Company Registration No. 02276171 (England and Wales)
PARKARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
PARKARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
PARKARE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
127,918
159,374
Current assets
Stocks
1,097,366
1,287,246
Debtors falling due after more than one year
5
8,824
Debtors falling due within one year
5
517,289
263,928
Cash at bank and in hand
227,752
200,380
1,842,407
1,760,378
Creditors: amounts falling due within one year
6
(515,119)
(536,445)
Net current assets
1,327,288
1,223,933
Total assets less current liabilities
1,455,206
1,383,307
Creditors: amounts falling due after more than one year
7
(5,211)
Net assets
1,455,206
1,378,096
Capital and reserves
Called up share capital
100,000
100,000
Capital redemption reserve
8
25,000
25,000
Profit and loss reserves
8
1,330,206
1,253,096
Total equity
1,455,206
1,378,096
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PARKARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2022 and are signed on its behalf by:
C J R Wilson
Director
Company Registration No. 02276171
PARKARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Parkare Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Liberta House, Maxted Road, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover, which is stated net of value added tax, represents amounts derived from the provision of goods and services to third parties, except for long term agreements which are calculated as the proportion of total agreement value which costs incurred to date bear to total expected costs for that agreement. Revenues derived from variations on long term agreements are recognised only when they have been accepted by the customer. Full provision is made for losses on all agreements in the period in which they are first foreseen. Revenue from the supply of maintenance agreements is spread evenly over the term of the related agreement.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of
maintenance and service is recognised on a straight line basis over the life of the contract with reference to when scheduled maintenance visits have been completed.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
PARKARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
over the remaining period of the lease
Plant and machinery
10% to 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss
.
Recoverable amount is the higher of fair value less costs to sell and value in use.
1.5
Stocks
Stocks, including work-in-progress, are stated at the lower of cost and net realisable value. Costs include materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
PARKARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price
. Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less.
1.8
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
PARKARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the
company’s
net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the
company’s
net investment outstanding in respect of leases.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances denominated in a foreign currency are translated into sterling at the exchange rate ruling at the balance sheet date if appropriate.
All exchange differences are taken to the profit and loss account as they arise.
PARKARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.14
Finance leases - Equipment leased under finance lease is deemed to be sold at normal end user selling prices, the value of which is included in turnover at the inception of the lease. Income from finance lease rentals (after deducting the proportion attributable to maintenance) is recognised over the contractual period of the lease so as to give a constant periodic rate of return on the net cash investment in the lease each period.
The net cash investment in the lease is amortised, within the contractual period, on a straight line basis so as to match the diminution in the economic value of the underlying assets. All leases are amortised over the contractual period to a nil residual value.
Provision is made for the expected level of unrecovered losses on early termination.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Revenue recognition
The directors judge that contracts for providing support services should be recognised on a straight line basis over the life span of contracts to provide support.
Stock provisions
The directors judge that stock should be reviewed on a line by line basis with provision made in full for any items of stock, which in the opinion of the directors, may sell for less than its original cost.
PARKARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
3
Employees
2021
2020
Number
Number
Total
23
35
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
165,312
588,849
754,161
Additions
1,759
1,759
Disposals
(4,877)
(4,877)
At 31 December 2021
165,312
585,731
751,043
Depreciation and impairment
At 1 January 2021
165,312
429,475
594,787
Depreciation charged in the year
28,920
28,920
Eliminated in respect of disposals
(582)
(582)
At 31 December 2021
165,312
457,813
623,125
Carrying amount
At 31 December 2021
127,918
127,918
At 31 December 2020
159,374
159,374
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
472,006
175,632
Other debtors
45,283
88,296
517,289
263,928
PARKARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Debtors
(Continued)
- 9 -
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
8,824
Total debtors
517,289
272,752
Included within trade debtors is a bad debt provision of £36,035 (2020 - £33,934).
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
38,918
46,889
Amounts owed to group undertakings
91,314
58,249
Corporation tax
20,165
1,268
Other taxation and social security
46,047
8,604
Other creditors
318,675
421,435
515,119
536,445
Included within other taxation and social security are pension scheme contributions due of £2,799 (2020 - £4,152).
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
5,211
8
Reserves
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss reserves
Includes all current and prior period retained profits and losses.
PARKARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was David Allum and the auditor was UHY Hacker Young.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
91,935
226,335
11
Parent company
The immediate parent company is CAME BPT UK Limited by virtue of the 100% ownership of the allotted share capital of the company.
The ultimate parent company and controlling party at 31 December 20
21
is CAME GROUP
S
.
p
.A, which
owns
100% of the share capital of
CAME BPT UK Limited
. CAME GROUP s.P.A. is a company registered in Italy
and represents the smallest and largest group of which the company is a member for which group financial statements are prepared
. Financial statements are available upon request from CAME GROUP
S
.
p
.A. Viale delle Industie, 89/C 31030 Dosson di casier, Treviso, Italy
.
12
Related party transactions
The company has taken advantage of the exemption available
under section 33.11A of FRS 102
not
to disclose related party transactions with other group undertakings as it is a wholly owned subsidiary of CAME GROUP
S
.
p
.A.
Key management personnel
Key management personnel represents the directors as they alone have the authority and responsibility for planning, directing and controlling the activities of the company.