Company registration number 05253701 (England and Wales)
PARKLAND MACHINERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
PARKLAND MACHINERY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PARKLAND MACHINERY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,882
36,757
Current assets
Stocks
350
375
Debtors
4
44,046
26,073
Cash at bank and in hand
9,595
432
53,991
26,880
Creditors: amounts falling due within one year
5
(45,424)
(25,472)
Net current assets
8,567
1,408
Total assets less current liabilities
49,449
38,165
Creditors: amounts falling due after more than one year
6
(19,249)
(25,121)
Net assets
30,200
13,044
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
30,199
13,043
Total equity
30,200
13,044
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 March 2024
Mr S J Parkinson
Director
Company registration number 05253701 (England and Wales)
PARKLAND MACHINERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2021
1
21,864
21,865
Year ended 31 October 2022:
Profit and total comprehensive income
-
27,179
27,179
Dividends
-
(36,000)
(36,000)
Balance at 31 October 2022
1
13,043
13,044
Year ended 31 October 2023:
Profit and total comprehensive income
-
35,656
35,656
Dividends
-
(18,500)
(18,500)
Balance at 31 October 2023
1
30,199
30,200
PARKLAND MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Parkland Machinery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Squirrels Leap, Field Broughton, GRANGE-OVER-SANDS, LA11 6HW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the tax currently payable. Deferred tax is not provided.
PARKLAND MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases (or acquired through lease purchase) are recognised as assets at the assets fair value at the date of inception. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
PARKLAND MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
106,168
Additions
17,900
Disposals
(10,500)
At 31 October 2023
113,568
Depreciation and impairment
At 1 November 2022
69,411
Depreciation charged in the year
13,635
Eliminated in respect of disposals
(10,360)
At 31 October 2023
72,686
Carrying amount
At 31 October 2023
40,882
At 31 October 2022
36,757
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,759
12,888
Other debtors
29,287
13,185
44,046
26,073
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,000
7,000
Trade creditors
18,152
7,874
Corporation tax
9,828
4,444
Other creditors
10,444
6,154
45,424
25,472
PARKLAND MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,185
20,151
Other creditors
6,064
4,970
19,249
25,121