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Registration number: NI637445

Park Design Associates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Park Design Associates Limited

(Registration number: NI637445)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,078

2,776

Current assets

 

Stocks

6

14,250

17,250

Debtors

7

26,795

4,108

Cash at bank and in hand

 

11,694

19,065

 

52,739

40,423

Creditors : due within one year

8

(33,637)

(30,549)

Net current assets

 

19,102

9,874

Total assets less current liabilities

 

23,180

12,650

Provisions for liabilities

(775)

(527)

Net assets

 

22,405

12,123

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

22,305

12,023

Shareholders' funds

 

22,405

12,123

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Park Design Associates Limited

(Registration number: NI637445)
Balance Sheet as at 30 June 2023

Approved and authorised by the director on 20 September 2023
 


.........................................

Mr Robin Barry Park

Director

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Parkmore House, Parkmore Heights, Ballymena, County Antrim, BT43 5DB.

These financial statements were authorised for issue by the director on 20 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, the stage of completion can be measured reliably and the costs incurred for the transaction and to complete the transaction can be measured reliably.

Government grants

Revenue grants are accounted for under the performance model. Revenue grants that do not impose specified future performance-related conditions are recognised when the grant proceeds are received or receivable.

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment, fixtures and fittings

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an business represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets and liabilities of the business recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Work in progress comprises the value of work undertaken in respect of the provision of services as at the reporting date. The value of the work is calculated based on a combination of the degree of completion and the expected fee level.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

15,000

15,000

At 30 June 2023

15,000

15,000

Amortisation

At 1 July 2022

15,000

15,000

At 30 June 2023

15,000

15,000

Carrying amount

At 30 June 2023

-

-

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

76,081

76,081

Additions

2,661

2,661

At 30 June 2023

78,742

78,742

Depreciation

At 1 July 2022

73,305

73,305

Charge for the year

1,359

1,359

At 30 June 2023

74,664

74,664

Carrying amount

At 30 June 2023

4,078

4,078

At 30 June 2022

2,776

2,776

6

Stocks

2023
£

2022
£

Work in progress

14,250

17,250

7

Debtors

2023
£

2022
£

Trade debtors

26,337

3,761

Prepayments

458

347

 

26,795

4,108

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors: due within one year

2023
£

2022
£

Trade creditors

5,652

3,416

Director's current account

2,559

2,499

Taxation and social security

7,418

11,690

Other creditors and accruals

18,008

12,944

33,637

30,549

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary equity shares of £1 each

100

100

100

100