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REGISTERED NUMBER: 10885220 (England and Wales)














Financial Statements

for the Year Ended 31 March 2023

for

Care Park UK Limited

Care Park UK Limited (Registered number: 10885220)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Care Park UK Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P Feltrin
C G Williams



REGISTERED OFFICE: 6th Floor
9 Appold Street
London
EC2A 2AP



REGISTERED NUMBER: 10885220 (England and Wales)



SENIOR STATUTORY AUDITOR: Samuel Bacall BSc(Hons) BFP ACA



AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Care Park UK Limited (Registered number: 10885220)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 102,196
Tangible assets 5 281,081 314,881
281,081 417,077

CURRENT ASSETS
Debtors 6 3,348,491 2,650,652
Cash at bank and in hand 347,299 230,233
3,695,790 2,880,885
CREDITORS
Amounts falling due within one year 7 8,218,501 6,798,863
NET CURRENT LIABILITIES (4,522,711 ) (3,917,978 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,241,630

)

(3,500,901

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (4,241,631 ) (3,500,902 )
(4,241,630 ) (3,500,901 )

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





P Feltrin - Director


Care Park UK Limited (Registered number: 10885220)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Care Park UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is related to reserved and unreserved parking and is recognised in the period that it relates to.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised by 18% straight line.

Care Park UK Limited (Registered number: 10885220)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery-18% reducing balance
Fixtures and fittings-18% reducing balance
Motor vehicles-18% reducing balance
Computer equipment-18% reducing balance

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Care Park UK Limited (Registered number: 10885220)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company's financial statements for the year ended 31st March 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company is reliant on the financial support of its parent undertaking who have indicated their support of the company for the foreseeable future. It should be noted that the group has incurred a loss from operations of $9,866,355 AUD (2022: $28,393,201 AUD) and its current liabilities exceed its current assets by $61,378,525 AUD (2022: $71,993,713 AUD). In preparing the financial report on a going concern basis the directors have considered the following:

- The Group's net asset position of $39,014,367 AUD.

- The ability of the Group to monetise certain property assets to provide additional working capital and pay down debt and provide working capital, subsequent to year end the Group has entered into a contract to sell the Boundary Farm property in the United Kingdom at market value. The proceeds from the sale will be used to repay debt and to provide working capital to the Group.

- The termination of loss making contracts that effected financial performance in 2022 and 2023 which are not ongoing; and

- Improved trading conditions from the end of the financial year and into the year ending 31 March 2024. The Group has traded profitably since the end of the financial year as a result of continually reducing its overhead cost structure and by winning new contracts at better margins.

On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus has adopted the going concern basis of accounting in preparing the annual financial statements. It should be noted that should some or all the above not take place as expected, the Group and therefore this Company may not be able to continue as a going concern.

Government grants
Government grants are credited to the profit and loss account as the related expenditure is incurred.

Interest receivable
Bank and other interest is recognised in the period in which it is receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 72 (2022 - 58 ) .

Care Park UK Limited (Registered number: 10885220)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 April 2022 105,000 40,022 145,022
Disposals (105,000 ) (40,022 ) (145,022 )
At 31 March 2023 - - -
AMORTISATION
At 1 April 2022 42,826 - 42,826
Eliminated on disposal (42,826 ) - (42,826 )
At 31 March 2023 - - -
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 62,174 40,022 102,196

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 400,290 58,712 17,492 19,283 495,777
Additions 30,000 - - 1,685 31,685
Disposals - - (17,492 ) - (17,492 )
At 31 March 2023 430,290 58,712 - 20,968 509,970
DEPRECIATION
At 1 April 2022 137,588 26,528 11,506 5,274 180,896
Charge for year 50,886 5,793 - 2,820 59,499
Eliminated on disposal - - (11,506 ) - (11,506 )
At 31 March 2023 188,474 32,321 - 8,094 228,889
NET BOOK VALUE
At 31 March 2023 241,816 26,391 - 12,874 281,081
At 31 March 2022 262,702 32,184 5,986 14,009 314,881

Care Park UK Limited (Registered number: 10885220)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 821,623 537,674
Amounts owed by group undertakings 873,492 843,992
Other debtors 182,703 46,560
Tax 9,450 6,227
Deferred tax asset 1,230,205 1,026,046
Prepayments 231,018 190,153
3,348,491 2,650,652

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,073,495 925,377
Amounts owed to group undertakings 6,342,583 5,257,268
Tax 9,906 6,427
Social security and other taxes 241,218 215,167
Other creditors 308,674 314,751
Accrued expenses 242,625 79,873
8,218,501 6,798,863

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 2,000 900,000
Between one and five years 122,500 218,500
In more than five years 405,750 405,750
530,250 1,524,250

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The report of the Auditors includes the following paragraph in respect of going concern:

Material uncertainty related to going concern
We draw your attention to Note 2, Accounting Policies in the financial statements. On the basis detailed here, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus has adopted the going concern basis of accounting in preparing the annual financial statements. As stated in Note 2, should some or all the points noted not take place as expected the Group and therefore this Company may not be able to continue as a going concern. This indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Samual Bacall BSc(Hons) BFP ACA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor

Care Park UK Limited (Registered number: 10885220)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
R Belteky
Balance outstanding at start of year - 27,964
Amounts repaid - (5,267 )
Amounts written off - (22,697 )
Amounts waived - -
Balance outstanding at end of year - -

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company paid rent amounting to £1,200,000 (2022: £1,200,000) to a associated company.

12. ULTIMATE CONTROLLING PARTY

The company's parent undertaking at the balance sheet date was Care Park Group Pyt Ltd. Care Park Group Pty Ltd is a private limited company incorporated in Australia and copies of the audited Group Consolidated Financial Statements can be obtained from its registered office, which is Level 1, 530 Lonsdale Street, Melbourne, Vic 3000, Australia.

The company's ultimate controlling party at the balance sheet date was Far East Consortium International Limited, a company registered in the British Virgin Islands.