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COMPANY REGISTRATION NUMBER: 00841553
T & T A Park Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2023
T & T A Park Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
T & T A Park Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
924,482
893,410
Current assets
Stocks
4,485
4,578
Debtors
7
18,981
53,324
Cash at bank and in hand
675
675
--------
--------
24,141
58,577
Creditors: amounts falling due within one year
8
234,732
255,823
----------
----------
Net current liabilities
210,591
197,246
----------
----------
Total assets less current liabilities
713,891
696,164
Creditors: amounts falling due after more than one year
9
126,208
130,957
Provisions
69,451
61,314
----------
----------
Net assets
518,232
503,893
----------
----------
Capital and reserves
Called up share capital
57,000
57,000
Share premium account
167,000
167,000
Revaluation reserve
168,160
168,160
Profit and loss account
126,072
111,733
----------
----------
Shareholders funds
518,232
503,893
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
T & T A Park Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2023 , and are signed on behalf of the board by:
Mr R A Park
Director
Company registration number: 00841553
T & T A Park Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chipchase Farm, Sutton Road, Wigginton, York, North Yorkshire, YO32 2RB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The Financial Statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The Financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to the expense over the lease term, on a straight-line basis.
(f) Tangible assets held at valuation
Tangible assets held at valuation are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets held at valuation carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Bank loans are secured on land and property owned by the company.
(h) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(k) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses 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.
(l) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(m) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets,financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax (income)/expense
( 3,473)
11,115
Adjustments in respect of prior periods
( 10)
-------
--------
Total current tax
( 3,473)
11,105
-------
--------
Deferred tax:
Origination and reversal of timing differences
8,137
8,761
-------
--------
Tax on profit
4,664
19,866
-------
--------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost/Valuation
At 1 May 2022
725,454
222,102
206,250
1,153,806
Additions
54,250
54,250
Disposals
( 4,800)
( 4,800)
----------
----------
----------
-------------
At 30 April 2023
725,454
271,552
206,250
1,203,256
----------
----------
----------
-------------
Depreciation
At 1 May 2022
3,638
121,135
135,623
260,396
Charge for the year
1,477
12,276
7,918
21,671
Disposals
( 3,293)
( 3,293)
----------
----------
----------
-------------
At 30 April 2023
5,115
130,118
143,541
278,774
----------
----------
----------
-------------
Carrying amount
At 30 April 2023
720,339
141,434
62,709
924,482
----------
----------
----------
-------------
At 30 April 2022
721,816
100,967
70,627
893,410
----------
----------
----------
-------------
Tangible assets held at valuation
The Investment Properties included within Fixed Assets at £373,000 (2022 £373,000) were valued in April 2023 by the directors who have experience in the location and category of the investment properties being valued.
7. Debtors
2023
2022
£
£
Trade debtors
15,508
53,324
Other debtors
3,473
--------
--------
18,981
53,324
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
164,511
173,378
Trade creditors
11,364
10,552
Corporation tax
11,115
Social security and other taxes
4,516
8,286
Directors loan accounts
25,296
31,801
Other creditors
29,045
20,691
----------
----------
234,732
255,823
----------
----------
Included within creditors is a bank loan which is secured on land and property owned by the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
103,564
116,752
Other creditors
22,644
14,205
----------
----------
126,208
130,957
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £1,800 in respect of liabilities payble by installments which fall due for payment after more than five years from the reporting date
Included within creditors is a bank loan which is secured on land and property owned by the company.
10. Related party transactions
Two of the Directors had loan accounts with the company throughout the year. At the year end date the total amount owed to those two directors was £ 25,296 (2022 - £31,801). The loan accounts remained in credit throughout the year. The loans are repayable upon demand. No interest was charged on the loans during the year.