Company registration number 05240353 (England and Wales)
Parking Ventilation Equipment Limited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Parking Ventilation Equipment Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Parking Ventilation Equipment Limited
Statement of financial position
as at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,961
29,714
Current assets
Stocks
92,021
83,049
Debtors
773,586
622,015
Cash at bank and in hand
589,863
506,105
1,455,470
1,211,169
Current liabilities
(945,121)
(708,008)
Net current assets
510,349
503,161
Net assets
530,310
532,875
Capital and reserves
Called up share capital
5
200
200
Profit and loss reserves
530,110
532,675
Total equity
530,310
532,875

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
A M Mowat
Director
Company registration number 05240353 (England and Wales)
Parking Ventilation Equipment Limited
Notes to the financial statements
for the year ended 31 December 2023
- 2 -
1
Accounting policies
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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer usually on dispatch of the goods or on completion of short term contract work; 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.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less 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:

Fixtures, fittings & computer equipment
20% - 33% straight line
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

Parking Ventilation Equipment Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 3 -

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

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 income statement 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.

Retirement benefits

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

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.

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.

2
Employees

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

2023
2022
Number
Number
Total
17
20
Parking Ventilation Equipment Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 4 -
3
Tangible fixed assets
Fixtures, fittings & computer equipment
£
Cost
At 1 January 2023 and 31 December 2023
158,654
Depreciation and impairment
At 1 January 2023
128,940
Depreciation charged in the year
9,753
At 31 December 2023
138,693
Carrying amount
At 31 December 2023
19,961
At 31 December 2022
29,714
4
Construction contracts
2023
2022
£
£
Contracts in progress at the reporting date
Amounts due from contract customers included in debtors
85,716
93,392
Amounts due to contract customers included in creditors
(440,279)
(450,303)
(354,563)
(356,911)
Contract revenues recognised
Contract costs incurred plus recognised profits less recognised losses to date
3,181,230
2,904,040
Less: progress billing
(3,535,793)
(3,260,951)
(354,563)
(356,911)

At 31 December 2023, retentions held by customers for contract work amounted to £69,060 (2022 - £201,197).

At 31 December 2023, amounts of £15,246 (2022 - £15,211) included in trade and other receivables and arising from construction contracts are due for settlement after more than 12 months.

5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
102
102
102
102
B Ordinary shares of £1 each
98
98
98
98
200
200
200
200
Parking Ventilation Equipment Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Bell
Statutory Auditor:
B M Howarth Ltd
Date of audit report:
22 February 2024
7
Financial commitments, guarantees and contingent liabilities

The company has pledged its assets (stocks, debtors and cash at bank) into a guarantee in favour of ABN Amro Bank N.V. in respect of funding facilities made available to Climate City Holding B.V.

 

At 31 December 2023 the loan balance was €23,000,000 (2022: €30,500,000), additionally there was a credit facility for €2,000,000 although that facility was not in use.

 

8
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
£
£
166,226
71,113
9
Related party transactions

In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the group financial statements of the parent company.

10
Parent company

The company's immediate parent undertaking is HC Groep BV, a company registered in the Netherlands.

 

The company's ultimate parent undertaking is Climate City Holding BV, a company registered in the Netherlands.

11
Company information

Parking Ventilation Equipment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Prince of Wales Mill, Birds Royd Lane, Brighouse, West Yorkshire, HD6 1LQ.

2023-12-312023-01-01false22 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMowatH C Groep B.V.false052403532023-01-012023-12-31052403532023-12-31052403532022-12-3105240353core:FurnitureFittings2023-12-3105240353core:FurnitureFittings2022-12-3105240353core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105240353core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105240353core:ShareCapital2023-12-3105240353core:ShareCapital2022-12-3105240353core:RetainedEarningsAccumulatedLosses2023-12-3105240353core:RetainedEarningsAccumulatedLosses2022-12-3105240353core:ShareCapitalOrdinaryShares2023-12-3105240353core:ShareCapitalOrdinaryShares2022-12-3105240353bus:Director12023-01-012023-12-3105240353core:FurnitureFittings2023-01-012023-12-31052403532022-01-012022-12-3105240353core:FurnitureFittings2022-12-3105240353core:CurrentFinancialInstruments2023-12-3105240353core:CurrentFinancialInstruments2022-12-3105240353core:CurrentFinancialInstruments12023-12-3105240353core:CurrentFinancialInstruments12022-12-3105240353bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105240353bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105240353bus:FRS1022023-01-012023-12-3105240353bus:Audited2023-01-012023-12-3105240353bus:Director22023-01-012023-12-3105240353bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP