2 false false false false false false false false false true false false false false true true true true No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10056891 2022-04-01 2023-03-31 10056891 2023-03-31 10056891 2022-03-31 10056891 2022-03-31 10056891 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-03-31 10056891 core:FurnitureFittings 2022-04-01 2023-03-31 10056891 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10056891 bus:Director2 2022-04-01 2023-03-31 10056891 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 10056891 core:FurnitureFittings 2022-03-31 10056891 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 10056891 core:FurnitureFittings 2023-03-31 10056891 core:WithinOneYear 2023-03-31 10056891 core:WithinOneYear 2022-03-31 10056891 core:AfterOneYear 2023-03-31 10056891 core:AfterOneYear 2022-03-31 10056891 core:ShareCapital 2023-03-31 10056891 core:ShareCapital 2022-03-31 10056891 core:RetainedEarningsAccumulatedLosses 2023-03-31 10056891 core:RetainedEarningsAccumulatedLosses 2022-03-31 10056891 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 10056891 core:FurnitureFittings 2022-03-31 10056891 bus:SmallEntities 2022-04-01 2023-03-31 10056891 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10056891 bus:FullAccounts 2022-04-01 2023-03-31 10056891 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10056891 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10056891 bus:OrdinaryShareClass1 2023-03-31 10056891 bus:OrdinaryShareClass1 2022-03-31
COMPANY REGISTRATION NUMBER: 10056891
Park Regency Limited
Filleted Unaudited Financial Statements
31 March 2023
Park Regency Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Park Regency Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
42,844
100,049
Current assets
Debtors
6
52,695
5,400
Cash at bank and in hand
21,761
154,244
--------
---------
74,456
159,644
Creditors: amounts falling due within one year
7
372,538
448,803
---------
---------
Net current liabilities
298,082
289,159
---------
---------
Total assets less current liabilities
( 255,238)
( 189,110)
Creditors: amounts falling due after more than one year
8
31,667
41,667
---------
---------
Net liabilities
( 286,905)
( 230,777)
---------
---------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
( 286,906)
( 230,778)
---------
---------
Shareholders deficit
( 286,905)
( 230,777)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Park Regency Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
Mrs K. Bansal
Director
Company registration number: 10056891
Park Regency Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Clark's Courtyard, 145 Granville Street, Birmingham, B1 1SB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (A) No cash flow statement has been presented for the company. (B) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
15% straight line
Fixtures and fittings
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: Nil).
5. Tangible assets
Short leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
262,500
118,869
381,369
---------
---------
---------
Depreciation
At 1 April 2022
196,875
84,445
281,320
Charge for the year
39,375
17,830
57,205
---------
---------
---------
At 31 March 2023
236,250
102,275
338,525
---------
---------
---------
Carrying amount
At 31 March 2023
26,250
16,594
42,844
---------
---------
---------
At 31 March 2022
65,625
34,424
100,049
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
11,232
5,400
Amounts owed by group undertakings and undertakings in which the company has a participating interest
41,463
--------
-------
52,695
5,400
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
90,261
Corporation tax
343
343
Social security and other taxes
11,845
4,500
Other creditors
360,350
353,699
---------
---------
372,538
448,803
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,667
41,667
--------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Director's advances, credits and guarantees
At 31st March 2023, other creditors include the following amounts due to the former director:- Mrs K. Bansal £352,099 (2022 - £352,099) The loans are interest free and repayable on demand