PARKLANDS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Company Registration Number 1705887
PARKLANDS PROPERTIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
CONTENTS
PAGES
Officers and professional advisers
1
Directors' report
2
Statement of comprehensive income
3
Statement of changes in equity
4
Statement of financial position
5
Notes to the financial statements
6 to 10
The following pages do not form part of the statutory financial statements
Detailed profit and loss account
12
Notes to the detailed profit and loss account
13
PARKLANDS PROPERTIES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
YEAR ENDED 31 MARCH 2022
The board of directors
G R Jayson
C L Jayson
Company secretary
C L Jayson
Business address
Hillsdown House
1st Floor
32 Hampstead High Street
London
United Kingdom
NW3 1QD
Registered office
Hillsdown House
1st Floor
32 Hampstead High Street
London
United Kingdom
NW3 1QD
- 1 -
PARKLANDS PROPERTIES LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of property investment.
Directors
The directors who served the company during the year were as follows:
G R Jayson
C L Jayson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption.
Signed on behalf of the directors
G R Jayson
Director
Approved by the directors on 26 August 2022
- 2 -
PARKLANDS PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2022
2022
2021
Note
£
£
Turnover 1
114,537
112,112
Administrative expenses
(25,175)
(23,340)
Operating profit
2
89,362
88,772
Interest receivable
9
38
Interest payable and similar charges
(307)
(409)
Profit on ordinary activities before taxation
89,064
88,401
Tax on profit on ordinary activities
3
(16,925)
(16,796)
Profit for the financial year
72,139
71,605
The notes on pages 6 to 10 form part of these financial statements.
- 3 -
PARKLANDS PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2022
`
Notes
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2019
Year ended 31 March 2020:
1,000
1,306,803
1,194,082
2,501,885
Profit and total comprehensive income for the year
-
-
76,613
76,613
Dividends
-
-
(45,000)
(45,000)
Balance at 31 March 2020
1,000
1,306,803
1,225,695
2,533,498
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
71,605
71,605
Dividends
-
-
(50,000)
(50,000)
Balance at 31 March 2021
1,000
1,306,803
1,247,300
2,555,103
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
72,139
72,139
Dividends
-
-
(65,000)
(65,000)
Balance at 31 March 2022
1,000
1,306,803
1,254,439
2,562,242
The notes on pages 6 to 10 form part of these financial statements.
- 4 -
PARKLANDS PROPERTIES LIMITED
Registered Number 1705887
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
31 March 2022
2022
2021
Note
£
£
£
£
Fixed assets
Investment properties
4
2,055,000
2,055,000
Current assets
Debtors
5
427,920
427,920
Cash at bank
129,741
128,600
557,661
556,520
Creditors: Amounts falling due within one year
6
(42,386)
(42,195)
Net current assets/(liabilities)
515,275
514,325
Total assets less current liabilities
2,570,275
2,569,325
Creditors: Amounts falling due after more than one year
7
(8,033)
(14,222)
2,562,242
2,555,103
Capital and reserves
Called-up share capital
9
1,000
1,000
Other reserves
10
1,306,803
1,306,803
Profit and loss account
11
1,254,439
1,247,300
Shareholders' funds
2,562,242
2,555,103
For the year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These accounts were approved by the directors and authorised for issue on
26 August 2022
26 August 2022
and are signed on their behalf by:
G R Jayson
Director
The notes on pages 6 to 10 form part of these financial statements.
5
PARKLANDS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1.
Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with applicable United Kingdom accounting standards.
These financial statements have been prepared in accordance with FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS102”) 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 FRS102 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 and monetary amounts presented in these financial statements are rounded to the nearest £.
First time adoption of FRS102
The financial statements are the first financial statements of Parklands Properties Limited prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' (“FRS102”). The financial statements of Parklands Properties Limited for the year ended 31 March 2022 were prepared in accordance with previous UK GAAP.
Some of the FRS102 recognition, measurement presentation and disclosure requirements and accounting policy choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies to comply with FRS 102. The directors have also taken advantage of certain exemptions from the requirements of FRS102 permitted by FRS 102 Chapter 35 ‘Transition to this FRS'.
The reported financial position and financial performance for the previous period is not affected by the transition to FRS 102.
Turnover
The turnover shown in the profit and loss account represents rents derived from the investment properties.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.
Depreciation
Depreciation is calculated to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
The notes on pages 6 to 10 form part of these financial statements.
6
PARKLANDS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments 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.
Investment properties
Investment property, which is property held to earn rentals and /or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The changes in fair value are recognised in the income statement.
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off amounts and the equity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.
2.
Operating profit
Operating profit is stated after charging:
2022
2021
£
£
Directors' remuneration
-
-
3.
Taxation on ordinary activities
Analysis of charge in the year
2022
2021
£
£
UK Corporation tax
16,922
16,796
Over/under provision in prior year
3
-
16,925
16,796
- 7 -
PARKLANDS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
4.
Tangible fixed assets
Investment properties
£
Fair value
At 1 April 2021
2,055,000
Revaluation
-
Disposals in year
-
At 31 March 2022
2,055,000
Fair value adjustment
At 1 April 2021
-
Movement in year
-
At 31 March 2022
–
Fair Value
At 31 March 20221
2,055,000
At 31 March 2021
2,055,000
The investment properties were valued by the directors at open market value on an existing use basis. In the opinion of the directors the valuation of the properties remained unchanged from the prior year. No depreciation is provided in respect of these properties. It is estimated that corporation tax of approximately £147,000 would arise if the properties were sold for their open market value. The historical cost of the properties is £748,196.
5.
Debtors
2022
2021
£
£
Other debtors
427,920
427,920
6.
Creditors: Amounts falling due within one year
2022
2021
£
£
Bank loans
6,096
6,034
Corporation tax
16,922
16,793
Other taxation and social security
-
-
Other creditors
19,368
19,368
42,386
42,195
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2022
2021
£
£
Bank loans
6,096
6,034
The bank loans and overdraft are secured by first charges over the company's investment properties and are at rates between 1.25% and 1.35% above bank base rate.
- 8 -
PARKLANDS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
7.
Creditors: Amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
8,033
14,222
Other creditors
-
-
8,033
14,222
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2022
2021
£
£
Bank loans and overdrafts
8,033
14,222
The bank loans and overdraft are secured by first charges over the company's investment properties and are at rates between 1.25% and 1.35% above bank base rate.
8.
Related party transactions
G R Jayson was a director of Jewelacre Limited and Royston Park Limited.
Included in debtors at the year-end are amounts due from Jewelacre Limited of £125,475 (2021: £125,475) and £150,000 (2021: 150,000) due from Royston Park Investments Limited which is interest free.
Debtors also include £150,000 (2021: 150,000) due from Viceroy Properties Limited, a company connected to CL Jayson. The advance is interest free.
9.
Share capital
Allotted, called up and fully paid:
2022
2021
No
£
No
£
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10.
Other reserves
2022
2021
£
£
Balance brought forward
1,306,803
1,306,803
Fair value adjustments
-
-
Released on disposal
-
-
Balance carried forward
1,306,803
1,306,803
- 9 -
PARKLANDS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
11.
Profit and loss account
2022
2021
£
£
Balance brought forward
1,247,300
1,225,695
Profit for the financial year
72,139
71,605
Dividends
(65,000)
(50,000)
Balance carried forward
1,254,439
1,247,300
12.
Controlling parties
The company was under the control of the directors throughout the current and previous year.
- 10 -
PARKLANDS PROPERTIES LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 31 MARCH 2022
The following pages do not form part of the statutory financial statements.
- 11 -
PARKLANDS PROPERTIES LIMITED
DETAILED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2022
2022
2021
£
£
Turnover
114,537
112,112
Overheads
Administrative expenses
(25,175)
(23,340)
Operating profit
89,362
88,772
Bank interest receivable
9
38
89,371
88,810
Bank interest payable
(307)
(409)
Profit on ordinary activities
89,064
88,401
- 12 -
PARKLANDS PROPERTIES LIMITED
NOTES TO THE DETAILED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2022
2022
2021
£
£
£
£
Administrative expenses
Personnel costs
Directors' salaries
-
-
Establishment expenses
Rates and water
1,089
473
Insurance
(95)
505
Repairs and maintenance
7,401
4,338
Service charge
11,487
10,136
Letting commission payable
1,952
3,344
21,834
18,796
General expenses
General expenses
152
-
Legal and professional fees
-
1,519
Accountancy fees
3,000
3,000
3,152
4,519
Financial costs
Bank charges
189
25
189
25
25,175
23,340
Interest receivable
Bank interest receivable
9
38
- 13 -
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