REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Care Park UK Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Care Park UK Limited |
Care Park UK Limited (Registered number: 10885220) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Care Park UK Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Care Park UK Limited (Registered number: 10885220) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Care Park UK Limited (Registered number: 10885220) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Care Park UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in 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. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. |
Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. |
Tangible fixed assets |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is related to reserved and unreserved parking and is recognised in the period that it relates to. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised by 18% straight line. |
Care Park UK Limited (Registered number: 10885220) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - | 18% reducing balance |
Fixtures and fittings | - | 18% reducing balance |
Motor vehicles | - | 18% reducing balance |
Computer equipment | - | 18% reducing balance |
Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Care Park UK Limited (Registered number: 10885220) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company's financial statements for the year ended 31st March 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
The company is reliant on the financial support of its parent undertaking who have indicated their support of the company for the foreseeable future. It should be noted that the group has incurred a loss from operations of $9,866,355 AUD (2022: $28,393,201 AUD) and its current liabilities exceed its current assets by $61,378,525 AUD (2022: $71,993,713 AUD). In preparing the financial report on a going concern basis the directors have considered the following: |
- The Group's net asset position of $39,014,367 AUD. |
- The ability of the Group to monetise certain property assets to provide additional working capital and pay down debt and provide working capital, subsequent to year end the Group has entered into a contract to sell the Boundary Farm property in the United Kingdom at market value. The proceeds from the sale will be used to repay debt and to provide working capital to the Group. |
- The termination of loss making contracts that effected financial performance in 2022 and 2023 which are not ongoing; and |
- Improved trading conditions from the end of the financial year and into the year ending 31 March 2024. The Group has traded profitably since the end of the financial year as a result of continually reducing its overhead cost structure and by winning new contracts at better margins. |
On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus has adopted the going concern basis of accounting in preparing the annual financial statements. It should be noted that should some or all the above not take place as expected, the Group and therefore this Company may not be able to continue as a going concern. |
Government grants |
Government grants are credited to the profit and loss account as the related expenditure is incurred. |
Interest receivable |
Bank and other interest is recognised in the period in which it is receivable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Care Park UK Limited (Registered number: 10885220) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Care Park UK Limited (Registered number: 10885220) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Deferred tax asset |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The report of the Auditors includes the following paragraph in respect of going concern: |
Material uncertainty related to going concern |
We draw your attention to Note 2, Accounting Policies in the financial statements. On the basis detailed here, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus has adopted the going concern basis of accounting in preparing the annual financial statements. As stated in Note 2, should some or all the points noted not take place as expected the Group and therefore this Company may not be able to continue as a going concern. This indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. |
Our opinion is not modified in respect of this matter. |
Samual Bacall BSc(Hons) BFP ACA (Senior Statutory Auditor) |
for and on behalf of Freedman Frankl & Taylor |
Care Park UK Limited (Registered number: 10885220) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | (22,697 | ) |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year, the company paid rent amounting to £1,200,000 (2022: £1,200,000) to a associated company. |
12. | ULTIMATE CONTROLLING PARTY |
The company's parent undertaking at the balance sheet date was Care Park Group Pyt Ltd. Care Park Group Pty Ltd is a private limited company incorporated in Australia and copies of the audited Group Consolidated Financial Statements can be obtained from its registered office, which is Level 1, 530 Lonsdale Street, Melbourne, Vic 3000, Australia. |
The company's ultimate controlling party at the balance sheet date was Far East Consortium International Limited, a company registered in the British Virgin Islands. |