1 May 2022 v2024.2.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP113289962022-05-012023-04-30113289962023-04-30113289962022-04-3011328996core:WithinOneYear2023-04-3011328996core:WithinOneYear2022-04-3011328996core:AfterOneYear2023-04-3011328996core:AfterOneYear2022-04-3011328996core:ShareCapital2023-04-3011328996core:ShareCapital2022-04-3011328996core:RetainedEarningsAccumulatedLosses2023-04-3011328996core:RetainedEarningsAccumulatedLosses2022-04-3011328996bus:Director12022-05-012023-04-3011328996bus:Director22022-05-012023-04-3011328996bus:RegisteredOffice2022-05-012023-04-3011328996core:Goodwill2022-05-012023-04-3011328996core:OfficeEquipment2022-05-012023-04-3011328996core:FurnitureFittings2022-05-012023-04-30113289962021-05-012022-04-3011328996core:NetGoodwill2023-04-3011328996core:NetGoodwill2022-05-0111328996core:NetGoodwill2022-05-012023-04-3011328996core:NetGoodwill2022-04-3011328996core:PlantMachinery2022-05-0111328996core:PlantMachinery2022-05-012023-04-3011328996core:PlantMachinery2023-04-3011328996core:PlantMachinery2022-04-3011328996core:CostValuation2022-05-0111328996core:CostValuation2023-04-301132899612022-05-012023-04-3011328996countries:EnglandWales2022-05-012023-04-3011328996bus:AuditExemptWithAccountantsReport2022-05-012023-04-3011328996bus:PrivateLimitedCompanyLtd2022-05-012023-04-3011328996bus:SmallEntities2022-05-012023-04-3011328996bus:FullAccounts2022-05-012023-04-30
Company registration number:
11328996
Parks Wealth Management Limited
Unaudited Filleted Financial Statements for the year ended
30 April 2023
Parks Wealth Management Limited
Statement of Financial Position
30 April 2023
20232022
Note££
Fixed assets    
Intangible assets 5
573,888
 
684,084
 
Tangible assets 6
6,818
 
8,100
 
Investments 7
50,000
 
50,000
 
630,706
 
742,184
 
Current assets    
Debtors 8
12,535
 
17,560
 
Cash at bank and in hand
87,394
 
77,505
 
99,929
 
95,065
 
Creditors: amounts falling due within one year 9
(318,687
)
(251,355
)
Net current liabilities
(218,758
)
(156,290
)
Total assets less current liabilities 411,948   585,894  
Creditors: amounts falling due after more than one year 10
(402,042
)
(570,275
)
Provisions for liabilities
(1,203
)
(1,413
)
Net assets
8,703
 
14,206
 
Capital and reserves    
Called up share capital
150
 
150
 
Profit and loss account
8,553
 
14,056
 
Shareholders funds
8,703
 
14,206
 
For the year ending
30 April 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
19 January 2024
, and are signed on behalf of the board by:
A Parks
J Parks
DirectorDirector
Company registration number:
11328996
Parks Wealth Management Limited
Notes to the Financial Statements
Year ended
30 April 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
26 Eastgate
,
Louth
,
Lincolnshire
,
LN11 9NE
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services supplied.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed ten years.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% straight line
Fixtures and fittings
25% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
6
(2022:
6.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 May 2022
and
30 April 2023
1,102,194
 
Amortisation  
At
1 May 2022
418,110
 
Charge
110,196
 
At
30 April 2023
528,306
 
Carrying amount  
At
30 April 2023
573,888
 
At 30 April 2022
684,084
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 May 2022
16,925
 
Additions
1,564
 
At
30 April 2023
18,489
 
Depreciation  
At
1 May 2022
8,825
 
Charge
2,846
 
At
30 April 2023
11,671
 
Carrying amount  
At
30 April 2023
6,818
 
At 30 April 2022
8,100
 

7 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 May 2022
50,000
 
At
30 April 2023
50,000
 
Impairment  
At
1 May 2022
and
30 April 2023
-  
Carrying amount  
At
30 April 2023
50,000
 
At 30 April 2022
50,000
 

8 Debtors

20232022
££
Other debtors
12,535
 
17,560
 

9 Creditors: amounts falling due within one year

20232022
££
Amounts owed to group undertakings and undertakings in which the company has a participating interest
50,000
 
49,695
 
Taxation and social security
68,497
 
65,290
 
Other creditors
200,190
 
136,370
 
318,687
 
251,355
 

10 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
402,042
 
570,275
 

11 Directors' advances, credit and guarantees

Included in debtors is a balance due from the directors of £9,077 (2021 - £10,853). The loan is interest free and is repayable on demand.