4 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI654170 2022-07-01 2023-06-30 NI654170 2023-06-30 NI654170 2022-06-30 NI654170 2021-07-01 2022-06-30 NI654170 2022-06-30 NI654170 2021-06-30 NI654170 core:PlantMachinery 2022-07-01 2023-06-30 NI654170 core:FurnitureFittings 2022-07-01 2023-06-30 NI654170 bus:Director1 2022-07-01 2023-06-30 NI654170 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 NI654170 core:PlantMachinery 2022-06-30 NI654170 core:FurnitureFittings 2022-06-30 NI654170 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 NI654170 core:PlantMachinery 2023-06-30 NI654170 core:FurnitureFittings 2023-06-30 NI654170 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI654170 core:AfterOneYear 2023-06-30 NI654170 core:AfterOneYear 2022-06-30 NI654170 core:WithinOneYear 2023-06-30 NI654170 core:WithinOneYear 2022-06-30 NI654170 core:ShareCapital 2023-06-30 NI654170 core:ShareCapital 2022-06-30 NI654170 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI654170 core:RetainedEarningsAccumulatedLosses 2022-06-30 NI654170 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 NI654170 core:PlantMachinery 2022-06-30 NI654170 core:FurnitureFittings 2022-06-30 NI654170 bus:SmallEntities 2022-07-01 2023-06-30 NI654170 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 NI654170 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI654170 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI654170 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: NI654170
Value Car Parks Limited
Filleted Unaudited Financial Statements
30 June 2023
Value Car Parks Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
16,976,218
16,956,426
Current assets
Stocks
1,575
Debtors
6
24,628
134,598
Cash at bank and in hand
252,036
493,301
---------
---------
278,239
627,899
Creditors: amounts falling due within one year
7
129,994
490,312
---------
---------
Net current assets
148,245
137,587
-------------
-------------
Total assets less current liabilities
17,124,463
17,094,013
Creditors: amounts falling due after more than one year
8
16,345,000
16,940,770
-------------
-------------
Net assets
779,463
153,243
-------------
-------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
779,462
153,242
---------
---------
Shareholders funds
779,463
153,243
---------
---------
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 June 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 .
Value Car Parks Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 4 September 2023 , and are signed on behalf of the board by:
Mr C P McCausland
Director
Company registration number: NI654170
Value Car Parks Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 33 - 35 Grosvenor Road, Belfast, BT12 4GR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
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.
Going concern
The company commenced trading in March 2021 with activities adversely affected by Covid 19. Having prepared detailed forecasts for the 12 months from the date of this report and ensured that appropriate funding is in place. The directors are confident of profitable trading in the forthcoming year and on that basis believe that it is appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets 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.
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:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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 and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs 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. 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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2022
16,926,779
32,410
1,664
16,960,853
Additions
16,587
8,843
4,616
30,046
-------------
--------
-------
-------------
At 30 June 2023
16,943,366
41,253
6,280
16,990,899
-------------
--------
-------
-------------
Depreciation
At 1 July 2022
4,038
389
4,427
Charge for the year
9,066
1,188
10,254
-------------
--------
-------
-------------
At 30 June 2023
13,104
1,577
14,681
-------------
--------
-------
-------------
Carrying amount
At 30 June 2023
16,943,366
28,149
4,703
16,976,218
-------------
--------
-------
-------------
At 30 June 2022
16,926,779
28,372
1,275
16,956,426
-------------
--------
-------
-------------
6. Debtors
2023
2022
£
£
Trade debtors
1,550
104,758
Other debtors
23,078
29,840
--------
---------
24,628
134,598
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,120
4,358
Social security and other taxes
40,187
16,315
Other creditors
85,687
469,639
---------
---------
129,994
490,312
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
7,595,000
7,845,000
Other creditors
8,750,000
9,095,770
-------------
-------------
16,345,000
16,940,770
-------------
-------------
Included in creditors over 1 year is an amount of £8,750,000 which is secured by way of a fixed and floating charge over the freehold and leasehold property of the company situated at 19-25 Grosvenor Road and 2-36 Athol Street, Belfast.
9. Related party transactions
All loans outstanding at 30 June 2023 are included in Note 9 to these financial statements.
10. Controlling party
The company is a wholly owned subsidiary of McCausland(Holdings) Limited, a company registered in Northern Ireland.