Registered number
02118760
Manchester and Provincial Car Parks Limited
Filleted Accounts
30 June 2023
Manchester and Provincial Car Parks Limited
Registered number: 02118760
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 2,000,000 2,000,000
Current assets
Debtors 4 1,067,603 1,050,103
Cash at bank and in hand 65,027 36,144
1,132,630 1,086,247
Creditors: amounts falling due within one year 5 (54,453) (50,276)
Net current assets 1,078,177 1,035,971
Total assets less current liabilities 3,078,177 3,035,971
Creditors: amounts falling due after more than one year 6 (814,000) (838,000)
Provisions for liabilities (7,942) (7,942)
Net assets 2,256,235 2,190,029
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,256,135 2,189,929
Shareholder's funds 2,256,235 2,190,029
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 member has 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 4 form part of these financial statements.
Manchester and Provincial Car Parks 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, except for investment property, 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).
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.
Turnover
Turnover, representing rental income from investment properties and car parking income, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is charged to profit or loss on a straight-line basis over the term of the lease.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is not provided on land and buildings which are held for investment purposes and stated at fair value.
Investment properties at fair value
Investment property is carried at fair value determined annually by the directors and derived from sales or current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are included in profit and loss.
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 Taxation on loss 2023 2022
£ £
UK corporation tax on (losses) / profits of the year - -
Taxation charge on loss - -
The tax assessed for the year differs from the standard rate of corporation tax in the UK. The differences are explained below:
2023 2022
£ £
Profit before tax 66,206 85,272
Profit at the standard rate of corporation tax in the UK 13,570 16,202
Effects of:
Group relief (13,570) (16,202)
Taxation charge on loss for the year - -
3 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
4 Debtors 2023 2022
£ £
Amounts falling due within one year:
Amounts owed by group undertakings 1,065,643 1,048,263
Other debtors 1,960 1,840
1,067,603 1,050,103
Amounts owed by group undertakings are interest free and due on demand.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 24,000 24,000
Amounts owed to group undertakings 2,500 360
Other creditors 27,953 25,916
54,453 50,276
Amounts owed to group undertakings are interest free and are unsecured.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 814,000 838,000
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 838,000 862,000
The bank loan is secured by legal charge on the freehold property of the company and is at a commercial rate of interest. The term of the loan expires in March 2024.
8 Controlling party
The company is a wholly owned subsidiary of Satnam Investments Limited whose registered office address is 17 Imperial Square, Cheltenham, GL50 1QZ. The ultimate controlling party is S S Dhillon, a director of the company.
9 Other information
Manchester and Provincial Car Parks 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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