Park Estate Investments Limited Company accounts

PARK ESTATE INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07209611

Park Estate Investments Limited

Unaudited Financial Statements

5 April 2018

Park Estate Investments Limited

Financial Statements

Year ended 5 April 2018

Contents	Page

Directors' report	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

Park Estate Investments Limited

Directors' Report

Year ended 5 April 2018

The directors present their report and the unaudited financial statements of the company for the year ended 5 April 2018 .

Directors

The directors who served the company during the year were as follows:

Mr. A.D. Giles
Mr. R.J.E. Williams

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 24 July 2018 and signed on behalf of the board by:

Mr. A.D. Giles

Director

Registered office:

36 Park Place

Cardiff

CF10 3BB

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 2018

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 2018, which comprise the statement of income and retained earnings, 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 profit 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

24 July 2018

Park Estate Investments Limited

Statement of Income and Retained Earnings

Year ended 5 April 2018

	2018	2017
Note	£	£
Turnover	413,402	–

	---------	----
Gross profit	413,402	–

Administrative expenses	113,431	3,056
	---------	-------
Operating profit/(loss)	299,971	( 3,056)

Interest payable and similar expenses	4	130,884	6,836
		---------	-------
Profit/(loss) before taxation		169,087	( 9,892)

Tax on profit/(loss)	7,399	–
	---------	-------
Profit/(loss) for the financial year and total comprehensive income	161,688	( 9,892)
	---------	-------

Retained losses at the start of the year	( 16,570)	( 6,678)
	---------	--------
Retained earnings/(losses) at the end of the year	145,118	( 16,570)
	---------	--------

All the activities of the company are from continuing operations.

Park Estate Investments Limited

Statement of Financial Position

5 April 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		7,585,160	7,547,366

Current assets

Debtors	6	31,490	68,665
Cash at bank and in hand		205,719	285,435
		---------	---------
		237,209	354,100

Creditors: amounts falling due within one year	7	247,480		109,710
		---------		---------
Net current (liabilities)/assets			( 10,271)	244,390
			------------	------------
Total assets less current liabilities			7,574,889	7,791,756

Creditors: amounts falling due after more than one year	8	7,429,671	7,808,226
		------------	------------
Net assets/(liabilities)		145,218	( 16,470)
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	145,118	( 16,570)
	---------	--------
Shareholders funds/(deficit)	145,218	( 16,470)
	---------	--------

These financial statements have been prepared 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'.

For the year ending 5 April 2018 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 2018

These financial statements were approved by the board of directors and authorised for issue on 24 July 2018 , 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 2018

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 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

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.

4. Interest payable and similar expenses

	2018	2017
	£	£
Interest on banks loans and overdrafts	130,884	6,836
	---------	-------

5. Tangible assets

	Land and buildings
	£
Cost
At 6 April 2017	7,547,366
Additions	37,794
	------------
At 5 April 2018	7,585,160
	------------
Depreciation
At 6 April 2017 and 5 April 2018	–
	------------
Carrying amount
At 5 April 2018	7,585,160
	------------
At 5 April 2017	7,547,366
	------------

6. Debtors

	2018	2017
	£	£
Trade debtors	–	248
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	13,648
Other debtors	31,490	54,769
	--------	--------
	31,490	68,665
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	57,660	–
Trade creditors	12,904	419
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	12
Corporation tax	7,399	–
Social security and other taxes	11,788	–
Other creditors	157,729	109,279
	---------	---------
	247,480	109,710
	---------	---------

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

	2018	2017
	£	£
Bank loans and overdrafts	1,063,330	1,333,093
Other creditors	6,366,341	6,475,133
	------------	------------
	7,429,671	7,808,226
	------------	------------

9. 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.