Company registration number 05355673 (England and Wales)
PARK SCORE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
PARK SCORE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
PARK SCORE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
22,000,000
14,977,521
Current assets
Debtors
5
180,000
180,000
Cash at bank and in hand
698,085
369,168
878,085
549,168
Creditors: amounts falling due within one year
6
(7,230,493)
(3,223,437)
Net current liabilities
(6,352,408)
(2,674,269)
Total assets less current liabilities
15,647,592
12,303,252
Creditors: amounts falling due after more than one year
7
-
0
(4,020,826)
Provisions for liabilities
(2,441,967)
(686,347)
Net assets
13,205,625
7,596,079
Capital and reserves
Called up share capital
1,000
1,000
Fair value reserve
9,858,806
4,591,947
Profit and loss reserves
3,345,819
3,003,132
Total equity
13,205,625
7,596,079

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 6 October 2023 and are signed on its behalf by:
Ms S Marron
Director
Company Registration No. 05355673
PARK SCORE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2021
1,000
4,756,670
3,141,688
7,899,358
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
196,721
196,721
Dividends
-
-
(500,000)
(500,000)
Transfers
-
(164,723)
164,723
-
Balance at 28 February 2022
1,000
4,591,947
3,003,132
7,596,079
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
5,609,546
5,609,546
Transfers
-
5,266,859
(5,266,859)
-
Balance at 28 February 2023
1,000
9,858,806
3,345,819
13,205,625
PARK SCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Park Score Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 39 Sheraton Business Centre, Wadsworth Close, Greenford, Middlesex, UB6 7JB.

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, modified to include investment properties and certain financial instruments at fair value. 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 renting out the investment property provided in the normal course of business, and is shown net of value added tax and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of rental services is recognised by reference to the stage of completion of the contract. The stage of completion is calculated with reference to the underlying lease term. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Investment property

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. Changes in fair value are recognised in profit or loss.

The company elects to transfer accumulated movements in the fair value of the investment properties to a separate non-distributable reserve within equity, being the fair value reserve.

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.

PARK SCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 SCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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 SCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of property

Commercial properties owned by the company are held at fair value. The attribution of a fair value is based on assumptions and judgments and as such there is an inherent uncertainty in the valuation. The Directors use periodic third party valuations and their operational experience to ensure the recorded value is accurate.

3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 March 2022
14,977,521
Revaluations
7,022,479
At 28 February 2023
22,000,000

The fair value of the investment property has been arrived at by the directors with reference to an offer received from an entity who is unconnected. The directors believe the valuation reflects the current market environment.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
180,000
180,000
PARK SCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,020,826
-
0
Corporation tax
79,082
83,378
Other taxation and social security
30,773
30,046
Other creditors
3,099,812
3,110,013
7,230,493
3,223,437

On 31 January 2019 the company entered into an agreement to secure funding. This resulted in the company having fixed and floating charges over the undertakings and all property and assets present and future. The loan matures on 31 January 2024 and therefore, it has been classified as a current loan in this period.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
4,020,826
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
2,441,967
686,347
2023
Movements in the year:
£
Liability at 1 March 2022
686,347
Charge to profit or loss
1,755,620
Liability at 28 February 2023
2,441,967
9
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.

PARK SCORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
9
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Mark Cassidy FCA
Statutory Auditor:
Mercer & Hole LLP
10
Related party transactions

Other creditors falling due within one year (note 8) include a loan of £2,640,610 (2022: £2,640,610) from a related party. The loan bears interest rate of 1.35% above the Bank of England Base Rate. Loan interest of £88,732 (2022: £39,573) has been accrued on this loan. The total amount of interest outstanding on the loan at the balance sheet date and included under other creditors was £356,135 (2022: £267,403). The related party involved in the aforementioned transaction is related by virtue of common shareholding and directorship.

The above loan is repayable on demand.

 

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