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REGISTERED NUMBER: 02058552 (England and Wales)















GREENWICH CAR PARKING SERVICES LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


GREENWICH CAR PARKING SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Mr V J Farlie
Mr D T C Hudson
Cllr C D Hyland
Mr C J Allen
Mr J M Lloyd
Mr L J Blakey
Mr M M Skomorowski



SECRETARIES: Ms J Holman
Mrs K J Gladwell



REGISTERED OFFICE: 26 Burney Street
Greenwich
LONDON
SE10 8EX



REGISTERED NUMBER: 02058552 (England and Wales)



SENIOR STATUTORY AUDITOR: Ashley Phillips FCCA



AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   
CURRENT ASSETS
Debtors 6 56,723 35,383
Cash at bank 581,220 697,234
637,943 732,617
CREDITORS
Amounts falling due within one year 7 509,299 670,812
NET CURRENT ASSETS 128,644 61,805
TOTAL ASSETS LESS CURRENT
LIABILITIES

128,644

61,805

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 128,544 61,705
SHAREHOLDERS' FUNDS 128,644 61,805

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by:





Mr M M Skomorowski - Director


GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Greenwich Car Parking Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover represents the amounts receivable from car parking charges, excluding value added tax.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipmentover 3 years
Plant and Machineryover 3 years
Motor Vehiclesover 3 years

GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. TANGIBLE FIXED ASSETS
Office Plant and
Equipment machinery Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 4,179 60,039 64,218
DEPRECIATION
At 1 October 2022
and 30 September 2023 4,179 60,039 64,218
NET BOOK VALUE
At 30 September 2023 - - -
At 30 September 2022 - - -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 23,825 3,492
Prepayments and accrued income 32,898 31,891
56,723 35,383

GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade Creditors 4,391 16,872
Other taxes and PAYE 70,800 52,206
Accruals and Deferred Income 8,578 7,557
Amounts due to Parent Company 425,530 594,177
509,299 670,812

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained
earnings
£   

At 1 October 2022 61,705
Profit for the year 216,839
Dividends (150,000 )
At 30 September 2023 128,544

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashley Phillips FCCA - Senior Statutory Auditor
for and on behalf of McCabe Ford Williams

11. RELATED PARTY DISCLOSURES

During the year management charges have been paid to The Greenwich Development Corporation Limited of £163,100 (2022: £158,500).

During the year dividends of £150,000 (2022: £100,000) were due to Greenwich Development Corporation Limited.

Included in creditors are amounts owing to Greenwich Development Corporation Limited of £425,530 (2022: £594,177). The net expenditure incurred by Greenwich Development Corporation Limited on behalf of the company during the year was £37,353 (2022: £48,146).

GREENWICH CAR PARKING SERVICES LIMITED (REGISTERED NUMBER: 02058552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Directors of Greenwich Development Corporation Limited.