Company registration number 10002235 (England and Wales)
PARK HOUSE DEVELOPMENTS (NW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
PARK HOUSE DEVELOPMENTS (NW) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PARK HOUSE DEVELOPMENTS (NW) LIMITED
BALANCE SHEET
AS AT
27 MARCH 2021
27 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Stocks
182
245
Debtors
4
231,681
561,455
Cash at bank and in hand
7,620
37,141
239,483
598,841
Creditors: amounts falling due within one year
5
(176,444)
(576,754)
Net current assets
63,039
22,087
Creditors: amounts falling due after more than one year
6
(47,610)
Net assets
15,429
22,087
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
15,329
21,987
Total equity
15,429
22,087
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 27 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 August 2022
S Latham
Director
Company Registration No. 10002235
PARK HOUSE DEVELOPMENTS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2021
- 2 -
1
Accounting policies
Company information
Park House Developments (NW) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Mount Pleasant, Waterloo, Liverpool, L22 5PL.
1.1
Reporting period
These financial statements are for the period ended 27 March 2021. The previous financial statements were for the period ended 28 March 2020 in order that the accounting period end is the same as that of other associated companies. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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 amounts 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.
1.3
Turnover
Turnover is represented by rents receivable and sales of private residential projects.
Turnover on private residential projects is recognised on legal completion of sale of each individual unit within the development. An estimate is made of the profit attributable to each unit and is calculated based on an assessment of the overall profitability of the development.
1.4
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises all direct costs, interest charged in connection with the development and attributable overheads.
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.
1.5
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.
1.6
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.
PARK HOUSE DEVELOPMENTS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
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 method 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.
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 company after deducting all of its liabilities.
Basic financial 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 payments discounted at a market rate of interest. 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. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.7
Equity instruments
Equity instruments issued by the company 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 company.
1.8
Taxation
The tax expense represents 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
Government grants
Government grants are recognised at the fair value of the asset received 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.
PARK HOUSE DEVELOPMENTS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2021
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2020
Number
Number
Total
1
1
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
14,445
130,761
Amounts owed by group undertakings
199,515
396,986
Other debtors
17,721
33,708
231,681
561,455
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
2,390
Trade creditors
95,827
235,881
Taxation and social security
55,769
116,473
Other creditors
22,458
224,400
176,444
576,754
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
47,610
PARK HOUSE DEVELOPMENTS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2021
- 5 -
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Parent company
The company is a wholly owned subsidiary of Elite Estate Developments Limited, a company registered in England and Wales.