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Registration number: 07539354

Park Architectural Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 April 2023

 

Park Architectural Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Park Architectural Limited

Company Information

Directors

Mr J Parker

Mrs CL Parker

Registered office

The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Park Architectural Limited

(Registration number: 07539354)
Balance Sheet as at 29 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

71,902

59,803

Current assets

 

Stocks

5

-

137,161

Debtors

6

1,039,354

627,491

Cash at bank and in hand

 

846,503

115,760

 

1,885,857

880,412

Creditors: Amounts falling due within one year

7

(1,563,536)

(777,973)

Net current assets

 

322,321

102,439

Total assets less current liabilities

 

394,223

162,242

Creditors: Amounts falling due after more than one year

7

(43,667)

(71,032)

Provisions for liabilities

(5,711)

(1,446)

Net assets

 

344,845

89,764

Capital and reserves

 

Called up share capital

5,000

5,000

Retained earnings

339,845

84,764

Shareholders' funds

 

344,845

89,764

For the financial year ending 29 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

 

Park Architectural Limited

(Registration number: 07539354)
Balance Sheet as at 29 April 2023

.........................................
Mr J Parker
Director

 

Park Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

These financial statements were authorised for issue by the Board on 24 November 2023.

The company registration number is 07539354

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Park Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Office equipment

25% straight line

Plant and machinery

33% reducing balance

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

 

Park Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Park Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 9).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 30 April 2022

8,600

7,063

29,141

102,325

Additions

-

25,288

12,134

-

Disposals

(5,726)

-

-

-

At 29 April 2023

2,874

32,351

41,275

102,325

Depreciation

At 30 April 2022

8,500

5,728

21,283

51,815

Charge for the year

99

8,899

6,222

10,102

Eliminated on disposal

(5,725)

-

-

-

At 29 April 2023

2,874

14,627

27,505

61,917

Carrying amount

At 29 April 2023

-

17,724

13,770

40,408

At 29 April 2022

100

1,335

7,858

50,510

 

Park Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

Total
£

Cost or valuation

At 30 April 2022

147,129

Additions

37,422

Disposals

(5,726)

At 29 April 2023

178,825

Depreciation

At 30 April 2022

87,326

Charge for the year

25,322

Eliminated on disposal

(5,725)

At 29 April 2023

106,923

Carrying amount

At 29 April 2023

71,902

At 29 April 2022

59,803

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

-

137,161

6

Debtors

Current

2023
£

2022
£

Trade debtors

748,109

369,836

Other debtors

291,245

257,655

 

1,039,354

627,491

 

Park Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

27,365

30,625

Trade creditors

 

753,288

353,890

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

234,030

171,210

Taxation and social security

 

92,077

211,217

Accruals and deferred income

 

455,886

9,800

Other creditors

 

890

1,231

 

1,563,536

777,973

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

43,667

71,032

 

Park Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

1,032

Other borrowings

43,667

70,000

43,667

71,032

2023
£

2022
£

Current loans and borrowings

Bank borrowings

26,333

28,000

Hire purchase contracts

1,032

2,625

27,365

30,625

10

Related party transactions

Summary of transactions with other related parties

Mr J Parker
 Director of the company
 During the year the company loaned monies to the Director. At the balance sheet date the amount outstanding totalled £217,157 (2022: £163,505).