PARKSTONE CAPITAL LTD Filleted accounts for Companies House (small and micro)

PARKSTONE CAPITAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01634010

PARKSTONE CAPITAL LTD

Filleted Unaudited Financial Statements

31 December 2017

PARKSTONE CAPITAL LTD

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		45,963	38,033

Current assets

Debtors	6	204,124	235,816
Cash at bank and in hand		57,240	9,268
		---------	---------
		261,364	245,084

Creditors: amounts falling due within one year	7	147,676		181,221
		---------		---------
Net current assets			113,688	63,863
			---------	---------
Total assets less current liabilities			159,651	101,896

Creditors: amounts falling due after more than one year	8	4,898,393	4,873,393
		------------	------------
Net liabilities		( 4,738,742)	( 4,771,497)
		------------	------------

Capital and reserves

Called up share capital	250,000	250,000
Profit and loss account	( 4,988,742)	( 5,021,497)
	------------	------------
Shareholders deficit	( 4,738,742)	( 4,771,497)
	------------	------------

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 comprehensive income has not been delivered.

For the year ending 31 December 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 .

PARKSTONE CAPITAL LTD

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 28 September 2018 , 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 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 6 Grosvenor Street, London, W1K 4PZ.

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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

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.

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.

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. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2017	194,258	51,257	245,515
Additions	–	23,251	23,251
	---------	--------	---------
At 31 December 2017	194,258	74,508	268,766
	---------	--------	---------
Depreciation
At 1 January 2017	163,932	43,550	207,482
Charge for the year	7,581	7,740	15,321
	---------	--------	---------
At 31 December 2017	171,513	51,290	222,803
	---------	--------	---------
Carrying amount
At 31 December 2017	22,745	23,218	45,963
	---------	--------	---------
At 31 December 2016	30,326	7,707	38,033
	---------	--------	---------

5. Investments

	Other investments other than loans
	£
Cost
At 1 January 2017 and 31 December 2017	43,500
	--------
Impairment
At 1 January 2017 and 31 December 2017	43,500
	--------

Carrying amount
At 31 December 2017	–
	--------
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.

6. Debtors

	2017	2016
	£	£
Trade debtors	6,727	39,794
Other debtors	197,397	196,022
	---------	---------
	204,124	235,816
	---------	---------

Included in the above debtors amount of £133,846 relates to balances due after more than one year, (2016 - £133,846).

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	11	11
Social security and other taxes	–	35,933
Other creditors	147,665	145,277
	---------	---------
	147,676	181,221
	---------	---------

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

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,898,393	4,873,393
	------------	------------

9. Related party transactions

During the year ended 31 December 2017, the company paid funds to a connected company (in which Mr D J Buchler is a director) for rent and accommodation charges in respect of its office premises amounting to £200,081 (2016 - £206,005). At 31 December 2017, the net funds due to this company amounted to £131,713 (2016 - £108,570). At 31 December 2017, the same connected entity held the company's rental deposit of £133,846 (2016 - £133,846). The lease expires on 18 June 2022. The deposit is returnable within 28 days of the lease end. The company is related to its ultimate holding company, Chester Group Limited, incorporated in Bermuda. During the year ended 31 December 2017, Chester Group Limited advanced funds through various of its group companies to Parkstone Capital Limited amounting to £25,000 (2016 - £44,982 ). At 31 December 2017, the net fund due to Chester Group Limited was £4,898,393 (2016 - £4,873,393). The loan is unsecured, interest free and payable at least one year after the balance sheet date.

10. Controlling party

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