Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31No description of principal activity2022-06-01false34truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10973552 2022-06-01 2023-05-31 10973552 2021-06-01 2022-05-31 10973552 2023-05-31 10973552 2022-05-31 10973552 c:Director1 2022-06-01 2023-05-31 10973552 c:Director3 2022-06-01 2023-05-31 10973552 c:Director4 2022-06-01 2023-05-31 10973552 c:RegisteredOffice 2022-06-01 2023-05-31 10973552 d:CurrentFinancialInstruments 2023-05-31 10973552 d:CurrentFinancialInstruments 2022-05-31 10973552 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10973552 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10973552 d:ShareCapital 2023-05-31 10973552 d:ShareCapital 2022-05-31 10973552 d:RetainedEarningsAccumulatedLosses 2023-05-31 10973552 d:RetainedEarningsAccumulatedLosses 2022-05-31 10973552 c:OrdinaryShareClass1 2022-06-01 2023-05-31 10973552 c:OrdinaryShareClass1 2023-05-31 10973552 c:OrdinaryShareClass1 2022-05-31 10973552 c:OrdinaryShareClass2 2022-06-01 2023-05-31 10973552 c:OrdinaryShareClass2 2023-05-31 10973552 c:OrdinaryShareClass2 2022-05-31 10973552 c:FRS102 2022-06-01 2023-05-31 10973552 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 10973552 c:FullAccounts 2022-06-01 2023-05-31 10973552 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 10973552



 





1 & 2 PARK LANE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
1 & 2 PARK LANE LIMITED
 

COMPANY INFORMATION


Directors
S. Hodge 
J. R. A. Stafford 
M. J. Tankmar 




Registered number
10973552



Registered office
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BL





 
1 & 2 PARK LANE LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
1 & 2 PARK LANE LIMITED
REGISTERED NUMBER: 10973552

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Current assets
  

Stocks
 4 
3,437,544
3,787,313

Debtors
 5 
39,548
20,559

Cash at bank and in hand
  
38,315
-

  
3,515,407
3,807,872

Creditors: amounts falling due within one year
 6 
(4,926,544)
(4,923,596)

Net liabilities
  
 
 
(1,411,137)
 
 
(1,115,724)


Capital and reserves
  

Allotted, called up and fully paid share capital
 7 
100
100

Profit and loss account
  
(1,411,237)
(1,115,824)

Equity shareholders' deficit
  
(1,411,137)
(1,115,724)


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 Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 February 2024.



M. J. Tankmar
J. R. A. Stafford
Director
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
1 & 2 PARK LANE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

1 & 2 Park Lane Limited (company number: 10973552), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL, is a private limited company incorporated in England and Wales.
The principal place of business is 33 Highgate High Street, Highgate, London, N6 5JT.

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

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

Going concern

At the Balance Sheet date the Company had net liabilities of £1,411,137 (2022: £1,115,724).
Nevertheless, the directors deem it appropriate to prepare the financial statements on the going concern basis, since the shareholders, who are the major creditors, have confirmed that they will continue to support the Company for the foreseeable future and for a period of at least the next twelve months.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
1 & 2 PARK LANE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current corporation 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.

 
2.8

Stocks

Land and development work in progress is valued at the lower of cost and net realisable value in the normal course of business.
Interest charges on loans to finance developments are charged to the Statement of Income and Retained Earnings as incurred.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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 the Statement of Income and Retained Earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Page 3

 
1 & 2 PARK LANE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).


4.


Stocks

2023
2022
£
£

Work in progress
3,437,544
3,787,313



5.


Debtors

2023
2022
£
£

Due within one year

Other debtors
33,261
4,823

Prepayments and accrued income
6,287
15,736

39,548
20,559



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
31

Bank loans
-
2,765,756

Trade creditors
74,280
100,653

Other creditors
4,225,166
1,610,462

Accruals and deferred income
627,098
446,694

4,926,544
4,923,596


Included within other creditors are amounts totalling £4,209,500 (2022: £1,549,900) secured by a debenture over the Company's assets, by way of fixed of floating charges over the properties to which they relate. Interest is charged at a rate between 5-7%.

Page 4

 
1 & 2 PARK LANE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50 (2022 - 50) Ordinary A shares of £1.00 each
50
50
50 (2022 - 50) Ordinary B shares of £1.00 each
50
50

100

100



8.


Related party transactions

Included within other creditors due within one year are amounts due to companies with joint control over the company of £1,593,296 (2022: £1,610,462).
Included within other creditors due within one year are amounts due to a director of £15,191 
(2022: £Nil).


Page 5