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Registration number: 07539081

Park Maintenance Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 April 2023

 

Park Maintenance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Park Maintenance Limited

Company Information

Director

Mr Joshua J Parker

Registered office

The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

 

Park Maintenance Limited

(Registration number: 07539081)
Balance Sheet as at 29 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,500

34,478

Current assets

 

Stocks

5

-

78,933

Debtors

6

178,377

130,938

Cash at bank and in hand

 

34,717

21,145

 

213,094

231,016

Creditors: Amounts falling due within one year

7

(173,862)

(193,304)

Net current assets

 

39,232

37,712

Total assets less current liabilities

 

63,732

72,190

Creditors: Amounts falling due after more than one year

7

(28,711)

(44,697)

Net assets

 

35,021

27,493

Capital and reserves

 

Called up share capital

5,000

5,000

Retained earnings

30,021

22,493

Shareholders' funds

 

35,021

27,493

For the financial year ending 29 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 November 2023
 

 

Park Maintenance Limited

(Registration number: 07539081)
Balance Sheet as at 29 April 2023

.........................................
Mr Joshua J Parker
Director

 

Park Maintenance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

These financial statements were authorised for issue by the director on 24 November 2023.

The company registration number is 07539081

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Park Maintenance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% straight line

Computer equipment

25% straight line

Plant and machinery

20% straight line

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Park Maintenance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 30 April 2022

2,907

3,763

15,487

57,491

Additions

-

-

2,000

-

At 29 April 2023

2,907

3,763

17,487

57,491

Depreciation

At 30 April 2022

2,907

3,763

8,779

29,721

Charge for the year

-

-

3,107

8,871

At 29 April 2023

2,907

3,763

11,886

38,592

Carrying amount

At 29 April 2023

-

-

5,601

18,899

At 29 April 2022

-

-

6,708

27,770

 

Park Maintenance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

Total
£

Cost or valuation

At 30 April 2022

79,648

Additions

2,000

At 29 April 2023

81,648

Depreciation

At 30 April 2022

45,170

Charge for the year

11,978

At 29 April 2023

57,148

Carrying amount

At 29 April 2023

24,500

At 29 April 2022

34,478

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

-

78,933

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

4,794

31,188

Amounts owed by related parties

165,032

94,230

Other debtors

 

8,551

5,520

   

178,377

130,938

 

Park Maintenance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

15,986

16,730

Trade creditors

 

62,622

75,375

Amounts owed to group undertakings and undertakings in which the company has a participating interest

39,923

44,422

Taxation and social security

 

55,331

56,777

 

173,862

193,304

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

28,711

44,697

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,333

38,333

Hire purchase contracts

378

6,364

28,711

44,697

 

Park Maintenance Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

5,986

6,730

15,986

16,730