Company registration number 12815268 (England and Wales)
PARKSTONE VEHICLE REPAIRS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PARKSTONE VEHICLE REPAIRS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PARKSTONE VEHICLE REPAIRS LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
208,399
1,218,160
Cash at bank and in hand
214,252
678,153
422,651
1,896,313
Creditors: amounts falling due within one year
4
(417,930)
(1,704,039)
Net current assets
4,721
192,274
Creditors: amounts falling due after more than one year
5
-
0
(188,511)
Net assets
4,721
3,763
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
4,719
3,761
Total equity
4,721
3,763

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
J Boyle
Director
Company registration number 12815268 (England and Wales)
PARKSTONE VEHICLE REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Parkstone Vehicle Repairs Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Station Road, Beaconsfield, Buckinghamshire, HP9 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services net of VAT. Income is recognised as the service is performed.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PARKSTONE VEHICLE REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

There were no employees in the current financial period.

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,373
1,020,995
Other debtors
190,026
8,654
208,399
1,029,649
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
188,511
Total debtors
208,399
1,218,160
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
79,240
1,191,192
Corporation tax
225
397
Other creditors
338,465
512,450
417,930
1,704,039
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
188,511
6
Related party transactions
PARKSTONE VEHICLE REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
6
Related party transactions
(Continued)
- 4 -

During the period ended 31 July 2023 management fees of £503,500 (2022: £1,399,500) were payable by the company to a connected company. The outstanding balance relating to these transactions of £9,000 (2022: £178,200) is included within other creditors.

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