Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-313Bowden Derra Park LimitedMr CashPark Propertiestrue2022-08-01falseNo description of principal activity3true 08644813 2022-08-01 2023-07-31 08644813 2021-08-01 2022-07-31 08644813 2023-07-31 08644813 2022-07-31 08644813 c:Director2 2022-08-01 2023-07-31 08644813 d:Buildings 2022-08-01 2023-07-31 08644813 d:Buildings 2023-07-31 08644813 d:Buildings 2022-07-31 08644813 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08644813 d:PlantMachinery 2022-08-01 2023-07-31 08644813 d:PlantMachinery 2023-07-31 08644813 d:PlantMachinery 2022-07-31 08644813 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08644813 d:FurnitureFittings 2022-08-01 2023-07-31 08644813 d:FurnitureFittings 2023-07-31 08644813 d:FurnitureFittings 2022-07-31 08644813 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08644813 d:OfficeEquipment 2022-08-01 2023-07-31 08644813 d:OfficeEquipment 2023-07-31 08644813 d:OfficeEquipment 2022-07-31 08644813 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08644813 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 08644813 d:CurrentFinancialInstruments 2023-07-31 08644813 d:CurrentFinancialInstruments 2022-07-31 08644813 d:Non-currentFinancialInstruments 2023-07-31 08644813 d:Non-currentFinancialInstruments 2022-07-31 08644813 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 08644813 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 08644813 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 08644813 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 08644813 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 08644813 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 08644813 d:ShareCapital 2023-07-31 08644813 d:ShareCapital 2022-07-31 08644813 d:RetainedEarningsAccumulatedLosses 2023-07-31 08644813 d:RetainedEarningsAccumulatedLosses 2022-07-31 08644813 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 08644813 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 08644813 c:FRS102 2022-08-01 2023-07-31 08644813 c:Audited 2022-08-01 2023-07-31 08644813 c:FullAccounts 2022-08-01 2023-07-31 08644813 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08644813 c:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 08644813 e:PoundSterling 2022-08-01 2023-07-31 08644813 d:OtherRelatedParties 2022-08-01 2023-07-31 08644813 d:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 08644813
















PARK INDEPENDENTS LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023


































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PARK INDEPENDENTS LIMITED
REGISTERED NUMBER:08644813

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,200,669
3,269,664

  
3,200,669
3,269,664

Current assets
  

Stocks
 5 
11,052
10,312

Debtors
 6 
11,666
10,993

Cash at bank and in hand
 7 
3,021
5,970

  
25,739
27,275

Creditors: amounts falling due within one year
 8 
(2,990,520)
(2,895,317)

Net current liabilities
  
 
 
(2,964,781)
 
 
(2,868,042)

Total assets less current liabilities
  
235,888
401,622

Creditors: amounts falling due after more than one year
 9 
(856,561)
(924,575)

Provisions for liabilities
  

Deferred tax
 11 
(503)
(3,478)

  
 
 
(503)
 
 
(3,478)

Net liabilities
  
(621,176)
(526,431)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(621,276)
(526,531)

  
(621,176)
(526,431)


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 income and retained earnings 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: 


Felicity Harris
Director
Date: 26 February 2024

The notes on pages 2 to 9 form part of these financial statements.
Page 1


PARK INDEPENDENTS LIMITED

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

1.


General information

Park Independents Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08644813. The registered office is Bowden Derra Park, Polyphant, Launceston, Cornwall PL15 7PS. 

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

Going concern

The financial statements are prepared on a going concern basis. The operations of the company are integral to the group as a whole and the director has confirmed the company operates with the continued support of its parent company, Bowden Derra Park Limited and its directors. It is considered that their support will not be withdrawn in the foreseeable future.

 
2.3

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 consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2


PARK INDEPENDENTS LIMITED

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

2.Accounting policies (continued)

 
2.6

Pensions

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting 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 reporting 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 reporting date.

 
2.8

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 INDEPENDENTS LIMITED

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

2.Accounting policies (continued)


2.8
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:

Freehold property
-
2% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Office equipment
-
20% straight line

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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.

 
2.12

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.

Page 4


PARK INDEPENDENTS LIMITED

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

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 comprehensive income.
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 reporting date.


3.


Employees

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

Page 5


PARK INDEPENDENTS LIMITED

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

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 August 2022
3,454,520
2,285
83,131
624
3,540,560


Additions
-
5,360
47
-
5,407



At 31 July 2023

3,454,520
7,645
83,178
624
3,545,967



DEPRECIATION


At 1 August 2022
200,486
934
68,929
547
270,896


Charge for the year on owned assets
68,956
1,122
4,302
22
74,402



At 31 July 2023

269,442
2,056
73,231
569
345,298



NET BOOK VALUE



At 31 July 2023
3,185,078
5,589
9,947
55
3,200,669



At 31 July 2022
3,254,034
1,351
14,202
77
3,269,664


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
11,052
10,312

11,052
10,312


6.


Debtors

2023
2022
£
£



Other debtors
1,886
315

Prepayments and accrued income
9,780
10,678

11,666
10,993


Page 6


PARK INDEPENDENTS LIMITED

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

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,021
5,970

3,021
5,970



8.


Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
68,014
66,464

Trade creditors
8,361
15,147

Amounts owed to group undertakings
2,898,130
2,800,134

Corporation tax
-
454

Other taxation and social security
3,974
3,785

Other creditors
1,043
998

Accruals and deferred income
10,998
8,335

2,990,520
2,895,317



9.


Creditors: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
856,561
924,575

856,561
924,575


Page 7


PARK INDEPENDENTS LIMITED

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

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
68,014
66,464


68,014
66,464


AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
856,561
924,575


856,561
924,575


924,575
991,039



11.


Deferred taxation




2023


£






At beginning of year
(3,478)


Charged to profit or loss
2,975



AT END OF YEAR
(503)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(503)
(3,478)

(503)
(3,478)


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £660 (2022: £408). Contributions totaling £63 (2022: £68) were payable to the fund at the reporting date and are included in creditors.

Page 8


PARK INDEPENDENTS LIMITED

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

13.


Related party transactions

Park Properties is a business under the control of , a director. Included within trade creditors is a balance payable to Park Properties of £Nil (2022: £Nil). During the year, Park Independents Limited made payments to  totaling  (2022: £12,103).
As at 31 July 2022 Mr Cash, the director, owed the company  (2022: £Nil). This is included in other debtors.
As the Company is a wholly owned subsidiary of Bowden Derra Park Limited, the Company has taken advantage of the exemption within FRS 102 (section 33.12A) not to disclose transactions or balances with entities which form part of the Group. The Group accounts of Bowden Derra Park Limited, within which this Company's results are included, are filed at the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.


14.


Controlling party

The company is owned and controlled by , which was incorporated in the United Kingdom. Mr David Cash (Director) has been the ultimate controlling party since October 2022.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2023 was unqualified.

The audit report was signed on 28 February 2024 by Kevin Connor FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 9