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REGISTERED NUMBER: 00921619 (England and Wales)















THE PARKSIDE GROUP LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021






THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


THE PARKSIDE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2021







DIRECTORS: S J Jones
M D Hayward
P T Dziurzynski
L Alexander
R Reeve
B McDonald


SECRETARY: P T Dziurzynski


REGISTERED OFFICE: Unit 5 The Willow's Business Centre
Willow Lane
Mitcham
Surrey


REGISTERED NUMBER: 00921619 (England and Wales)


SENIOR STATUTORY AUDITOR: Steven Davies FCA


AUDITORS: Sinclairs Bartrum Lerner
Statutory Auditor
Second Floor
34 Lime Street
London
EC3M 7AT


BANKERS: Barclays Bank PLC
PO Box 95
1 North End
Croydon
CR9 1TN

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2021


The directors present their strategic report for the year ended 31st December 2021.

REVIEW OF BUSINESS
The Covid-19 pandemic continued to impact on trading levels especially during the early part of 2021, when lockdowns were still in force. Whilst the commercial market has returned to some level of normality, there was a major disruption to the supply chain for most construction products, which resulted in significant delays in supply across the construction industry. These delays impacted onto service levels as well as the level of sales that could be achieved. This greatly hampered the return to normal trading levels and hence the modest increase in turnover in 2021 compared with 2020. These supply chain issues continued throughout most of 2021 but have improved as we enter 2022. We anticipate that these problems will be resolved during the first half of 2022, but the effect has been significant in the short term. The company has maintained margin levels through the pandemics crisis and the cost base has been adjusted to ensure that the business is placed on a robust footing as we enter 2022. Debt levels have been stable, but stock has been increased to compensate for the longer lead-times experienced in 2021. We anticipate a significant recovery in sales during 2022 and further improvements in the financial performance. New products will be launched, and the company has invested in new key staff to help drive growth in 2022. The company maintains its policy of robust financial controls, whilst continuing to invest in sales growth and product innovation.

The key financial performance indicators are as follows:

2021 2020 2019 2018
Turnover ('000's) £16,042 £15,227 £19,554 £19,528
Gross profit margin 39.15% 39.17% 36.95% 37.20%
Net profit/(loss) before tax ('000's) £400 £485 £230 £67
Liquidity ratio (current assets:current liabilities) 1.54:1 1.60:1 1.40:1 1.39:1
Stock turnover (days) 211 205 185 188

PRINCIPAL RISKS AND UNCERTAINTIES
The board of directors evaluate the risks and uncertainties faced by the company. The principal risks faced by the company are:

Price risk, which largely arises from the fluctuation in commodity prices and foreign exchange rates. The company's products are chiefly comprised of aluminium, the price of which is subject to some volatility. Many supplies sourced from abroad are denominated in foreign currencies which are subject to fluctuation against the pound. The directors closely monitor the markets and use forward contracts where necessary to mitigate the risk of adverse price movement.

Credit risk, which is the risk that a customer may not fully discharge its debt. Customers' credit accounts are operated within predetermined parameters. The company has effective systems to closely monitor its relationship with its customers to minimise its exposure to credit risk.

Liquidity risk, which is the risk that the company may be unable to meet its liabilities as they fall due. The company generates sufficient cash from operations to enable it to comfortably satisfy its suppliers' terms of business.

The effect of the UK leaving the European Union. The impact of this decision continues to impact the industry through staffing issues and supplier lead-times.

COVID-19, the pandemic has had a significant negative impact on global economies and the UK in particular. Although this effect has greatly reduced during 2021, the long term capacity constraints and supply chain issues, which have arisen during the last 2 years, have had a lasting impact on the market and general trading conditions.


THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2021

FUTURE DEVELOPMENTS
Sales development and new product development will continue to be the key strategic focus for the company going forward. The company will continue to invest in the training and personal development of its key staff in order to provide a robust organisation which is well positioned to deal with the challenges and anticipated demands of our markets.

ON BEHALF OF THE BOARD:





P T Dziurzynski - Secretary


20th July 2022

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2021


The directors present their report with the financial statements of the company for the year ended 31st December 2021.

PRINCIPAL ACTIVITY
The principal activities of the company in the year under review continued to be those of suppliers of aluminium and composite fenestration and door systems and door hardware.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2021.

FUTURE DEVELOPMENTS
A summary of future developments is included in the strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2021 to the date of this report.

S J Jones
M D Hayward
P T Dziurzynski
L Alexander
R Reeve

Other changes in directors holding office are as follows:

B McDonald was appointed as a director after 31st December 2021 but prior to the date of this report.

A Davey ceased to be a director after 31st December 2021 but prior to the date of this report.

DIRECTORS' INDEMNITIES
The company has made contributions to a directors' liability insurance policy during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2021


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



P T Dziurzynski - Secretary


20th July 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PARKSIDE GROUP LIMITED


Opinion
We have audited the financial statements of The Parkside Group Limited (the 'company') for the year ended 31st December 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 company's affairs as at 31st December 2021 and of its 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PARKSIDE GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PARKSIDE GROUP LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit is capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and discussions with management and directors we identified financial reporting standards and Companies Act 2006, as applied to Companies, as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;
- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- enquiry of management, about litigation and claims and inspection of relevant correspondence;
- analytical procedures to identify any unusual or unexpected relationships;
- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, recoverability of trade debtors and revenue recognition;
- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PARKSIDE GROUP LIMITED


Use of our 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 a Report of the Auditors 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.




Steven Davies FCA (Senior Statutory Auditor)
for and on behalf of Sinclairs Bartrum Lerner
Statutory Auditor
Second Floor
34 Lime Street
London
EC3M 7AT

20th July 2022

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER 2021

2021 2020
Notes £    £    £    £   

TURNOVER 3 16,042,726 15,227,150

Cost of sales 9,762,271 9,262,258
GROSS PROFIT 6,280,455 5,964,892

Distribution costs 1,504,996 1,473,005
Administrative expenses 4,375,482 4,552,387
5,880,478 6,025,392
399,977 (60,500 )

Other operating income 4 - 545,965
OPERATING PROFIT and
PROFIT BEFORE TAXATION 399,977 485,465

Tax on profit 7 - -
PROFIT FOR THE FINANCIAL YEAR 399,977 485,465

Retained earnings at beginning of year 3,163,654 3,178,189

Dividends 8 - (500,000 )

RETAINED EARNINGS AT END OF YEAR 3,563,631 3,163,654

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

BALANCE SHEET
31ST DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 314,431 140,673

CURRENT ASSETS
Stocks 10 5,639,293 5,197,549
Debtors 11 3,793,649 2,996,266
Cash at bank and in hand - 32,832
9,432,942 8,226,647
CREDITORS
Amounts falling due within one year 12 6,107,128 5,127,052
NET CURRENT ASSETS 3,325,814 3,099,595
TOTAL ASSETS LESS CURRENT LIABILITIES 3,640,245 3,240,268

PROVISIONS FOR LIABILITIES 16 28,614 28,614
NET ASSETS 3,611,631 3,211,654

CAPITAL AND RESERVES
Called up share capital 17 48,000 48,000
Retained earnings 18 3,563,631 3,163,654
SHAREHOLDERS' FUNDS 3,611,631 3,211,654

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 20th July 2022 and were signed on its behalf by:





P T Dziurzynski - Director


THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2021

2021 2020
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (356,301 ) 1,277,901
Net cash from operating activities (356,301 ) 1,277,901

Cash flows from investing activities
Purchase of tangible fixed assets (260,947 ) -
Decrease in loan advanced - 465,868
Net cash from investing activities (260,947 ) 465,868

Cash flows from financing activities
Loan repayments in year (14,503 ) -
Increase in funds advanced 523,041 -
Funds repaid - (1,876,780 )
Government grants received - 545,965
Equity dividends paid - (500,000 )
Net cash from financing activities 508,538 (1,830,815 )

Decrease in cash and cash equivalents (108,710 ) (87,046 )
Cash and cash equivalents at beginning of
year

2

32,832

119,878

Cash and cash equivalents at end of year 2 (75,878 ) 32,832

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2021


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2021 2020
£    £   
Profit before taxation 399,977 485,465
Depreciation charges 87,189 55,585
Loss on disposal of fixed assets - 942
Government grants - (545,965 )
487,166 (3,973 )
(Increase)/decrease in stocks (441,744 ) 1,019,879
(Increase)/decrease in trade and other debtors (797,383 ) 1,052,964
Increase/(decrease) in trade and other creditors 395,660 (790,969 )
Cash generated from operations (356,301 ) 1,277,901

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2021
31/12/21 1/1/21
£    £   
Cash and cash equivalents - 32,832
Bank overdrafts (75,878 ) -
(75,878 ) 32,832
Year ended 31st December 2020
31/12/20 1/1/20
£    £   
Cash and cash equivalents 32,832 119,878


THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2021


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/21 Cash flow At 31/12/21
£    £    £   
Net cash
Cash at bank and in hand 32,832 (32,832 ) -
Bank overdrafts - (75,878 ) (75,878 )
32,832 (108,710 ) (75,878 )
Debt
Debts falling due within 1 year (2,854,346 ) (523,041 ) (3,377,387 )
(2,854,346 ) (523,041 ) (3,377,387 )
Total (2,821,514 ) (631,751 ) (3,453,265 )

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2021


1. STATUTORY INFORMATION

The Parkside Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.

(a) Useful economic lives of assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

(b) Stock provision
The company supplies aluminium and composite fenestration and door systems and door hardware and is subject to changing customer demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock held.

(c) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition
Revenue is recognised when the risks and rewards of ownership have substantively transferred to the customer, regardless of whether legal title has transferred. This condition is normally met when the goods have been delivered or upon the performance of services.

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Intangible fixed assets
Purchased intangible assets which are expected to have useful lives in excess of one year are recognised as fixed assets and are measured at cost. Following initial recognition, intangible fixed assets are stated at cost less accumulated amortisation and any impairment losses

Internally generated intangible assets are recognised as an expense in the year in which the expenditure is incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the duration of the lease
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% reducing balance & 25% straight line
Motor vehicles - 25% on reducing balance

Tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock of punching tools is valued on the basis of direct costs plus attributable overheads based on normal activity levels. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of stock of punching tools.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in a independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Grant income
Government grants are recognised over the period for which the grant is intended to compensate. Grants that are receivable as compensation for expenses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

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.

Creditors
Short term trade 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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2021 2020
£    £   
Sales of goods 16,042,726 15,227,150
16,042,726 15,227,150

Turnover attributable to various geographical markets has not been disclosed as in the opinion of the directors, its disclosure would be seriously prejudicial to the interests of the company.

4. OTHER OPERATING INCOME
2021 2020
£    £   
Government grants - 545,965

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


5. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 2,815,958 3,064,674
Social security costs 316,602 330,671
Other pension costs 99,336 114,242
3,231,896 3,509,587

The average number of employees during the year was as follows:
2021 2020

Warehouse and delivery 20 18
Selling and administration 48 48
68 66

2021 2020
£    £   
Directors' remuneration 610,800 655,800
Directors' pension contributions to money purchase schemes 29,715 29,715

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 7 7

Information regarding the highest paid director is as follows:
2021 2020
£    £   
Emoluments etc 216,500 216,500
Pension contributions to money purchase schemes 10,000 10,000

6. OPERATING PROFIT

The operating profit is stated after charging:

2021 2020
£    £   
Depreciation - owned assets 87,189 55,585
Loss on disposal of fixed assets - 942
Auditors' remuneration 31,500 20,000
Foreign exchange differences 676 22,703
Operating leases - properties 654,013 652,001

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31st December 2021 nor for the year ended 31st December 2020.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit before tax 399,977 485,465
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

75,996

92,238

Effects of:
Expenses not deductible for tax purposes 1,100 10,181
Capital allowances in excess of depreciation (42,420 ) -
Depreciation in excess of capital allowances - 7,758
Enhanced R&D allowance (61,574 ) (67,145 )
Loss relief claimed - (43,032 )
Losses carried forward 26,898 -
Total tax charge - -

8. DIVIDENDS
2021 2020
£    £   
Interim - 500,000

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st January 2021 720,511 1,033,727 1,339,395 21,000 3,114,633
Additions - 166,378 94,569 - 260,947
At 31st December 2021 720,511 1,200,105 1,433,964 21,000 3,375,580
DEPRECIATION
At 1st January 2021 718,741 933,467 1,301,639 20,113 2,973,960
Charge for year 558 53,328 33,081 222 87,189
At 31st December 2021 719,299 986,795 1,334,720 20,335 3,061,149
NET BOOK VALUE
At 31st December 2021 1,212 213,310 99,244 665 314,431
At 31st December 2020 1,770 100,260 37,756 887 140,673

10. STOCKS
2021 2020
£    £   
Raw materials and consumables 5,639,293 5,197,549

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 3,348,343 2,706,595
VAT 78,664 -
Prepayments and accrued income 366,642 289,671
3,793,649 2,996,266

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts (see note 13) 3,453,265 2,854,346
Trade creditors 1,984,196 1,441,195
Amounts owed to group undertakings 74,994 89,497
Tax 24,944 24,944
PAYE and NIC taxes 86,124 83,951
VAT - 127,449
Other creditors 13,795 15,241
Accruals and deferred income 469,810 490,429
6,107,128 5,127,052

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


13. LOANS

An analysis of the maturity of loans is given below:

2021 2020
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 75,878 -
Asset based lending facility 3,377,387 2,854,346
3,453,265 2,854,346

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 813,450 818,077
Between one and five years 1,683,134 2,221,488
In more than five years - 144,048
2,496,584 3,183,613

15. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Asset based lending facility 3,377,387 2,854,346

The asset based finance facility is secured by a fixed and floating charge over the assets of the company and its parent, The Parkside Group (Holdings) Limited.

16. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 28,614 28,614

Deferred
tax
£   
Balance at 1st January 2021 28,614
Accelerated capital allowances
Balance at 31st December 2021 28,614

THE PARKSIDE GROUP LIMITED (REGISTERED NUMBER: 00921619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2021


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
48,000 Ordinary £1 48,000 48,000

18. RESERVES
Retained
earnings
£   

At 1st January 2021 3,163,654
Profit for the year 399,977
At 31st December 2021 3,563,631

19. RELATED PARTY DISCLOSURES

Mr P T Dziurzynski, Mr S Jones and Mr M Hayward are directors of the parent company.

The Parkside Group (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.

20. CONTROL

The company is controlled by Mr P T Dziurzynski, who is a director and majority shareholder of the parent company, The Parkside Group (Holdings) Limited.