Registered number
02589896
Satnam Parking Limited
Filleted Accounts
30 June 2023
Satnam Parking Limited
Registered number: 02589896
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 72,687 72,687
Investments 4 337,669 337,669
410,356 410,356
Current assets
Debtors 5 2,334,724 2,321,471
Cash at bank and in hand 33,993 36,393
2,368,717 2,357,864
Creditors: amounts falling due within one year 6 (94,706) (58,955)
Net current assets 2,274,011 2,298,909
Net assets 2,684,367 2,709,265
Capital and reserves
Called up share capital 110 110
Profit and loss account 2,684,257 2,709,155
Shareholders' funds 2,684,367 2,709,265
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and signed on its behalf by:
S S Dhillon
Director
The notes on pages 2 to 5 form part of these financial statements.
Satnam Parking Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Group accounts have not been prepared as the directors have taken advantage of the exemption conferred by section 400 of the Companies Act 2006, due to the company being "small" as defined by section 381 of the Act. The financial statements present information about the company as an individual undertaking and not about its group.
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Going concern
The company’s directors have carefully considered the impact of “COVID-19” on the outlook for the next 12 months trading and longer-term impact on the business. There is uncertainty regarding the impact on the company’s tenants and uncertainty regarding the timing of receipts. The directors are satisfied that cash resources can be made available to the company, if required, from group undertakings or related party companies, to enable it to meet its financial obligations during the next 12 months. The directors are therefore confident the company will continue in operational existence notwithstanding the uncertainties noted above and have prepared the accounts on a going concern basis.
Turnover
Turnover, representing car park receipts, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than paintings held for investment purposes.
Fixtures and fittings 20% per annum
Paintings are measured at fair value. Changes in fair value are included in profit and loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures and fittings
£
Cost or valuation
At 1 July 2022 72,687
At 30 June 2023 72,687
Depreciation
At 1 July 2022 -
At 30 June 2023 -
Net book value
At 30 June 2023 72,687
At 30 June 2022 72,687
Paintings with a total value of £72,687 are stated at open market value as determined by the directors.
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 July 2022 337,667 2 337,669
At 30 June 2023 337,667 2 337,669
The principal undertakings in which the company's interest at the year end is 20% or more are as follows:
Proportion of
Country of share capital Nature of
Name incorporation held business
Satnam Car Parking Limited England 100% Car park operator / property investment
Satnam Urban Regeneration Limited England 100% Car park operator / property investment
Satnam Developments Limited England 100% Property investment
Parking Places Limited England 50% Car park operator / property investment
The registered office for all the companies listed is 17 Imperial Square, Cheltenham, GL50 1QZ.
5 Debtors 2023 2022
£ £
Amounts due within one year:
Amounts owed by group undertakings 747,763 720,763
Amounts owed by related parties 1,564,083 1,580,159
Other debtors 22,878 20,549
2,334,724 2,321,471
Amounts owed by group undertakings and related parties are interest free and due on demand.
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 14,926 13,069
Amounts owed to group undertakings 39,690 24,940
Amounts owed to related parties 41,400 21,600
Taxation and social security costs (1,310) (654)
94,706 58,955
Amounts owed to group undertakings and related parties are interest free and are unsecured.
7 Related party transactions
Included in debtors are amounts of £1,562,163 (2022: £1,580,159) owed by Satnam Investments Limited and £1,920 (2022: £nil) owed by Supara Limited, both companies in which each of the directors is also a director.
Included in creditors is an amount of £41,400 (2022: £21,600) owed to Satnam Planning Services Limited, a company in which each of the directors is also a director.
8 Controlling party
The company is a subsidiary of Core Holdings Limited whose registered office address is Richmond House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1GZ. The ultimate controlling party of the company is S S Dhillon, a director of the company.
9 Other information
Satnam Parking Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ
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