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COMPANY REGISTRATION NUMBER: 06751164
P4PARKING (UK) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
P4PARKING (UK) LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
P4PARKING (UK) LTD
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,258
2,696
Current assets
Debtors
6
30,922
47,117
Cash at bank and in hand
72,401
2
---------
--------
103,323
47,119
Creditors: amounts falling due within one year
7
104,358
49,163
---------
--------
Net current liabilities
1,035
2,044
-------
-------
Total assets less current liabilities
1,223
652
Provisions
Taxation including deferred tax
( 141)
512
-------
----
Net assets
1,364
140
-------
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,264
40
-------
----
Shareholders funds
1,364
140
-------
----
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 income statement has not been delivered.
For the year ending 30 November 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 .
P4PARKING (UK) LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 12 July 2024 , and are signed on behalf of the board by:
Mrs C Axente
Director
Company registration number: 06751164
P4PARKING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 124 City Road, London, EC1V 2NX.
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.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cashflows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the amounts earned from the company’s principal activity; that of the provision of security services. The revenue shown in the income statement represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in other comprehensive income. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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:
Office equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
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 31 (2022: 34 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022
7,791
2,231
10,022
Additions
726
3,000
3,726
Disposals
( 4,811)
( 4,811)
-------
-------
--------
At 30 November 2023
8,517
420
8,937
-------
-------
--------
Depreciation
At 1 December 2022
5,760
1,566
7,326
Charge for the year
676
59
735
Disposals
( 1,382)
( 1,382)
-------
-------
--------
At 30 November 2023
6,436
243
6,679
-------
-------
--------
Carrying amount
At 30 November 2023
2,081
177
2,258
-------
-------
--------
At 30 November 2022
2,031
665
2,696
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
20,089
16,985
Other debtors
10,833
30,132
--------
--------
30,922
47,117
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,003
Trade creditors
10,400
24,342
Corporation tax
49,578
7,968
Social security and other taxes
26,835
21,464
Other creditors
17,545
( 14,614)
---------
--------
104,358
49,163
---------
--------
8. Director's advances, credits and guarantees
At the previous reporting date the company was owed £26,325 by the Director. During the year the balance was repaid to the company from the Director.
9. Other loans
During the year, the company made interest-free advances to shareholders amounting to £10,415. These were repayable on demand and repaid within nine months of the year end.