PARKSTONE CAPITAL LTD Company Accounts

PARKSTONE CAPITAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01634010

PARKSTONE CAPITAL LTD

Filleted Unaudited Financial Statements

31 December 2016

PARKSTONE CAPITAL LTD

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

PARKSTONE CAPITAL LTD

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		38,033	50,711

Current assets

Debtors	7	235,816	215,582
Cash at bank and in hand		9,268	73,078
		---------	---------
		245,084	288,660

Creditors: amounts falling due within one year	8	181,221		249,724
		---------		---------
Net current assets			63,863	38,936
			---------	--------
Total assets less current liabilities			101,896	89,647

Creditors: amounts falling due after more than one year	9	4,873,393	4,878,632
		------------	------------
Net liabilities		( 4,771,497)	( 4,788,985)
		------------	------------

Capital and reserves

Called up share capital	250,000	250,000
Profit and loss account	( 5,021,497)	( 5,038,985)
	------------	------------
Members deficit	( 4,771,497)	( 4,788,985)
	------------	------------

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 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 2016 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 2016

These financial statements were approved by the board of directors and authorised for issue on 29 September 2017 , 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 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Grosvenor Street, London, W1K 4PZ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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 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.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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 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. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to Nil (2015: 3 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 Jan 2016 and 31 Dec 2016	194,258	51,257	245,515
	---------	--------	---------
Depreciation
At 1 January 2016	153,823	40,981	194,804
Charge for the year	10,109	2,569	12,678
	---------	--------	---------
At 31 December 2016	163,932	43,550	207,482
	---------	--------	---------
Carrying amount
At 31 December 2016	30,326	7,707	38,033
	---------	--------	---------
At 31 December 2015	40,435	10,276	50,711
	---------	--------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 Jan 2016 and 31 Dec 2016	43,500
	--------
Impairment
At 1 Jan 2016 and 31 Dec 2016	43,500
	--------

Carrying amount
At 31 December 2016	–
	--------

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.

7. Debtors

	2016	2015
	£	£
Trade debtors	39,794	1,530
Other debtors	196,022	214,052
	---------	---------
	235,816	215,582
	---------	---------

Included in the above debtors amount of £133,846 relates to balances due after more than one year, (2015 - £148,191).

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	11	10
Social security and other taxes	35,933	31,456
Other creditors	145,277	218,258
	---------	---------
	181,221	249,724
	---------	---------

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

	2016	2015
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,873,393	4,878,632
	------------	------------

10. Related party transactions

The company is related to Ralphos Limited, a company incorporated in England and Wales, in which D J Buchler is a director. During the year ended 31 December 2016, the company paid funds to Ralphos Limited for rent and accommodation charges in respect of its office premises amounting to £206,005 (2015 - £248,895). At 31 December 2016, the net funds due to Ralphos Limited amounted to £108,570 (2015 - £170,049). This amount is included in note 9 above. At 31 December 2016, Ralphos Limited held the company's rental deposit of £133,846 (2015 - £133,846). The lease expires on 18 June 2022. The deposit is returnable within 28 days of the lease end. This amount is included in note 8 above. The company is also related to DB Consultants Limited, incorporated in England & Wales, in which D J Buchler is also a director. At 31 December 2016, the amount due from DB Consultants Limited amounted to Nil (2015 - 14,345). The company is related to its ultimate holding company, Chester Group Limited, incorporated in Bermuda. During the year ended 31 December 2016, Chester Group Limited advanced funds through various of its group companies to Parkstone Capital Limited amounting to £44,982 (2015 - £343,358). During the year ended 31 December 2016, the company incurred expenditure and paid funds on behalf of Chester Group Limited amounting to £1,736.86 (2015 - £45,961). At 31 December 2016, the net fund due to Chester Group Limited was £4,873,393 (2015 - £4,878,632). The Company also charged management fees and recharged expenses amounting to £21,802 (2015-£214,961) during the year to Chester group Limited. The loan is unsecured, interest free and payable at least one year after the balance sheet date. This amount is included in note 10 above. Each of the above transactions were during the normal course of business and at market value.

11. Controlling party

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

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.