Park Lea Properties Limited Filleted accounts for Companies House (small and micro)

PARK LEA PROPERTIES LIMITED - Company Information

0 false false false false false false false false false false true false false false false false false 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04834634 2023-04-01 2024-03-31 04834634 2024-03-31 04834634 2023-03-31 04834634 2022-04-01 2023-03-31 04834634 2023-03-31 04834634 2022-03-31 04834634 core:FurnitureFittings 2023-04-01 2024-03-31 04834634 bus:Director1 2023-04-01 2024-03-31 04834634 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04834634 core:FurnitureFittings 2023-03-31 04834634 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 04834634 core:FurnitureFittings 2024-03-31 04834634 core:WithinOneYear 2024-03-31 04834634 core:WithinOneYear 2023-03-31 04834634 core:ShareCapital 2024-03-31 04834634 core:ShareCapital 2023-03-31 04834634 core:RetainedEarningsAccumulatedLosses 2024-03-31 04834634 core:RetainedEarningsAccumulatedLosses 2023-03-31 04834634 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04834634 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04834634 core:FurnitureFittings 2023-03-31 04834634 bus:SmallEntities 2023-04-01 2024-03-31 04834634 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04834634 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04834634 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04834634 bus:FullAccounts 2023-04-01 2024-03-31

COMPANY REGISTRATION NUMBER: 04834634

Park Lea Properties Limited

Filleted Unaudited Financial Statements

31 March 2024

Park Lea Properties Limited

Financial Statements

Year ended 31 March 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Park Lea Properties Limited

Statement of Financial Position

31 March 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	388,270	345,318

Current assets

Cash at bank and in hand	194	1,057

Creditors: amounts falling due within one year	5	179,682	178,459
		---------	---------
Net current liabilities		179,488	177,402
		---------	---------
Total assets less current liabilities		208,782	167,916
		---------	---------
Net assets		208,782	167,916
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	208,682	167,816
	---------	---------
Shareholders funds	208,782	167,916
	---------	---------

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 March 2024 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 .

These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:

Mr P A Ebsworth
Director

Company registration number: 04834634

Park Lea Properties Limited

Notes to the Financial Statements

Year ended 31 March 2024

1. General information

Park Lea Properties Limited is a private company limited by shares, registered in the United Kingdom number 04834634 . Its registered office is 17 Ann Lane, Astley, Tyldesley, M29 7SG. The principal activity of the company during the year was that of property letting .

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 & Fittings	-	15% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 April 2023	345,000	4,214	349,214
Revaluations	43,000	–	43,000
	---------	-------	---------
At 31 March 2024	388,000	4,214	392,214
	---------	-------	---------
Depreciation
At 1 April 2023	–	3,896	3,896
Charge for the year	–	48	48
	---------	-------	---------
At 31 March 2024	–	3,944	3,944
	---------	-------	---------
Carrying amount
At 31 March 2024	388,000	270	388,270
	---------	-------	---------
At 31 March 2023	345,000	318	345,318
	---------	-------	---------

The directors have considered the exisiting valuation of the investment properties held by the company and, as a result, have made an adjustment to bring their carrying amount in line with the anticipated current market value.

5. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	95,510	95,510
Other creditors	84,172	82,949
	---------	---------
	179,682	178,459
	---------	---------