Company registration number 04492764 (England and Wales)
PARKFIELDS (TOPSHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PARKFIELDS (TOPSHAM) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PARKFIELDS (TOPSHAM) LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
340,985
340,985
Current assets
Cash at bank and in hand
20
325
Creditors: amounts falling due within one year
5
(10,898)
(31,019)
Net current liabilities
(10,878)
(30,694)
Total assets less current liabilities
330,107
310,291
Creditors: amounts falling due after more than one year
6
(284,675)
(253,675)
Net assets
45,432
56,616
Capital and reserves
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss reserves
7
45,430
56,614
Total equity
45,432
56,616

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 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 July 2024
Mrs C F Goodfellow
Director
Company registration number 04492764 (England and Wales)
PARKFIELDS (TOPSHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Parkfields (Topsham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Beeches Close, Woodbury, Exeter, Devon, EX5 1JN.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

Investment properties are measured at open market value by the director, being their fair value at each reporting date. Determining the open market value of investment properties requires an estimation of their market value compared with sales values of similar properties in the area.

 

The carrying value of investment properties at 30 June 2023 is £340,985 (2022: £340,985).

PARKFIELDS (TOPSHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
340,985

Investment property comprises leasehold flats. The fair value of the investment property has been arrived at on an open market value basis by the director, with reference to market evidence of transaction prices for similar properties.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
10,098
30,599
Accruals and deferred income
800
420
10,898
31,019

Included within other creditors are amounts due to the director of £10,098 (2022: £30,599). The loan is interest free and carries no fixed term of repayment.

6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
284,675
253,675

The long term bank loans are secured by fixed and floating charge over the company's assets.

7
Profit and loss reserves

Retained earnings include £67,272 (2022: £67,272) relating to the revaluation of investment property, which is not distributable.

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