reclassification has not affected the value of those assets and liabilities reported within the financial statements and the net position remains unchanged.