Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-01falseNo description of principal activity00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09695304 2022-08-01 2023-07-31 09695304 2021-08-01 2022-07-31 09695304 2023-07-31 09695304 2022-07-31 09695304 c:Director2 2022-08-01 2023-07-31 09695304 d:PlantMachinery 2022-08-01 2023-07-31 09695304 d:PlantMachinery 2023-07-31 09695304 d:PlantMachinery 2022-07-31 09695304 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09695304 d:CurrentFinancialInstruments 2023-07-31 09695304 d:CurrentFinancialInstruments 2022-07-31 09695304 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09695304 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 09695304 d:ShareCapital 2023-07-31 09695304 d:ShareCapital 2022-07-31 09695304 d:RetainedEarningsAccumulatedLosses 2023-07-31 09695304 d:RetainedEarningsAccumulatedLosses 2022-07-31 09695304 c:FRS102 2022-08-01 2023-07-31 09695304 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 09695304 c:FullAccounts 2022-08-01 2023-07-31 09695304 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 09695304 6 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 09695304









PARKVILLE ASSOCIATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
PARKVILLE ASSOCIATES LIMITED
REGISTERED NUMBER: 09695304

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
440
586

Investments
 6 
6
6

  
446
592

Current assets
  

Stocks
 7 
250,000
700,000

Debtors
 8 
14,078
91,672

Cash at bank and in hand
 9 
5,004
14,089

  
269,082
805,761

Creditors: amounts falling due within one year
 10 
(967,625)
(1,525,500)

Net current liabilities
  
 
 
(698,543)
 
 
(719,739)

Total assets less current liabilities
  
(698,097)
(719,147)

  

Net liabilities
  
(698,097)
(719,147)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(698,197)
(719,247)

  
(698,097)
(719,147)


Page 1

 
PARKVILLE ASSOCIATES LIMITED
REGISTERED NUMBER: 09695304
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 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: 

Elad Farkash
Director

Date: 3 April 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PARKVILLE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Parkville Associates Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 2a Fortis Green, London, England, N2 9EL.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company 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 UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

 
2.4

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements by virtue of sections 383 and 399 of the Companies Act 2006 as the Company and its subsidiary undertakings, both individually and on consolidation, are subject to the small companies regime.
The financial statements therefore present information about the Company as an individual undertaking and not about its group.

Page 3

 
PARKVILLE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Going concern

In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the directors have reviewed the Company’s principal and emerging risks, existing loan facilities, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date.
As of the date upon which these financial statements were approved by the directors the Company continued to be financially dependant upon its principal creditors, Morphuse Group Limited and its directors, and for them to not seek immediate repayment of amount owed to them by the Company.
The board of directors of Morphuse Group Limited; the members of which are also directors of the Company, have confirmed in said capacity to the Company that the current and ongoing intention, albeit for at least 18 months following the balance sheet date. is for the Company to continue to be provided with appropriate financial support where considered necessary such that the Company is able to meet any unconnected third party debts as they should fall due and for no demand of repayment of any amounts owed by the Company to either Morphuse Group Limited or themselves individually to be made until such time as the Company is able to repay them.
The directors at the time of approving the financial statements therefore have a reasonable expectation as a result of the aforementioned that the Company shall have, available at its disposal, adequate financial resources to continue in operational existence for the foreseeable future.
While there will always remain an inherent uncertainty, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore consider it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.

 
2.6

Revenue

Revenue represents the fair value received and receivable in respect of the sale of residential housing. Revenue is recognised on the transfer of control to the customer on legal completion.

Page 4

 
PARKVILLE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Taxation

Taxation for the Company comprises of current (i.e. corporation) and deferred taxation with respect to operations undertaken solely in the UK and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date. The directors of the Company will periodically evaluate positions taken in tax returns with respect to situations in which tax regulation is subject to interpretation and in turn will establish a provision, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation. 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.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

Depreciation of a tangible fixed asset commences once the asset is available for use.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in profit or loss.

 
2.9

Fixed asset investments

Fixed asset investments comprise of holdings in unlisted company shares of subsidiary undertakings. Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.

 
2.10

Stocks

Stocks and work in progress, comprising of property stocks under construction and held for resale, are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 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.
Cost comprises land and associated acquisition costs, direct materials, subcontract work and other direct costs that have been incurred in bringing the stocks to their present location and condition.

Page 5

 
PARKVILLE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the underlying obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined in notes 2.12 to 2.15 of the financial statements.

 
2.12

Debtors

Debtors excluding deferred tax assets (see note 2.7) are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment.

 
2.13

Cash and cash equivalents

Cash balances are reported as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

 
2.14

Creditors

Creditors are initially measured and subsequently held at transaction price.

 
2.15

Equity

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.

Page 6

 
PARKVILLE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually re-evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Valuation of property stocks
Property stocks are reported at the lower of cost and net realisable value and is estimated by the directors on an open market value basis by reference to specific advice from third party experts and available market evidence.
In determining the net realisable value, the application, and therefore significant judgment, of unobservable inputs as well as a number of estimates and assumptions is required.
Key estimates and assumptions considered on determination of the net realisable value of property stocks include market evidence on comparable transactions for similar properties, current market expectations and consideration of hypothetical buyers, who are reasonably informed and motivated, but not compelled, to transact on an arm’s length basis.


4.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.

Page 7

 
PARKVILLE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 August 2022
1,249



At 31 July 2023

1,249



Depreciation


At 1 August 2022
663


Charge for the year on owned assets
146



At 31 July 2023

809



Net book value



At 31 July 2023
440



At 31 July 2022
586


6.


Fixed asset investments





Shares in subsidiary undertakings

£



Cost


At 1 August 2022
6



At 31 July 2023
6




Page 8

 
PARKVILLE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Stocks

2023
2022
£
£

Property stocks held for resale
250,000
700,000


The carrying value of stocks are stated net of impairment losses totalling £47,964 (2022 - £97,964). Impairment losses totalling £nil (2022 - £nil) were recognised in profit and loss.


8.


Debtors

2023
2022
£
£

Due within one year

Trade debtors
9,952
-

Amounts owed by group undertakings
975
-

Other debtors
3,151
91,672

14,078
91,672


Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand with no fixed date of repayment.
Deferred tax assets of approximately £224,000 in respect of losses incurred in the United Kingdom have not been recognised by the Company as part of these financial statements on the grounds that there is currently insufficient certainty as to whether the Company will generate adequate trading profits in the short term against which said deferred tax assets may be offset.


9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,004
14,089


Page 9

 
PARKVILLE ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
-
500

Trade creditors
175,963
177,496

Amounts owed to group undertakings
-
865

Other creditors
789,462
1,273,479

Accruals and deferred income
2,200
73,160

967,625
1,525,500


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand with no fixed date of repayment.


11.


Financial instruments

The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.


12.


Related party transactions

The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
At the balance sheet date, the directors were owed £312,920 (2022: £312,920) by the Company in respect of interest-free and unsecured balances that are repayable on demand with no fixed date of repayment.
During the reporting period, the Company incurred costs amounting to £9,186 (2022: £5,070) payable to companies connected by virtue of common control in respect of administration and bookkeeping services provided to the Company.
At the balance sheet date, the Company owed £474,890 (2022: £960,185) to companies connected by virtue of common control in respect of interest-free and unsecured balances that are repayable on demand with no fixed date of repayment
There were no other related party transactions and/or period end balances to report in accordance with Financial Reporting Standard 102 or the Companies Act 2006 as part of these financial statements.


13.


Controlling party

The Company was under the control of its directors.
As of 31 December 2023, Morphuse Group Limited, a private company incorporated under the Companies Act 2006 upon acquisition of 100% interest in the total voting rights of the Company became the Company's immediate parent undertaking.

Page 10

 
PARKVILLE ASSOCIATES LIMITED
 
 
 Page 11