4
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
151,145
151,145
151,145
xbrli:pure
xbrli:shares
iso4217:GBP
00936369
2021-04-01
2022-03-31
00936369
2022-03-31
00936369
2020-04-01
2021-03-31
00936369
2021-03-31
00936369
bus:RegisteredOffice
2021-04-01
2022-03-31
00936369
bus:OrdinaryShareClass1
2021-04-01
2022-03-31
00936369
bus:LeadAgentIfApplicable
2021-04-01
2022-03-31
00936369
bus:Director1
2021-04-01
2022-03-31
00936369
bus:Director2
2021-04-01
2022-03-31
00936369
bus:Director3
2021-04-01
2022-03-31
00936369
core:WithinOneYear
2022-03-31
00936369
core:WithinOneYear
2021-03-31
00936369
core:ShareCapital
2022-03-31
00936369
core:ShareCapital
2021-03-31
00936369
core:RetainedEarningsAccumulatedLosses
2022-03-31
00936369
core:RetainedEarningsAccumulatedLosses
2021-03-31
00936369
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
00936369
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-03-31
00936369
bus:SmallEntities
2021-04-01
2022-03-31
00936369
bus:Audited
2021-04-01
2022-03-31
00936369
bus:FullAccounts
2021-04-01
2022-03-31
00936369
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
00936369
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
00936369
bus:OrdinaryShareClass1
2022-03-31
00936369
bus:OrdinaryShareClass1
2021-03-31
00936369
core:EntitiesControlledByKeyManagementPersonnel
2021-04-01
2022-03-31
COMPANY REGISTRATION NUMBER:
00936369
Filleted Financial Statements
|
|
Year ended 31 March 2022
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
3
|
|
|
Officers and Professional Advisers
|
|
The board of directors
|
Mr S Cornes
|
|
Mr D P Mullinder
|
|
Mr A H Foster
|
|
|
Registered office
|
Fernhill Estate Office
|
|
Fernhill Road
|
|
Sutton
|
|
Newport
|
|
TF10 8DJ
|
|
|
Auditor
|
Riverside Accountancy Lancaster Limited
|
|
Chartered accountants & statutory auditor
|
|
Second Floor, Riverside Offices
|
|
26 St George's Quay
|
|
Lancaster
|
|
LA1 1RD
|
|
|
Bankers
|
Lloyds
|
|
95 High Street
|
|
Newport
|
|
TF10 7AZ
|
|
|
Statement of Financial Position
|
|
31 March 2022
Fixed assets
Tangible assets
|
5
|
151,145
|
151,145
|
|
|
|
|
Current assets
Stocks
|
4,533,855
|
4,146,761
|
Debtors
|
6
|
140,691
|
75,662
|
Cash at bank and in hand
|
534,854
|
29,176
|
|
------------
|
------------
|
|
5,209,400
|
4,251,599
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
4,904,219
|
3,812,383
|
|
------------
|
------------
|
Net current assets
|
305,181
|
439,216
|
|
---------
|
---------
|
Total assets less current liabilities
|
456,326
|
590,361
|
|
---------
|
---------
|
Net assets
|
456,326
|
590,361
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
8
|
50
|
50
|
Profit and loss account
|
456,276
|
590,311
|
|
---------
|
---------
|
Shareholders funds
|
456,326
|
590,361
|
|
---------
|
---------
|
|
|
|
|
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
21 December 2022
, and are signed on behalf of the board by:
Mr D P Mullinder
|
Director
|
|
Company registration number:
00936369
Notes to the Financial Statements
|
|
Year ended 31 March 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fernhill Estate Office, Fernhill Road, Sutton, Newport, TF10 8DJ.
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. The financial statements have been rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are in relation to land held for redevelopment and are measured at the cost. Cost includes all costs of purchase, costs of conversion and other costs incurred in brining the land to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2021:
4
).
5.
Tangible assets
|
Freehold property
|
|
£
|
Cost
|
|
At 1 April 2021 and 31 March 2022
|
151,145
|
|
---------
|
Depreciation
|
|
At 1 April 2021 and 31 March 2022
|
–
|
|
---------
|
Carrying amount
|
|
At 31 March 2022
|
151,145
|
|
---------
|
At 31 March 2021
|
151,145
|
|
---------
|
|
|
6.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Other debtors
|
140,691
|
75,662
|
|
---------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Trade creditors
|
273,152
|
109,670
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
4,625,676
|
3,567,641
|
Other creditors
|
5,391
|
135,072
|
|
------------
|
------------
|
|
4,904,219
|
3,812,383
|
|
------------
|
------------
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2022
|
2021
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 0.25 each
|
200
|
50
|
200
|
50
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
9.
Consolidated financial statements
Consolidated accounts have been prepared for the Parkhill 2000 Group, the group's registered office address is Fernhill Estate Office, Fernhill Road, Sutton, Newport, TF10 8DJ.
10.
Charges on assets
There are charges against the company assets as follows; The Welsh Development Agency created on 24th August 2004, Mr C Cornes created on 12th February 2016 and
Mr S Cornes
& Mr D Mullinder as trustees of The Colin Cornes Will Trust created on 30th June 2020.
11.
Summary audit opinion
The auditor's report for the year dated 21 December 2022 was unqualified.
The senior statutory auditor was
Lyndsay Nicholson ACA
, for and on behalf of
Riverside Accountancy Lancaster Limited
.
12.
Related party transactions
Included within creditors at the year end is a balance owed to connected parties totalling £4,625,676 (2021 - £3,567,641). Shortly after the year end the company repaid £500,000 to a related party.
13.
Controlling party
The company is owned 100% by Parkhill 2000 Limited, its immediate parent. The ultimate controller of the company is the C Cornes Discretionary Trust.