Satnam Parking Limited |
Notes to the Accounts |
for the year ended 30 June 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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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. |
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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. |
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Going concern |
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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. |
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Turnover |
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Turnover, representing car park receipts, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
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Tangible fixed assets |
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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. |
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Fixtures and fittings |
20% per annum |
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Paintings are measured at fair value. Changes in fair value are included in profit and loss. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. |
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Debtors |
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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. |
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Creditors |
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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. |
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1 |
Accounting policies (continued) |
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Taxation |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Fixtures and fittings |
£ |
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Cost or valuation |
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At 1 July 2022 |
72,687 |
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At 30 June 2023 |
72,687 |
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Depreciation |
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At 1 July 2022 |
- |
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At 30 June 2023 |
- |
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Net book value |
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At 30 June 2023 |
72,687 |
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At 30 June 2022 |
72,687 |
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Paintings with a total value of £72,687 are stated at open market value as determined by the directors. |
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4 |
Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
£ |
£ |
£ |
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Cost |
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At 1 July 2022 |
337,667 |
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2 |
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337,669 |
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At 30 June 2023 |
337,667 |
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2 |
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337,669 |
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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 |
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Name |
incorporation |
held |
business |
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Satnam Car Parking Limited |
England |
100% |
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Car park operator / property investment |
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Satnam Urban Regeneration Limited |
England |
100% |
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Car park operator / property investment |
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Satnam Developments Limited |
England |
100% |
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Property investment |
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Parking Places Limited |
England |
50% |
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Car park operator / property investment |
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The registered office for all the companies listed is 17 Imperial Square, Cheltenham, GL50 1QZ. |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Amounts due within one year: |
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Amounts owed by group undertakings |
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747,763 |
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720,763 |
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Amounts owed by related parties |
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1,564,083 |
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1,580,159 |
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Other debtors |
22,878 |
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20,549 |
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2,334,724 |
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2,321,471 |
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Amounts owed by group undertakings and related parties are interest free and due on demand. |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
14,926 |
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13,069 |
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Amounts owed to group undertakings |
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39,690 |
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24,940 |
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Amounts owed to related parties |
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41,400 |
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21,600 |
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Taxation and social security costs |
(1,310) |
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(654) |
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94,706 |
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58,955 |
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Amounts owed to group undertakings and related parties are interest free and are unsecured. |
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7 |
Related party transactions |
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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. |
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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. |
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8 |
Controlling party |
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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. |
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9 |
Other information |
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Satnam Parking Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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17 Imperial Square |
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Cheltenham |
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Gloucestershire |
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GL50 1QZ |