REGISTERED NUMBER:
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GREENWICH CAR PARKING SERVICES LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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REGISTERED NUMBER:
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GREENWICH CAR PARKING SERVICES LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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GREENWICH CAR PARKING SERVICES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditors and Chartered Accountants |
Bank Chambers |
1 Central Avenue |
Sittingbourne |
Kent |
ME10 4AE |
GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552) |
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STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2021 |
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30.9.21 | 30.9.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Greenwich Car Parking Services Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. |
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Turnover |
Turnover represents the amounts receivable from car parking charges, excluding value added tax. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Office equipment | over 3 years |
Plant and Machinery | over 3 years |
Motor Vehicles | over 3 years |
GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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a) Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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b) Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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c) Impairment of financial assets |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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d) Trade and other creditors |
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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5. | TANGIBLE FIXED ASSETS |
Office | Plant and | Motor |
Equipment | machinery | Vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2020 |
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Disposals |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Trade Creditors |
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Other taxes and PAYE | 26,164 | 15,865 |
Accruals and Deferred Income | 5,103 | 5,715 |
Amounts due to Parent Company | 724,323 | 572,919 |
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GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.21 | 30.9.20 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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9. | RESERVES |
Retained |
earnings |
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At 1 October 2020 |
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Profit for the year |
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Dividends | ( |
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At 30 September 2021 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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During the year management charges have been paid to The Greenwich Development Corporation Limited of £162,000 (2020: £163,000). £72,000 remained owed to The Greenwich Development Corporation Limited at 30 September 2021. |
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During the year dividends of £70,000 (2020: £150,000) were due to Greenwich Development Corporation Limited. |
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Included in creditors are amounts owing to Greenwich Development Corporation Limited of £724,323 (2020: £572,919). The net expenditure incurred by Greenwich Development Corporation Limited on behalf of the company during the year was £45,404 (2020: £106,693). |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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