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Company registration number: 8462712
Parkway (Leics) Limited
Trading as Parkway Computer Services
Unaudited filleted abridged financial statements
31 March 2023
Parkway (Leics) Limited
Contents
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Parkway (Leics) Limited
Abridged statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 80,000 80,000
Tangible assets 6 207,375 150,977
_______ _______
287,375 230,977
Current assets
Stocks 21,140 22,354
Debtors 213,292 191,225
Cash at bank and in hand 121,781 150,841
_______ _______
356,213 364,420
Creditors: amounts falling due
within one year ( 156,798) ( 151,262)
_______ _______
Net current assets 199,415 213,158
_______ _______
Total assets less current liabilities 486,790 444,135
Creditors: amounts falling due
after more than one year ( 139,140) ( 147,226)
_______ _______
Net assets 347,650 296,909
_______ _______
Capital and reserves
Called up share capital 150 150
Other reserves 50 50
Profit and loss account 347,450 296,709
_______ _______
Shareholders funds 347,650 296,909
_______ _______
For the 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 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.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2023 , and are signed on behalf of the board by:
Mr Paul Nolan Mr Matthew Brown
Director Director
Company registration number: 8462712
Parkway (Leics) Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 April 2021 150 50 144,532 144,732
Profit for the year 214,277 214,277
_______ _______ _______ _______
Total comprehensive income for the year - - 214,277 214,277
Dividends paid and payable ( 62,100) ( 62,100)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 62,100) ( 62,100)
_______ _______ _______ _______
At 31 March 2022 and 1 April 2022 150 50 296,709 296,909
Profit for the year 149,413 149,413
_______ _______ _______ _______
Total comprehensive income for the year - - 149,413 149,413
Dividends paid and payable ( 98,672) ( 98,672)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 98,672) ( 98,672)
_______ _______ _______ _______
At 31 March 2023 150 50 347,450 347,650
_______ _______ _______ _______
Parkway (Leics) Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 9a Leicester Road, Blaby, Leicester.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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.
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
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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
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.
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 in finance costs 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 8 (2022: 5 ).
5. Intangible assets
£
Cost
At 1 April 2022 and 31 March 2023 80,000
_______
Amortisation
At 1 April 2022 and 31 March 2023 -
_______
Carrying amount
At 31 March 2023 80,000
_______
At 31 March 2022 80,000
_______
6. Tangible assets
£
Cost
At 1 April 2022 177,653
Additions 92,790
Disposals ( 6,978 )
_______ |
At 31 March 2023 263,465
_______ |
Depreciation
At 1 April 2022 26,676
Charge for the year 32,467
Disposals ( 3,053 )
_______ |
At 31 March 2023 56,090
_______ |
Carrying amount
At 31 March 2023 207,375
_______ |
At 31 March 2022 150,977
_______ |
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Paul Nolan ( 2,609) 969 ( 1,640)
Mr Matthew Brown ( 2,105) 227 ( 1,878)
Mr Samuel Surridge - ( 194) ( 194)
_______ _______ _______
( 4,714) 1,002 ( 3,712)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Paul Nolan ( 4,075) 1,466 ( 2,609)
Mr Matthew Brown - ( 2,105) ( 2,105)
Mr Samuel Surridge - - -
_______ _______ _______
( 4,075) ( 639) ( 4,714)
_______ _______ _______