Company registration number 02362162 (England and Wales)
PARK GROUP SOUTH WEST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
PARK GROUP SOUTH WEST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PARK GROUP SOUTH WEST LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,227,786
1,535,120
Investments
5
2
2
2,227,788
1,535,122
Current assets
Stocks
449,801
653,640
Debtors
6
1,662,495
952,501
Cash at bank and in hand
639,299
786,711
2,751,595
2,392,852
Creditors: amounts falling due within one year
7
(2,476,866)
(1,638,410)
Net current assets
274,729
754,442
Total assets less current liabilities
2,502,517
2,289,564
Provisions for liabilities
8
(404,005)
(154,938)
Net assets
2,098,512
2,134,626
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,097,512
2,133,626
Total equity
2,098,512
2,134,626

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PARK GROUP SOUTH WEST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
Mrs K A Marshall
Director
Company Registration No. 02362162
PARK GROUP SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Park Group South West Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, EX2 5WS.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 3 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% per annum on a straight line basis
Plant and machinery
15% per annum on a reducing balance basis
Fixtures, fittings & equipment
15% per annum on a reducing balance basis
Motor vehicles
25% per annum on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

PARK GROUP SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stock is valued at the lower of cost, including direct labour and attributable overheads, and net realisable value.

1.8
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PARK GROUP SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
36
32
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
311,111
Amortisation and impairment
At 1 March 2022 and 28 February 2023
311,111
Carrying amount
At 28 February 2023
-
0
At 28 February 2022
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
266,642
3,403,908
3,670,550
Additions
34,044
999,385
1,033,429
Disposals
-
0
(8,754)
(8,754)
At 28 February 2023
300,686
4,394,539
4,695,225
Depreciation and impairment
At 1 March 2022
101,670
2,033,760
2,135,430
Depreciation charged in the year
28,285
309,599
337,884
Eliminated in respect of disposals
-
0
(5,875)
(5,875)
At 28 February 2023
129,955
2,337,484
2,467,439
Carrying amount
At 28 February 2023
170,731
2,057,055
2,227,786
At 28 February 2022
164,972
1,370,148
1,535,120
PARK GROUP SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,088,451
856,976
Amounts owed by group undertakings
426,434
48,592
Other debtors
147,610
46,933
1,662,495
952,501
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
404,754
316,414
Amounts owed to group undertakings
1,794,625
982,168
Taxation and social security
90,098
315,685
Other creditors
187,389
24,143
2,476,866
1,638,410
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:
£
£
Accelerated capital allowances
404,005
154,938
2023
Movements in the year:
£
Liability at 1 March 2022
154,938
Charge to profit or loss
152,106
Effect of change in tax rate - profit or loss
96,961
Liability at 28 February 2023
404,005
PARK GROUP SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
301,300
186,300
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