Caseware UK (AP4) 2023.0.135 2023.0.135 2022-10-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02009197 2022-10-01 2023-09-30 02009197 2021-10-01 2022-09-30 02009197 2023-09-30 02009197 2022-09-30 02009197 c:Director1 2022-10-01 2023-09-30 02009197 d:OfficeEquipment 2022-10-01 2023-09-30 02009197 d:OfficeEquipment 2023-09-30 02009197 d:OfficeEquipment 2022-09-30 02009197 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02009197 d:FreeholdInvestmentProperty 2023-09-30 02009197 d:FreeholdInvestmentProperty 2022-09-30 02009197 d:CurrentFinancialInstruments 2023-09-30 02009197 d:CurrentFinancialInstruments 2022-09-30 02009197 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02009197 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 02009197 d:ShareCapital 2023-09-30 02009197 d:ShareCapital 2022-09-30 02009197 d:RevaluationReserve 2023-09-30 02009197 d:RevaluationReserve 2022-09-30 02009197 d:InvestmentPropertiesRevaluationReserve 2022-10-01 2023-09-30 02009197 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 02009197 d:RetainedEarningsAccumulatedLosses 2023-09-30 02009197 d:RetainedEarningsAccumulatedLosses 2022-09-30 02009197 c:FRS102 2022-10-01 2023-09-30 02009197 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 02009197 c:FullAccounts 2022-10-01 2023-09-30 02009197 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 02009197 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 02009197 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 02009197 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 02009197










Park West Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2023

 
Park West Limited
Registered number: 02009197

Balance Sheet
As at 30 September 2023

2023
2022
£
£

Fixed assets

Tangible assets
152
304

Investment property
465,000
465,000

465,152
465,304

Current assets

Cash at bank and in hand
16,714
26,619

16,714
26,619

Creditors: amounts falling due within one year
(5,294)
(6,235)

Net current assets
 
 
11,420
 
 
20,384

Total assets less current liabilities
476,572
485,688

Provisions for liabilities

Deferred tax
(26,008)
(26,008)

 
 
(26,008)
 
 
(26,008)

Net assets
450,564
459,680


Capital and reserves

Called up share capital 
100
100

Revaluation reserve
305,448
305,448

Profit and loss account
145,016
154,132

450,564
459,680

Page 1

 
Park West Limited
Registered number: 02009197

Balance Sheet (continued)
As at 30 September 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mrs R Gill
Director
Date: 1 March 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Park West Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

1.


General information

Park West Limited is a private company, limited by shares and incorporated in England and Wales,
registration number 02009197. The registered office address is 31 West Street, Reigate, Surrey, RH2
9BL.
The principal activity of the company is that of an investment property company receiving rental income.
The financial statements are presented in sterling and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the rent received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
Park West Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
Park West Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
The company has investment properties with a value of £465,000 at the reporting date. The fair value of investment property has been determined by an external third party on an open market value. They have used a valuation technique based on comparable market date. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Provision has been made in the financial statements for deferred tax amounting to £26,008 at the reporting date. The provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of the timing differences upon which the provision is based and the tax rates that will be in force at that time.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 October 2022
610



At 30 September 2023

610



Depreciation


At 1 October 2022
306


Charge for the year on owned assets
152



At 30 September 2023

458



Net book value



At 30 September 2023
152



At 30 September 2022
304

Page 5

 
Park West Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
465,000



At 30 September 2023
465,000

The 2023 valuations were made by the director's, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
133,544
133,544

133,544
133,544


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
16,714
26,619

16,714
26,619



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
2,270
3,523

Other creditors
624
312

Accruals and deferred income
2,400
2,400

5,294
6,235


Page 6

 
Park West Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2023

9.


Deferred taxation




2023


£






At beginning of year
(26,008)



At end of year
(26,008)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Potential capital gains tax on investment property
(26,008)
(26,008)

(26,008)
(26,008)


10.


Reserves

Investment property revaluation reserve

The company uses the fair value method for the mesurement of its investment properties. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.

Profit & loss account

The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.


Page 7