Company registration number 08219834 (England and Wales)
PARK LOFTS (SOUTH WEST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
PARK LOFTS (SOUTH WEST) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
PARK LOFTS (SOUTH WEST) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr L A Fry
Mrs J L Fry
Company number
08219834
Registered office
30 - 31 St James Place
Mangotsfield
Bristol
South Glos.
United Kingdom
BS16 9JB
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
PARK LOFTS (SOUTH WEST) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,913
3,717
Current assets
Stocks
11,291
11,817
Debtors
4
2,210
19,133
Cash at bank and in hand
113,560
74,310
127,061
105,260
Creditors: amounts falling due within one year
5
(109,663)
(101,021)
Net current assets
17,398
4,239
Total assets less current liabilities
22,311
7,956
Provisions for liabilities
(934)
(706)
Net assets
21,377
7,250
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
21,277
7,150
Total equity
21,377
7,250

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 30 September 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 members have 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 LOFTS (SOUTH WEST) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 3 January 2024 and are signed on its behalf by:
Mr L A Fry
Director
Company Registration No. 08219834
PARK LOFTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Park Lofts (South West) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 - 31 St James Place, Mangotsfield, Bristol, South Glos., United Kingdom, BS16 9JB.

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 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Plant and equipment
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PARK LOFTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.6
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.

2
Employees

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

2023
2022
Number
Number
Total
7
7
PARK LOFTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
3,262
581
9,553
13,396
Additions
-
0
-
0
3,000
3,000
Disposals
-
0
-
0
(700)
(700)
At 30 September 2023
3,262
581
11,853
15,696
Depreciation
At 1 October 2022
2,946
146
6,587
9,679
Depreciation charged in the year
80
108
1,450
1,638
Eliminated in respect of disposals
-
0
-
0
(534)
(534)
At 30 September 2023
3,026
254
7,503
10,783
Carrying amount
At 30 September 2023
236
327
4,350
4,913
At 30 September 2022
316
435
2,966
3,717
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,100
19,033
Other debtors
110
100
2,210
19,133
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,342
14,428
Taxation and social security
38,369
24,610
Other creditors
59,952
61,983
109,663
101,021
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