Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false2022-03-01Buying and selling of own real estate44falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10601526 2022-03-01 2023-02-28 10601526 2021-03-01 2022-02-28 10601526 2023-02-28 10601526 2022-02-28 10601526 c:Director4 2022-03-01 2023-02-28 10601526 d:CurrentFinancialInstruments 2023-02-28 10601526 d:CurrentFinancialInstruments 2022-02-28 10601526 d:Non-currentFinancialInstruments 2023-02-28 10601526 d:Non-currentFinancialInstruments 2022-02-28 10601526 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10601526 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10601526 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10601526 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 10601526 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 10601526 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 10601526 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 10601526 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-02-28 10601526 d:ShareCapital 2023-02-28 10601526 d:ShareCapital 2022-02-28 10601526 d:RetainedEarningsAccumulatedLosses 2023-02-28 10601526 d:RetainedEarningsAccumulatedLosses 2022-02-28 10601526 c:FRS102 2022-03-01 2023-02-28 10601526 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10601526 c:FullAccounts 2022-03-01 2023-02-28 10601526 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 10601526









PARKSTONE HOMES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
PARKSTONE HOMES LIMITED
REGISTERED NUMBER: 10601526

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
664,444
664,444

Debtors: amounts falling due within one year
 5 
51,898
-

Cash at bank and in hand
 6 
100
1,197

  
716,442
665,641

Creditors: amounts falling due within one year
 7 
(366,743)
(342,767)

Net current assets
  
 
 
349,699
 
 
322,874

Total assets less current liabilities
  
349,699
322,874

Creditors: amounts falling due after more than one year
 8 
(323,483)
(296,660)

  

Net assets
  
26,216
26,214


Capital and reserves
  

Called up share capital 
  
200
100

Profit and loss account
  
26,016
26,114

  
26,216
26,214


Page 1

 
PARKSTONE HOMES LIMITED
REGISTERED NUMBER: 10601526
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 29 March 2024.




S P S Chadha
Director

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

Page 2

 
PARKSTONE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Parkstone Homes Limited is a private company, limited by shares and incorporated in England and
Wales, United Kingdom, with a registration number 10601526. The address of the registered office is
13 Station Road Gidea Park, Romford, Essex, United Kingdom, RM2 6BX. The principal activity continued
to be that of Buying and selling of own real estate. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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 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:

Rendering of services

Revenue 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 revenue 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.

 
2.3

Finance costs

Finance costs are charged to profit or loss 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.

 
2.4

Borrowing costs

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

Page 3

 
PARKSTONE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Taxation

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.

 
2.6

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 Cost method basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.7

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.

 
2.8

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.

 
2.9

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

 
PARKSTONE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees with directors
4
4


4.


Stocks

2023
2022
£
£

Finished goods and goods for resale
664,444
664,444

664,444
664,444


Page 5

 
PARKSTONE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Other debtors
51,898
-

51,898
-



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
100
1,197

Less: bank overdrafts
(384)
-

(284)
1,197



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
384
-

Bank loans
10,000
-

Corporation tax
-
1,536

Other creditors
353,799
341,231

Accruals and deferred income
2,560
-

366,743
342,767



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
323,483
296,660

323,483
296,660


Page 6

 
PARKSTONE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Loans


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
-


10,000
-

Amounts falling due 1-2 years

Bank loans
22,500
-


22,500
-


Amounts falling due after more than 5 years

Bank loans
300,983
296,660

300,983
296,660

333,483
296,660



10.


Related party transactions

At the balance sheet date, the company owed £74,210 (2022: £181,500) to directors and £51,798 (2022: (£150,531)) from / (to)  an associated company..  


11.


Controlling party

The company is controlled by the directors by virtue of their shareholdings.

 
Page 7