Park Estate Investments Limited Company Accounts

PARK ESTATE INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07209611

Park Estate Investments Limited

Filleted Unaudited Financial Statements

5 April 2017

Park Estate Investments Limited

Financial Statements

Year ended 5 April 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Park Estate Investments Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Park Estate Investments Limited

Year ended 5 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Park Estate Investments Limited for the year ended 5 April 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Park Estate Investments Limited, as a body, in accordance with the terms of our engagement letter dated 6 March 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Park Estate Investments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Park Estate Investments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Park Estate Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Park Estate Investments Limited. You consider that Park Estate Investments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Park Estate Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CARSTON Chartered Accountants

1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

13 October 2017

Park Estate Investments Limited

Statement of Financial Position

5 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		7,547,366	–

Current assets

Debtors	5	68,665	–
Investments	6	–	200
Cash at bank and in hand		285,435	–
		---------	----
		354,100	200

Creditors: amounts falling due within one year	7	109,710		600
		---------		----
Net current assets/(liabilities)			244,390	( 400)
			------------	----
Total assets less current liabilities			7,791,756	( 400)

Creditors: amounts falling due after more than one year	8	7,808,226	6,178
		------------	-------
Net liabilities		( 16,470)	( 6,578)
		------------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 16,570)	( 6,678)
	--------	-------
Members deficit	( 16,470)	( 6,578)
	--------	-------

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 5 April 2017 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 .

Park Estate Investments Limited

Statement of Financial Position (continued)

5 April 2017

These financial statements were approved by the board of directors and authorised for issue on 13 October 2017 , and are signed on behalf of the board by:

Mr. A.D. Giles

Director

Company registration number: 07209611

Park Estate Investments Limited

Notes to the Financial Statements

Year ended 5 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 36 Park Place, Cardiff, CF10 3BB.

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 6 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.

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.

4. Tangible assets

	Land and buildings
	£
Cost
Additions	7,547,366
	------------
At 5 April 2017	7,547,366
	------------
Depreciation
At 6 April 2016 and 5 April 2017	–
	------------
Carrying amount
At 5 April 2017	7,547,366
	------------
At 5 April 2016	–
	------------

5. Debtors

	2017	2016
	£	£
Trade debtors	248	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	13,648	–
Other debtors	54,769	–
	--------	----
	68,665	–
	--------	----

6. Investments

	2017	2016
	£	£
Investments - Park Estate Offices LLP	–	100
Investments - Park Estate Apartments LLP	–	100
	----	----
	–	200
	----	----

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	419	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	12	–
Other creditors	109,279	600
	---------	----
	109,710	600
	---------	----

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

	2017	2016
	£	£
Bank loans and overdrafts	1,333,093	–
Other creditors	6,475,133	6,178
	------------	-------
	7,808,226	6,178
	------------	-------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr. A.D. Giles	( 3,089)	( 2,215,915)	( 2,219,004)
Mr. R.J.E. Williams	( 3,089)	( 2,215,915)	( 2,219,004)
	-------	------------	------------
	( 6,178)	( 4,431,830)	( 4,438,008)
	-------	------------	------------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr. A.D. Giles	–	( 3,089)	( 3,089)
Mr. R.J.E. Williams	–	( 3,089)	( 3,089)
	----	-------	-------
	–	( 6,178)	( 6,178)
	----	-------	-------

10. Related party transactions

The company was under the control of Mr. A.D. Giles and Mr. R.J.E. Williams throughout the current and previous year. Mr. A.D. Giles and Mr. R.J.E. Williams are the managing directors and majority shareholders.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 6 April 2015.

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