Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseThe principal activity of the company continued to be that of the supply of motor vehicles.44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02144597 2021-01-01 2021-12-31 02144597 2020-01-01 2020-12-31 02144597 2021-12-31 02144597 2020-12-31 02144597 c:Director2 2021-01-01 2021-12-31 02144597 d:Buildings 2021-01-01 2021-12-31 02144597 d:Buildings 2021-12-31 02144597 d:Buildings 2020-12-31 02144597 d:Buildings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02144597 d:LandBuildings 2021-12-31 02144597 d:LandBuildings 2020-12-31 02144597 d:MotorVehicles 2021-01-01 2021-12-31 02144597 d:MotorVehicles 2021-12-31 02144597 d:MotorVehicles 2020-12-31 02144597 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02144597 d:FurnitureFittings 2021-01-01 2021-12-31 02144597 d:FurnitureFittings 2021-12-31 02144597 d:FurnitureFittings 2020-12-31 02144597 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02144597 d:OfficeEquipment 2021-01-01 2021-12-31 02144597 d:OfficeEquipment 2021-12-31 02144597 d:OfficeEquipment 2020-12-31 02144597 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02144597 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 02144597 d:CurrentFinancialInstruments 2021-12-31 02144597 d:CurrentFinancialInstruments 2020-12-31 02144597 d:Non-currentFinancialInstruments 2021-12-31 02144597 d:Non-currentFinancialInstruments 2020-12-31 02144597 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02144597 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 02144597 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 02144597 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 02144597 d:ShareCapital 2021-12-31 02144597 d:ShareCapital 2020-12-31 02144597 d:RevaluationReserve 2021-01-01 2021-12-31 02144597 d:RevaluationReserve 2021-12-31 02144597 d:RevaluationReserve 2020-12-31 02144597 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 02144597 d:RetainedEarningsAccumulatedLosses 2021-12-31 02144597 d:RetainedEarningsAccumulatedLosses 2020-12-31 02144597 c:FRS102 2021-01-01 2021-12-31 02144597 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 02144597 c:FullAccounts 2021-01-01 2021-12-31 02144597 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 02144597 2 2021-01-01 2021-12-31 02144597 5 2021-01-01 2021-12-31 02144597 6 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 02144597









PARK LANE (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
PARK LANE (UK) LIMITED
REGISTERED NUMBER: 02144597

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
755,348
750,219

Investments
 5 
918,170
466,092

  
1,673,518
1,216,311

Current assets
  

Stocks
  
868,647
1,898,408

Debtors: amounts falling due within one year
 6 
2,052,907
942,746

Cash at bank and in hand
 7 
1,371,277
1,796,888

  
4,292,831
4,638,042

Creditors: amounts falling due within one year
 8 
(241,414)
(92,511)

Net current assets
  
 
 
4,051,417
 
 
4,545,531

Total assets less current liabilities
  
5,724,935
5,761,842

Creditors: amounts falling due after more than one year
 9 
(862,771)
(2,078,971)

  

Net assets
  
4,862,164
3,682,871


Capital and reserves
  

Called up share capital 
  
50,002
50,002

Revaluation reserve
 10 
371,645
371,645

Profit and loss account
 10 
4,440,517
3,261,224

  
4,862,164
3,682,871


Page 1

 
PARK LANE (UK) LIMITED
REGISTERED NUMBER: 02144597
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Jackson
Director

Date: 1 August 2022

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PARK LANE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Park Lane (UK) Limited is a private company limited by shares, and is incorporated in England and Wales.  Its registered office and principal place of business is 9 Alton Business Centre, Omega Park, Alton, GU34 2YU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Potential sources of uncertainty noted by the directors include the COVID-19 pandemic. However, at the date of this report it is not possible to reliably determine the effects that this will have on the company. Accordingly the directors have continued to prepare the financial statements on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PARK LANE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
PARK LANE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% Straight line basis
Motor vehicles
-
20% Straight line basis
Fixtures and fittings
-
33.33% Straight line basis
Office equipment
-
20% and 33.33% Straight line basis

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 5

 
PARK LANE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 4).

Page 6

 
PARK LANE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
870,400
93,144
148,186
156,486
1,268,216


Additions
-
48,022
-
-
48,022


Disposals
-
(32,170)
-
(154,827)
(186,997)



At 31 December 2021

870,400
108,996
148,186
1,659
1,129,241



Depreciation


At 1 January 2021
169,607
45,935
148,186
154,268
517,996


Charge for the year on owned assets
17,408
19,917
-
-
37,325


Disposals
-
(28,819)
-
(152,609)
(181,428)



At 31 December 2021

187,015
37,033
148,186
1,659
373,893



Net book value



At 31 December 2021
683,385
71,963
-
-
755,348



At 31 December 2020
700,793
47,209
-
2,217
750,219




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Freehold
683,385
700,793

683,385
700,793


Page 7

 
PARK LANE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021
466,092


Additions
492,240


Disposals
(2,485)


Revaluations
(37,677)



At 31 December 2021
918,170





6.


Debtors

2021
2020
£
£


Trade debtors
284,489
725,290

Amounts owed by group undertakings
1,613,025
7,556

Other debtors
143,492
190,053

Prepayments and accrued income
11,901
19,847

2,052,907
942,746



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
1,371,277
1,796,888

Less: bank overdrafts
(9,111)
(36,454)

1,362,166
1,760,434


Page 8

 
PARK LANE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
9,111
36,454

Trade creditors
7,107
29,164

Other taxation and social security
15,587
16,244

Other creditors
175,192
-

Accruals and deferred income
34,417
10,649

241,414
92,511



9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Other creditors
862,771
2,078,971

862,771
2,078,971



10.


Reserves

Revaluation reserve

The revaluation reserve relates to freehold property.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,400 (2020: £2,400).

 
Page 9