Company registration number 02878122 (England and Wales)
EXCEL PARKING SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
EXCEL PARKING SERVICES LIMITED
COMPANY INFORMATION
Directors
S Renshaw-Smith
A Cockcroft
Secretary
K Gillott
Company number
02878122
Registered office
7 Europa View
Sheffield Business Park
Sheffield
S9 1XH
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
Royal Bank of Scotland plc
Church Street
Sheffield
S1 1HF
EXCEL PARKING SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
EXCEL PARKING SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2022
- 1 -
The directors present the strategic report for the year ended 30 April 2022.
Fair review of the business
This review aims to present a balanced and comprehensive review of the development and performance of the group during the financial year and of its position at the year end. The review is consistent with the size and complexity of the business and is written in the context of the risks and uncertainties faced by the business.
The group continues to provide and operate public car parking facilities for its customers throughout the UK, and offers its managed clients comprehensive turnkey solutions rather than a basic management offering. Diversification has proven to be desirable to our clients and we remain committed to developing our corporate brand and strengthening our market share.
Our portfolio continues to grow in terms of size and diversity covering city centre pay car parks, retail and leisure centres, health, education, rail, aviation, park and ride, logistics and freight, utilizing a model of owned, leased and managed car parks.
The year continued to be impacted by the ongoing effects of COVID-19 resulting in a challenging set of trading circumstances as the country experienced a change in behaviors resulting in reduced number of journeys and increased working from home ethos leading to reduced parking activity.
Key employees had been protected in readiness for an improving economic climate assisted by the government funded furlough scheme. This proved invaluable and enabled the company to react with agility and flexibility to increased demands and take advantage of new business opportunities as they materialised. This was combined with maintaining a strong landlord/tenant relationship throughout the pandemic period to ensure ongoing commercial relationships were maintained.
Despite the difficult trading conditions the Group performed ahead of expectations as restrictions were eased and activity increased albeit not at pre pandemic levels. The business remains committed to developing our corporate brand, improving the customer experience and taking full advantage of emerging markets as they present themselves.
The business has used the time during the pandemic to reassess their direct staffing and have invested in IT, including ANPR & CCTV solutions to materially reduce staffing overhead and rely more directly on technology based solutions.
By directing the business in more IT led solutions it has enabled it to secure further long term contracts within the aviation industry.
The group continues to pursue more corporate business by forging relationships with the primary Commercial Agents and clients operating within the UK
Principal risks and uncertainties
The business environment in which the group operates continues to be a dynamic customer driven sector in a maturing market resulting in fewer direct opportunities. The Directors of the business bear in mind all known risks and uncertainties in making plans for the future development of the Group. However, they are aware that these plans may be subject to unforeseen future events outside of the Group’s control.
EXCEL PARKING SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 2 -
Key performance indicators
2022 2021 Inc / (Dec)
£000’s
£000’s
%
Revenue
£12,829
£9,153
+40%
Gross Profit
£ 6,392
£3,191
+100%
Profit Before tax
£ 2,013
£ 214
+840%
Continued strong control of the cost base was influential in driving a profit before tax increase of £1,798,736 to £2,012,807 compared to the previous year
of £214,071.
A strong balance sheet was also maintained allowing for a further improvement in Net assets to £12,307,073 from the previous year of £11,219,587 and no requirement to take out borrowings.
Charitable activity
The company prides itself with contributing to charity and participates in events and activities on a monthly basis to raise funds for its nominated charities.
Future developments
Whilst the group remains confident in its continued organic growth, the group is confident in the performance expectation for the year ahead and it will continue to analyse the industry and associated sectors with a view to identifying potentially enhancing acquisition opportunities. The Group is well placed to explore new routes to market given its strong cash position and no borrowings, both nationally and internationally with continued investment in new technologies and processes to drive efficiencies and improve operating margin.
S Renshaw-Smith
Director
21 December 2022
EXCEL PARKING SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2022
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2022.
Principal activities
The principal activity of the company is the provision and management of car parking facilities.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Renshaw-Smith
A Cockcroft
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £532,109. The directors do not recommend payment of a further dividend.
Auditor
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor
of the
company is
unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor
of the
company
is
aware of that information.
On behalf of the board
S Renshaw-Smith
Director
21 December 2022
EXCEL PARKING SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2022
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
group and
company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EXCEL PARKING SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXCEL PARKING SERVICES LIMITED
- 5 -
Opinion
We have audited the
financial statements of
Excel Parking Services Limited
(the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2022 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements,
including
significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2022 and of the group's profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
group and
parent company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the
group's and
parent
company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
EXCEL PARKING SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXCEL PARKING SERVICES LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
group and the parent
company and
their
environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the
parent
company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with management and trustees, and from our knowledge and experiences of the sector;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including, Companies Act 2006, data protection, employment and health and safety legislation;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
EXCEL PARKING SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXCEL PARKING SERVICES LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements
To address the risks of fraud through management bias and override controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes of meetings of those charged with governance;
-
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees’ and other management.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Daniel Varley
For and on behalf of BHP LLP
22 December 2022
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
EXCEL PARKING SERVICES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2022
- 8 -
2022
2021
Notes
£
£
Turnover
3
12,829,438
9,152,517
Cost of sales
(6,437,739)
(5,961,840)
Gross profit
6,391,699
3,190,677
Distribution costs
(498,437)
(580,608)
Administrative expenses
(4,133,012)
(3,787,837)
Other operating income
248,738
1,482,741
Exceptional costs - see note 6
4
(92,911)
Operating profit
5
2,008,988
212,062
Interest receivable and similar income
9
3,857
2,021
Interest payable and similar expenses
10
(38)
(12)
Profit before taxation
2,012,807
214,071
Tax on profit
11
(393,212)
(44,443)
Profit for the financial year
1,619,595
169,628
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
EXCEL PARKING SERVICES LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,281,923
2,153,586
Investments
15
6,500
6,500
2,288,423
2,160,086
Current assets
Stocks
17
177,361
161,418
Debtors
18
7,001,581
5,704,689
Cash at bank and in hand
7,824,410
7,214,443
15,003,352
13,080,550
Creditors: amounts falling due within one year
19
(4,836,345)
(3,945,849)
Net current assets
10,167,007
9,134,701
Total assets less current liabilities
12,455,430
11,294,787
Creditors: amounts falling due after more than one year
20
(36,157)
-
Provisions for liabilities
22
(112,200)
(75,200)
Net assets
12,307,073
11,219,587
Capital and reserves
Called up share capital
24
150
150
Share premium account
349,950
349,950
Profit and loss reserves
11,956,973
10,869,487
Total equity
12,307,073
11,219,587
The financial statements were approved by the board of directors and authorised for issue on 21 December 2022 and are signed on its behalf by:
21 December 2022
S Renshaw-Smith
Director
EXCEL PARKING SERVICES LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2022
30 April 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,214,774
2,058,271
Investments
15
30,000
30,000
2,244,774
2,088,271
Current assets
Stocks
17
177,361
161,418
Debtors
18
5,886,611
5,377,039
Cash at bank and in hand
4,643,787
4,021,900
10,707,759
9,560,357
Creditors: amounts falling due within one year
19
(4,105,736)
(3,107,285)
Net current assets
6,602,023
6,453,072
Total assets less current liabilities
8,846,797
8,541,343
Creditors: amounts falling due after more than one year
20
(36,157)
Provisions for liabilities
22
(121,000)
(63,000)
Net assets
8,689,640
8,478,343
Capital and reserves
Called up share capital
24
150
150
Share premium account
349,950
349,950
Profit and loss reserves
8,339,540
8,128,243
Total equity
8,689,640
8,478,343
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s profit for the year was £743,406 (2021 - £70,661 profit).
The financial statements were approved by the board of directors and authorised for issue on 21 December 2022 and are signed on its behalf by:
21 December 2022
S Renshaw-Smith
Director
Company Registration No. 02878122
EXCEL PARKING SERVICES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2020
150
349,950
10,894,843
11,244,943
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
-
169,628
169,628
Dividends
12
-
-
(194,984)
(194,984)
Balance at 30 April 2021
150
349,950
10,869,487
11,219,587
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
1,619,595
1,619,595
Dividends
12
-
-
(532,109)
(532,109)
Balance at 30 April 2022
150
349,950
11,956,973
12,307,073
EXCEL PARKING SERVICES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2020
150
349,950
8,252,566
8,602,666
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
-
70,661
70,661
Dividends
12
-
-
(194,984)
(194,984)
Balance at 30 April 2021
150
349,950
8,128,243
8,478,343
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
743,406
743,406
Dividends
12
-
-
(532,109)
(532,109)
Balance at 30 April 2022
150
349,950
8,339,540
8,689,640
EXCEL PARKING SERVICES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2022
- 13 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,394,180
772,437
Interest paid
(38)
(12)
Income taxes refunded/(paid)
14,939
(46,726)
Net cash inflow from operating activities
1,409,081
725,699
Investing activities
Purchase of tangible fixed assets
(260,299)
(150,069)
Proceeds from disposal of tangible fixed assets
20,024
11,027
Interest received
3,857
2,021
Net cash used in investing activities
(236,418)
(137,021)
Financing activities
Repayment of finance leases obligations
(30,587)
-
Dividends paid to equity shareholders
(532,109)
(194,984)
Net cash used in financing activities
(562,696)
(194,984)
Net increase in cash and cash equivalents
609,967
393,694
Cash and cash equivalents at beginning of year
7,214,443
6,820,749
Cash and cash equivalents at end of year
7,824,410
7,214,443
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 14 -
1
Accounting policies
Company information
Excel Parking Services Limited (“the company”)
is a
private
limited company domiciled and incorporated in
England and Wales
.
The registered office is
7 Europa View, Sheffield Business Park, Sheffield, S9 1XH.
The group consists of Excel Parking Services Limited and all of its subsidiaries.
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.
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. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
1.2
Basis of consolidation
In the parent company
financial statements, t
he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
I
nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 15 -
The consolidated group financial statements consist of the financial statements of the parent company
Excel Parking Services Limited
together with
all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates
.
All
financial statements
are made up to 30 April 2022
.
Where necessary, adjustments are made to the
financial statements
of subsidiaries to bring the accounting policies used into line with those used by other members of the
g
roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have
considered budgets and forecasts which have been prepared for a period of 12 months following approval of these financial statements. The directors have
a reasonable expectation that the
group
has adequate resources to continue in operational existence for the foreseeable future.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
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.
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 Freehold
Nil
Land and buildings Leasehold
Straight line over lease term
Plant and machinery
10%/20% straight line
Fixtures, fittings & equipment
Up to 10 years / 25% straight line
Motor vehicles
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 recognised in the
profit and loss account
.
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company
financial statements,
investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
group
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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs
.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.10
Cash at bank and in hand
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.
1.11
Financial instruments
The group 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 group's
balance sheet
when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
m
ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities
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 group after deducting all of its liabilities.
Basic financial liabilities, including
creditors
, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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
group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 18 -
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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
d
asset are consumed.
1.18
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.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Parking Charge Notice Debtor
The valuation of the year end parking charge notice debtor is based on receipts following the year end in respect of parking charge notices issued up to 30 April 2022.
As at 30 April 2022 the trade debtors totalled £996,016 (2021: £793,077) of which £662,450 (2021: £520,578) relates to the parking charge notice debtor.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Provision and management of carparking facilities
12,829,438
9,152,517
2022
2021
£
£
Other revenue
Interest income
3,857
2,021
Grants received
248,738
1,479,283
4
Exceptional item
2022
2021
£
£
Expenditure
Exceptional costs - relocation and dilapidation costs
-
92,911
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 20 -
5
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
466
(68)
Government grants
(248,738)
(1,479,283)
Depreciation of owned tangible fixed assets
225,888
217,734
Profit on disposal of tangible fixed assets
(5,142)
(11,027)
Profit on disposal of intangible assets
(8,695)
Operating lease charges
1,285,472
1,195,822
6
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
18,224
13,850
Audit of the financial statements of the company's subsidiaries
8,210
4,500
26,434
18,350
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Employees
168
208
168
208
Their aggregate remuneration comprised:
Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
4,124,889
4,331,764
4,124,889
4,331,764
Social security costs
288,515
305,076
288,515
305,076
Pension costs
76,242
72,799
76,242
72,799
4,489,646
4,709,639
4,489,646
4,709,639
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 21 -
8
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
348,388
352,290
Company pension contributions to defined contribution schemes
3,520
5,546
351,908
357,836
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2021 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
240,000
240,000
Company pension contributions to defined contribution schemes
991
1,314
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 22 -
9
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
3,857
2,021
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
3,857
2,021
10
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
12
Other interest on financial liabilities
38
-
38
12
11
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
356,212
51,243
Deferred tax
Origination and reversal of timing differences
37,000
(6,800)
Total tax charge
393,212
44,443
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
11
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
2,012,807
214,071
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
382,433
40,673
Tax effect of expenses that are not deductible in determining taxable profit
1,607
4,744
Change in unrecognised deferred tax assets
(285)
264
Effect of change in corporation tax rate
9,946
-
Other permanent differences
(1,210)
Fixed asset differences
(489)
(28)
Taxation charge
393,212
44,443
12
Dividends
2022
2021
Recognised as distributions to equity holders:
£
£
Interim paid
532,109
194,984
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2021
(14,983)
Disposals
(3,000)
At 30 April 2022
(17,983)
Amortisation and impairment
At 1 May 2021
(14,983)
Disposals
(3,000)
At 30 April 2022
(17,983)
Carrying amount
At 30 April 2022
At 30 April 2021
The company had no intangible fixed assets at 30 April 2022 or 30 April 2021.
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 24 -
14
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2021
1,550,590
160,344
1,910,197
666,862
831,280
5,119,273
Additions
53,326
167,587
120,113
19,385
360,411
Disposals
(160,344)
(114,077)
(19,483)
(91,617)
(385,521)
At 30 April 2022
1,550,590
53,326
1,963,707
767,492
759,048
5,094,163
Depreciation and impairment
At 1 May 2021
160,344
1,452,677
622,347
730,319
2,965,687
Depreciation charged in the year
699
132,450
34,119
58,620
225,888
Eliminated in respect of disposals
(160,344)
(114,077)
(15,733)
(89,181)
(379,335)
At 30 April 2022
699
1,471,050
640,733
699,758
2,812,240
Carrying amount
At 30 April 2022
1,550,590
52,627
492,657
126,759
59,290
2,281,923
At 30 April 2021
1,550,590
457,520
44,515
100,961
2,153,586
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
14
Tangible fixed assets
(Continued)
- 25 -
Company
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2021
1,550,590
160,344
1,570,601
652,379
570,177
4,504,091
Additions
53,326
159,001
120,113
19,385
351,825
Disposals
(160,344)
(5,000)
(56,311)
(221,655)
At 30 April 2022
1,550,590
53,326
1,729,602
767,492
533,251
4,634,261
Depreciation and impairment
At 1 May 2021
160,344
1,191,491
607,864
486,121
2,445,820
Depreciation charged in the year
699
107,689
34,119
46,629
189,136
Eliminated in respect of disposals
(160,344)
(1,250)
(53,875)
(215,469)
At 30 April 2022
699
1,299,180
640,733
478,875
2,419,487
Carrying amount
At 30 April 2022
1,550,590
52,627
430,422
126,759
54,376
2,214,774
At 30 April 2021
1,550,590
379,110
44,515
84,056
2,058,271
15
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
16
6,500
6,500
30,000
30,000
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 May 2021 and 30 April 2022
6,500
Carrying amount
At 30 April 2022
6,500
At 30 April 2021
6,500
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
15
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2021 and 30 April 2022
30,000
Carrying amount
At 30 April 2022
30,000
At 30 April 2021
30,000
16
Subsidiaries
Details of the company's subsidiaries at 30 April 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Conkai Security Limited
United Kingdom
Ordinary
0
100.00
VCS (Car Park Management) Limited
United Kingdom
Ordinary
100.00
-
Vehicle Control Services
United Kingdom
Ordinary
100.00
-
Conkai Security Limited is a 100% subsidiary of Vehicle Control Services Limited and is therefore ultimately controlled by Excel Parking Services Limited. The subsidiary is considered immaterial to the group and has therefore not been included in the consolidation
17
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Finished goods and goods for resale
177,361
161,418
177,361
161,418
18
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,977,361
1,701,294
996,016
793,077
Corporation tax recoverable
15,164
69,557
15,164
69,557
Amounts owed by group undertakings
-
-
-
639,834
Other debtors
3,871,662
3,039,511
3,846,346
3,009,835
Prepayments and accrued income
1,137,394
894,327
1,029,085
864,736
7,001,581
5,704,689
5,886,611
5,377,039
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 27 -
19
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Obligations under finance leases
21
33,369
33,369
Trade creditors
1,066,720
942,792
982,425
849,605
Amounts due to group undertakings
354,111
Corporation tax payable
335,218
18,460
132,899
Other taxation and social security
1,556,479
1,273,151
1,542,616
1,267,168
Other creditors
1,045,472
1,028,734
537,332
452,186
Accruals and deferred income
799,087
682,712
522,984
538,326
4,836,345
3,945,849
4,105,736
3,107,285
20
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Obligations under finance leases
21
36,157
36,157
21
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
33,369
33,369
In two to five years
36,157
36,157
69,526
-
69,526
-
22
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Group
£
£
Accelerated capital allowances
117,200
78,800
Short term timing differences
(5,000)
(3,600)
112,200
75,200
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
22
Deferred taxation
(Continued)
- 28 -
Liabilities
Liabilities
2022
2021
Company
£
£
Accelerated capital allowances
126,000
64,000
Short term timing differences
(5,000)
(1,000)
121,000
63,000
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 May 2021
75,200
63,000
Charge to profit or loss
37,000
58,000
Liability at 30 April 2022
112,200
121,000
23
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,096
66,810
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150
150
150
150
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 29 -
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
973,341
1,046,584
973,341
1,046,584
Between two and five years
1,962,648
2,065,251
1,962,648
2,065,251
In over five years
1,604,374
1,765,482
1,604,374
1,765,482
4,540,363
4,877,317
4,540,363
4,877,317
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2022
2021
2022
2021
£
£
£
£
Acquisition of tangible fixed assets
3,201
-
3,201
-
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2022
2021
£
£
Aggregate compensation
396,633
402,329
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
27
Related party transactions
(Continued)
- 30 -
Other information
(i) ANPR International Limited
S Renshaw-Smith owns 100% of the share capital of ANPR International Limited and is also a director of the company.
During the year Excel Parking Services Limited made purchases of £176,879 (20
2
1: £123,218).
Excel Parking Services Limited recharged costs incurred of £227,995 (20
2
1: £251,995).
At the year end the amount due
to
the group
from
ANPR International Limited was
£
810,604 (20
2
1: £297,881)
(ii) Historic Inns Limited
S Renshaw-Smith owns 100% of the share capital of Historic Inns Limited and is also a director of the company.
A loan due to Excel Parking Services Limited of £nil (20
2
1: £98,520) was outstanding at the year end.
(iii) Siren Developments Limited
S Renshaw-Smith owns 100% of the share capital of Siren Developments Limited and is also a director of the company.
A loan due to Excel Parking Services Limited of £506,761 (20
2
1: £506,761) was outstanding at the year end.
(iv) EPS Investments (St Cuthb
e
rt's Way) Limited
S Renshaw-Smith owns 100% of the share capital of EPS Investments (St C
u
thb
e
rt's Way) Limited and is also a director of the company.
A loan due to Excel Parking Services Limited of £1,550,
6
00 (20
2
1: £1,550,000) was outstanding at the year end.
(v) EPS Investments (Europa Green) Limited
S Renshaw-Smith owns 100% of the share capital of EPS Investments (Europa Green) Limited and is also a director of the company.
A loan due to Excel Parking Services Limited of £850,000 (20
2
1: £nil) was outstanding at the year end.
28
Directors' transactions
Dividends totalling £532,109 (2021: £194,984) were paid in the year in respect of shares held by the company's directors.
EXCEL PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 31 -
29
Cash generated from group operations
2022
2021
£
£
Profit for the year after tax
1,619,595
169,628
Adjustments for:
Taxation charged
393,212
44,443
Finance costs
38
12
Investment income
(3,857)
(2,021)
Gain on disposal of tangible fixed assets
(13,837)
(11,027)
Depreciation and impairment of tangible fixed assets
225,888
217,734
Movements in working capital:
(Increase)/decrease in stocks
(15,943)
45,730
(Increase)/decrease in debtors
(1,351,285)
90,702
Increase in creditors
540,369
217,236
Cash generated from operations
1,394,180
772,437
30
Analysis of changes in net funds - group
1 May 2021
Cash flows
New finance leases
30 April 2022
£
£
£
£
Cash at bank and in hand
7,214,443
609,967
-
7,824,410
Obligations under finance leases
-
30,587
(100,113)
(69,526)
7,214,443
640,554
(100,113)
7,754,884
2022-04-30
2021-05-01
false
CCH Software
CCH Accounts Production 2022.200
S Renshaw-Smith
A Cockcroft
K Gillott
02878122
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2021-05-01
2022-04-30
02878122
2021-05-01
2022-04-30
02878122
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2021-05-01
2022-04-30
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2021-05-01
2022-04-30
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2021-05-01
2022-04-30
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2021-05-01
2022-04-30
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2022-04-30
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2022-04-30
02878122
2022-04-30
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2021-04-30
02878122
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2021-05-01
2022-04-30
02878122
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2020-05-01
2021-04-30
02878122
2020-05-01
2021-04-30
02878122
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2021-04-30
02878122
2021-04-30
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2022-04-30
02878122
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2022-04-30
02878122
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2022-04-30
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2022-04-30
02878122
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2022-04-30
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2021-04-30
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2021-04-30
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2021-04-30
02878122
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2021-04-30
02878122
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2021-04-30
02878122
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2022-04-30
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2022-04-30
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2021-04-30
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2020-04-30
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2021-04-30
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2022-04-30
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2021-04-30
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2022-04-30
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iso4217:GBP