Company registration number 11102291 (England and Wales)
PARK PROPERTIES HOUSING ASSOCIATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PARK PROPERTIES HOUSING ASSOCIATION LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
PARK PROPERTIES HOUSING ASSOCIATION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
16,149,287
8,788,905
Current assets
Debtors
5
4,887,928
2,065,192
Cash at bank and in hand
84,856
804
4,972,784
2,065,996
Creditors: amounts falling due within one year
6
(830,322)
(181,180)
Net current assets
4,142,462
1,884,816
Total assets less current liabilities
20,291,749
10,673,721
Creditors: amounts falling due after more than one year
7
(16,897,448)
(10,083,799)
Provisions for liabilities
(225,980)
(23,869)
Net assets
3,168,321
566,053
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
9
677,942
101,759
Distributable profit and loss reserves
10
2,490,279
464,194
Total equity
3,168,321
566,053

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
M Pearson
Director
Company registration number 11102291 (England and Wales)
PARK PROPERTIES HOUSING ASSOCIATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
100
101,759
(15,942)
85,917
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
480,136
480,136
Balance at 31 March 2022
100
101,759
464,194
566,053
Year ended 31 March 2023:
Profit and total comprehensive income
-
576,183
2,026,085
2,602,268
Balance at 31 March 2023
100
677,942
2,490,279
3,168,321
PARK PROPERTIES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Park Properties Housing Association Limited is a private company limited by shares incorporated in England and Wales. The registered office is Reedham House, 31-33 King Street West, Manchester, M3 2PJ.

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 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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
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.

1.4
Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and 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
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.

PARK PROPERTIES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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.

 

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.

1.7
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 sum of the tax currently payable and deferred tax. The is recognised in the Income Statement, 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.

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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PARK PROPERTIES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
3
4
Investment property
2023
£
Fair value
At 1 April 2022
8,788,905
Additions
18,726,738
Disposals
(12,257,716)
Revaluations
891,360
At 31 March 2023
16,149,287

The fair value of the investment properties has been arrived at on the basis of a numerous valuations carried out by Chartered Surveyors, who are not connected with the company. Where external valuations are not available the properties have been valued by the directors who have extensive experience within the property sector. Methods adopted include comparing property values to similar properties and the assessment of comparable rental yields. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

PARK PROPERTIES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,364
17,002
Other debtors
4,876,564
2,048,190
4,887,928
2,065,192
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
91,955
30,343
Corporation tax
654,394
113,750
Other creditors
83,973
37,087
830,322
181,180
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
16,897,448
7,944,501
Other creditors
-
0
2,139,298
16,897,448
10,083,799
8
Secured Debts

Secured debts included within long term creditors are mortgages totalling £Nil (2022: £2,139,298).

9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
101,759
101,759
Non distributable profits in the year
576,183
-
At the end of the year
677,942
101,759

The movement shown above from retained earnings is in relation to the revaluation gain of investment properties net of deferred tax.

 

PARK PROPERTIES HOUSING ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
464,194
(15,942)
Profit for the year
2,602,268
480,136
Current year profits transferred to non-distributable reserve
(576,183)
-
At the end of the year
2,490,279
464,194

The movement to non-distributable reserves shown above is in relation to the revaluation gain of investment properties net of deferred tax.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nathaniel Davidson BA(Hons) ACA
Statutory Auditor:
Lopian Gross Barnett & Co
12
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
41,697,086
20,408,010
13
Related Party Disclosures

There are no other related party transactions that require disclosure.

14
Parent company

The company's parent undertaking at the balance sheet date was Hornsearle Property Group Limited, a company registered in England and Wales.

 

Registered Office:

Reedham House

31 King Street West

Manchester

United Kingdom

M3 2PJ

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