Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false442021-09-01Buying and selling of own real estatefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10336491 2021-09-01 2023-02-28 10336491 2020-09-01 2021-08-31 10336491 2023-02-28 10336491 2021-08-31 10336491 c:Director4 2021-09-01 2023-02-28 10336491 d:FreeholdInvestmentProperty 2021-09-01 2023-02-28 10336491 d:FreeholdInvestmentProperty 2023-02-28 10336491 d:FreeholdInvestmentProperty 2021-08-31 10336491 d:FreeholdInvestmentProperty 2 2021-09-01 2023-02-28 10336491 d:CurrentFinancialInstruments 2023-02-28 10336491 d:CurrentFinancialInstruments 2021-08-31 10336491 d:Non-currentFinancialInstruments 2023-02-28 10336491 d:Non-currentFinancialInstruments 2021-08-31 10336491 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10336491 d:CurrentFinancialInstruments d:WithinOneYear 2021-08-31 10336491 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10336491 d:Non-currentFinancialInstruments d:AfterOneYear 2021-08-31 10336491 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 10336491 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-08-31 10336491 d:ShareCapital 2023-02-28 10336491 d:ShareCapital 2021-08-31 10336491 d:InvestmentPropertiesRevaluationReserve 2023-02-28 10336491 d:InvestmentPropertiesRevaluationReserve 2021-08-31 10336491 d:RetainedEarningsAccumulatedLosses 2023-02-28 10336491 d:RetainedEarningsAccumulatedLosses 2021-08-31 10336491 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 10336491 d:AcceleratedTaxDepreciationDeferredTax 2021-08-31 10336491 c:FRS102 2021-09-01 2023-02-28 10336491 c:AuditExempt-NoAccountantsReport 2021-09-01 2023-02-28 10336491 c:FullAccounts 2021-09-01 2023-02-28 10336491 c:PrivateLimitedCompanyLtd 2021-09-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 10336491









PARKSTONE DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 FEBRUARY 2023

 
PARKSTONE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 10336491

BALANCE SHEET
AS AT 28 FEBRUARY 2023

28 February
31 August
2023
2021
Note
£
£

Fixed assets
  

Investment property
 4 
2,419,826
3,803,964

  
2,419,826
3,803,964

Current assets
  

Debtors: amounts falling due within one year
 5 
210,160
21,850

Cash at bank and in hand
 6 
736,338
14,411

  
946,498
36,261

Creditors: amounts falling due within one year
 7 
(1,009,500)
(1,726,863)

Net current liabilities
  
 
 
(63,002)
 
 
(1,690,602)

Total assets less current liabilities
  
2,356,824
2,113,362

Creditors: amounts falling due after more than one year
 8 
(1,577,769)
(1,826,753)

Provisions for liabilities
  

Deferred tax
 10 
(87,695)
-

  
 
 
(87,695)
 
 
-

Net assets
  
691,360
286,609


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
263,086
-

Profit and loss account
  
428,174
286,509

  
691,360
286,609


Page 1

 
PARKSTONE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 10336491
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 March 2024.




S P S Chadha
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PARKSTONE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

1.


General information

Parkstone Developments Limited is a private company, limited by shares and incorporated in England and
Wales, United Kingdom, with a registration number 10336491. The address of the registered office is
13 Station Road Gidea Park, Romford, Essex, United Kingdom, RM2 6BX. The principal activity continued
to be that of Buying and selling of own real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
PARKSTONE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, 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 recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
PARKSTONE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.11

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 5

 
PARKSTONE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2021
            No.
            No.







Average no. of employee with director
4
4


4.


Investment property





Freehold investment property

£



Valuation


At 1 September 2021
3,803,964


Additions at cost
181,213


Disposals
(1,916,133)


Surplus on revaluation
350,782



At 28 February 2023
2,419,826

The 2023 valuations were made by director, on an open market value for existing use basis.

28 February
31 August
2023
2021
£
£

Revaluation reserves


Market value revaluation
263,086
-

At 28 February 2023
263,086
-



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

28 February
31 August
2023
2021
£
£


Historic cost
1,922,836
3,105,336

1,922,836
3,105,336

Page 6

 
PARKSTONE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

5.


Debtors

28 February
31 August
2023
2021
£
£


Other debtors
201,463
21,850

Prepayments and accrued income
8,697
-

210,160
21,850



6.


Cash and cash equivalents

28 February
31 August
2023
2021
£
£

Cash at bank and in hand
736,338
14,411

736,338
14,411



7.


Creditors: Amounts falling due within one year

28 February
31 August
2023
2021
£
£

Bank loans
10,000
-

Corporation tax
35,827
48,164

Other creditors
958,653
1,673,659

Accruals and deferred income
5,020
5,040

1,009,500
1,726,863



8.


Creditors: Amounts falling due after more than one year

28 February
31 August
2023
2021
£
£

Bank loans
1,577,769
1,826,753

1,577,769
1,826,753


Page 7

 
PARKSTONE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


28 February
31 August
2023
2021
£
£

Amounts falling due within one year

Bank loans
10,000
-


10,000
-

Amounts falling due 1-2 years

Bank loans
1,577,769
1,826,753


1,577,769
1,826,753



1,587,769
1,826,753



10.


Deferred taxation






2023


£






Charged to profit or loss
(87,695)



At end of year
(87,695)

The deferred taxation balance is made up as follows:

28 February
31 August
2023
2021
£
£


Deferred tax on revaluation
(87,695)
-

(87,695)
-

Page 8

 
PARKSTONE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

11.


Related party transactions

At the balance sheet date, the company owed £103,537 (2022 : £1,116,806) to directors and £51,798 (2022 : (£1,850)) to / (from) an associated company.


12.


Controlling party

The company is controlled by the directors who are also the shareholders.

 
Page 9