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Registration number: 04417584

Park Corner Creative Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Park Corner Creative Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Park Corner Creative Limited

(Registration number: 04417584)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,680

9,360

Tangible assets

5

1,650

3,416

 

6,330

12,776

Current assets

 

Debtors

6

49,431

18,950

Cash at bank and in hand

 

11,784

25,508

 

61,215

44,458

Creditors: Amounts falling due within one year

7

(34,792)

(31,770)

Net current assets

 

26,423

12,688

Total assets less current liabilities

 

32,753

25,464

Creditors: Amounts falling due after more than one year

7

(21,247)

(24,257)

Net assets

 

11,506

1,207

Capital and reserves

 

Called up share capital

8

1,020

1,020

Retained earnings

10,486

187

Shareholders' funds

 

11,506

1,207

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

 

Park Corner Creative Limited

(Registration number: 04417584)
Balance Sheet as at 31 March 2023

.........................................
Mr D M Livingston
Director

.........................................
Mrs E G Livingston
Company secretary and director

 
     
 

Park Corner Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
2 Westman Road
Winchester
Hampshire
SO22 6DT

These financial statements were authorised for issue by the Board on 18 October 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 receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 in the countries where the company operates and generates taxable income.

 

Park Corner Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Fixtures, fittings and equipment

25% Reducing balance

Office equipment

33% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity 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. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

5 years straight line

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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Park Corner Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 2 (2022 - 2).

 

Park Corner Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

23,400

23,400

At 31 March 2023

23,400

23,400

Amortisation

At 1 April 2022

14,040

14,040

Amortisation charge

4,680

4,680

At 31 March 2023

18,720

18,720

Carrying amount

At 31 March 2023

4,680

4,680

At 31 March 2022

9,360

9,360

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

5,328

8,938

14,266

Additions

-

108

108

At 31 March 2023

5,328

9,046

14,374

Depreciation

At 1 April 2022

5,312

5,538

10,850

Charge for the year

4

1,870

1,874

At 31 March 2023

5,316

7,408

12,724

Carrying amount

At 31 March 2023

12

1,638

1,650

At 31 March 2022

16

3,400

3,416

 

Park Corner Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,530

9,317

Prepayments

289

260

Other debtors

43,612

9,373

 

49,431

18,950

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

3,278

3,278

Trade creditors

 

848

260

Taxation and social security

 

5,998

9,736

Other creditors

 

24,668

18,496

 

34,792

31,770

Due after one year

 

Loans and borrowings

9

21,247

24,257

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

21,247

24,257

 

Park Corner Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

1,000

1,000

1,000

1,000

Ordinary B shares of £1 each

10

10

10

10

Ordinary C shares of £1 each

10

10

10

10

 

1,020

1,020

1,020

1,020

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,247

24,257

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,278

3,278

 

Park Corner Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr D M Livingston

Interest charged at the official office rate and repayable on demand

4,866

18,447

(4,866)

18,447

         
       

Mrs E G Livingston

Interest charged at the official office rate and repayable on demand

4,866

18,448

(4,866)

18,448

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr D M Livingston

Interest charged at the official office rate and repayable on demand

3,220

4,866

(3,220)

4,866

         
       

Mrs E G Livingston

Interest charged at the official office rate and repayable on demand

3,220

4,866

(3,220)

4,866