REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
PARC PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
PARC PROPERTIES LIMITED |
PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PARC PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
19-21 Middle Row |
Stevenage |
Hertfordshire |
SG1 3AW |
PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Parc Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Further, the directors continue to support the company by way of director funding and have not indicated that such support will be withdrawn in the foreseeable future. Therefore the financial statements for the year ended 31st December 2022 have been prepared using the going concern basis of accounting. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings - 25% reducing balance |
Office equipment - 33% reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Investment property |
The company's properties are held for investment purposes. Investment properties are shown at their most recent fair values. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on such gains at the tax rate expected to apply when properties are sold. |
Under FRS 102 valuations as above are made under the fair value provisions of the Companies Act 2006 (CA 2006) and consequently the non-depreciation of investment properties is not a departure from the provisions of CA 2006. |
The directors determine fair value on an open market for existing use basis. |
Rents receivable from investment properties are credited to profit and loss account on a receivable basis. |
Investment properties are first recognised in the financial statements once an irrevocable purchase contract has been entered into. A sale of an investment property is recorded once an irrevocable sales contract has been entered into, provided that the sale has been completed by the date the financial statements are approved by the Board. |
Investment properties are treated as fixed asset investments until the date of sale. |
PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
Revaluations | 143,000 |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The 2022 valuations were made by a director, Mr P Plunkett, a Chartered Surveyor, on an open market value for existing use basis. |
On an historical cost basis these would have been included at £1,652,004 (2021 - £1,652,004). |
Fair value at 31 December 2022 is represented by: |
£ |
Valuation in 2022 | 957,996 |
Cost | 2,102,004 |
3,060,000 |
The 2022 valuations were made by a director, Mr P Plunkett, a Chartered Surveyor, on an open market value for existing use basis. |
On an historical cost basis these would have been included at £2,102,004 (2021 - £2,102,004). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Rent in advance | - | 775 |
Tax |
Other creditors |
Directors' current accounts | 296,434 | 345,254 |
Accruals and deferred income |
PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2022 | 2,372,187 |
Profit for the year |
Revaluation to fair value | (143,000 | ) | 143,000 | - |
Deferred tax on revaluation | 27,170 | (27,170 | ) | - |
Deferred tax adjustment | 150,492 | (150,492 | ) | - |
At 31 December 2022 | 2,529,642 |