Company registration number 03163054 (England and Wales)
PARK LABELLING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
PARK LABELLING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PARK LABELLING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
924,515
983,857
Current assets
Debtors
4
397,431
271,425
Cash at bank and in hand
9,602
13,077
407,033
284,502
Creditors: amounts falling due within one year
5
(419,772)
(341,026)
Net current liabilities
(12,739)
(56,524)
Total assets less current liabilities
911,776
927,333
Provisions for liabilities
6
(30,515)
(27,620)
Net assets
881,261
899,713
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
327,901
345,160
Capital redemption reserve
125
125
Profit and loss reserves
552,235
553,428
Total equity
881,261
899,713
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 LABELLING 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 number 03163054 (England and Wales)
PARK LABELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Park Labelling 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.
1.2
Turnover
Turnover represents amounts receivable for rents and service related charges net of VAT. Rent is accounted for on an accruals basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land
No depreciation charged
Freehold properties
Straight line over 25 years
Plant and machinery
15% per annum on written down value
Fixtures, fittings & equipment
15% per annum on written down value
Solar roofs
Straight line over 25 years
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.
1.4
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PARK LABELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0). All employees are employed by the connected company, Park Group South West Limited.
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 March 2022 and 28 February 2023
1,540,371
195,773
1,736,144
Depreciation and impairment
At 1 March 2022
609,907
142,380
752,287
Depreciation charged in the year
53,911
5,431
59,342
At 28 February 2023
663,818
147,811
811,629
Carrying amount
At 28 February 2023
876,553
47,962
924,515
At 28 February 2022
930,464
53,393
983,857
The freehold land and buildings were revalued to fair value upon transition to FRS102. This value is now the 'deemed cost' of the asset as the company has not adopted a policy of revaluation.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
PARK LABELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
3
Tangible fixed assets
(Continued)
- 5 -
2023
2022
£
£
Cost
1,108,346
1,108,346
Accumulated depreciation
(559,694)
(523,042)
Carrying value
548,652
585,304
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
395,675
269,261
Other debtors
1,756
2,164
397,431
271,425
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,980
Amounts owed to group undertakings
377,027
297,027
Taxation and social security
28,582
27,961
Other creditors
14,163
14,058
419,772
341,026
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
7
30,515
27,620
7
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
30,515
27,620
PARK LABELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
7
Deferred taxation
(Continued)
- 6 -
2023
Movements in the year:
£
Liability at 1 March 2022
27,620
Credit to profit or loss
(5,827)
Effect of change in tax rate - profit or loss
8,722
Liability at 28 February 2023
30,515