IRIS Accounts Production v24.1.9.2 03379396 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033793962023-03-31033793962024-03-31033793962023-04-012024-03-31033793962022-03-31033793962022-04-012023-03-31033793962023-03-3103379396ns15:EnglandWales2023-04-012024-03-3103379396ns14:PoundSterling2023-04-012024-03-3103379396ns10:Director12023-04-012024-03-3103379396ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103379396ns10:SmallEntities2023-04-012024-03-3103379396ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3103379396ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3103379396ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103379396ns10:FullAccounts2023-04-012024-03-3103379396ns10:Director22023-04-012024-03-3103379396ns10:CompanySecretary12023-04-012024-03-3103379396ns10:RegisteredOffice2023-04-012024-03-3103379396ns5:CurrentFinancialInstruments2024-03-3103379396ns5:CurrentFinancialInstruments2023-03-3103379396ns5:Non-currentFinancialInstruments2024-03-3103379396ns5:Non-currentFinancialInstruments2023-03-3103379396ns5:ShareCapital2024-03-3103379396ns5:ShareCapital2023-03-3103379396ns5:SharePremium2024-03-3103379396ns5:SharePremium2023-03-3103379396ns5:RevaluationReserve2024-03-3103379396ns5:RevaluationReserve2023-03-3103379396ns5:RetainedEarningsAccumulatedLosses2024-03-3103379396ns5:RetainedEarningsAccumulatedLosses2023-03-3103379396ns5:FurnitureFittings2023-03-3103379396ns5:FurnitureFittings2023-04-012024-03-3103379396ns5:FurnitureFittings2024-03-3103379396ns5:FurnitureFittings2023-03-3103379396ns5:CostValuation2023-03-3103379396ns5:DisposalsRepaymentsInvestments2024-03-3103379396ns5:CostValuation2024-03-3103379396ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3103379396ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103379396ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3103379396ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3103379396ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3103379396ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3103379396ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3103379396ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-31
REGISTERED NUMBER: 03379396 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Parkside Corporation Limited

Parkside Corporation Limited (Registered number: 03379396)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Parkside Corporation Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr P M Bell
Mrs Z Bell





SECRETARY: Mrs Z Bell





REGISTERED OFFICE: 3 Railway Court
Ten Pound Walk
Doncaster
South Yorkshire
DN4 5FB





REGISTERED NUMBER: 03379396 (England and Wales)





ACCOUNTANTS: Royston Parkin Limited
2 President Buildings
Savile Street East
Sheffield
South Yorkshire
S4 7UQ

Parkside Corporation Limited (Registered number: 03379396)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 161 189
Investments 5 100 770,204
Investment property 6 4,725,000 4,725,000
4,725,261 5,495,393

CURRENT ASSETS
Debtors 7 98,764 12,583
Cash at bank 7,332 150,804
106,096 163,387
CREDITORS
Amounts falling due within one year 8 831,218 978,972
NET CURRENT LIABILITIES (725,122 ) (815,585 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,000,139

4,679,808

CREDITORS
Amounts falling due after more than
one year

9

(2,914,190

)

(2,868,429

)

PROVISIONS FOR LIABILITIES (336,167 ) (155,896 )
NET ASSETS 749,782 1,655,483

Parkside Corporation Limited (Registered number: 03379396)

Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 208 208
Share premium 6,996 6,996
Revaluation reserve 11 (770,104 ) -
Retained earnings 1,512,682 1,648,279
749,782 1,655,483

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mr P M Bell - Director


Parkside Corporation Limited (Registered number: 03379396)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Parkside Corporation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Parkside Corporation Limited (Registered number: 03379396)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - NIL ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 5,328
DEPRECIATION
At 1 April 2023 5,139
Charge for year 28
At 31 March 2024 5,167
NET BOOK VALUE
At 31 March 2024 161
At 31 March 2023 189

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023 770,204
Disposals (770,104 )
At 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 770,204

Parkside Corporation Limited (Registered number: 03379396)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 4,725,000
NET BOOK VALUE
At 31 March 2024 4,725,000
At 31 March 2023 4,725,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 209,478
Valuation in 2021 570,000
Valuation in 2023 41,027
Cost 3,904,495
4,725,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,162 11,401
Amounts owed by group undertakings 24,293 -
Prepayments and accrued income 67,309 1,182
98,764 12,583

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,944 -
Trade creditors - 262,712
Tax 12,323 -
Social security and other taxes 12,286 577
Directors' current accounts 784,714 713,282
Accruals and deferred income 1,951 2,401
831,218 978,972

Parkside Corporation Limited (Registered number: 03379396)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 19,944 -
Bank loans - 2-5 years 10,305 2,868,429
Bank loans more 5 yr by instal 2,883,941 -
2,914,190 2,868,429

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,883,941 -

Parkside Corporation Limited (Registered number: 03379396)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank Loans 2,883,941 2,572,725

At 31 March 2024, Parkside Corporation Limited has a bank loan of £249,289 outstanding (2023: £245,000), which is secured by way of a fixed charge over the freehold property known as 1 Hazel Lodge, High Street, Rawcliffe, Goole, DN14 8EU which was transferred out of parent title YEA58671 dated 1 September 2022.

At 31 March 2024, Parkside Corporation Limited has a bank loan of £220,418 outstanding (2023: £217,180), which is secured by way of a fixed charge over the freehold property known as 2 Hazel Lodge, High Street, Rawcliffe, Goole, DN14 8EU and registered at HM Land Registry with title number YEA103951.

At 31 March 2024, Parkside Corporation Limited has a bank loan of £1,522.714 outstanding (2023: £1,522,545), which is secured by way of a fixed charge over the freehold properties known as: 1 The Coach House, Cross Street, Crowle, Scunthorpe, DN17 4LH registered at HM Land Registry with title number HS322357. 2 The Coach House, Cross Street, Crowle, Scunthorpe, DN17 4LH registered at HM Land Registry with title number HS326135. 1 Weeland Villas, Snaith, Goole, DN14 PJU with title number YEA20651. 48 Queens Drive, Crowle, Scunthorpe, DN17 4DL with title number HS320521. 50 Queens Drive, Crowle, Scunthorpe, DN17 4DL with title number HS319518. 11A, 15, 15A, 17, 17A Cross Street, Crowle, Scunthorpe, DN17 4LJ with title number HS148571. 1 Court Road, Snaith, Goole, DN14 9JL with title number HS265253. 24 Sotheron Street, Goole, DN14 5EY with title number YEA3451. This loan is also secured by way of a floating charge over the assets of the company.

At 31 March 2024, Parkside Corporation Limited has a bank loan of £592,490 (2023: £588,000), which is secured by way of a fixed charge over the freehold properties known as: 8 & 10 Queen Street, Thorne, Doncaster, DN8 5AA with title number SYK377688. 12, 14, 16 & 18 Queen Street, Thorne, Doncaster, DN8 5AA with title number SYK550346. Flat 1, 2 & 3, 86 Spring Gardens, Doncaster, DN1 3DJ with title number SYK27992. This loan is also secured by way of a floating charge over the assets of the company.

At 31 March 2024, Parkside Corporation Limited has a bank loan of £299,029 (2023: £0), which is secured by way of a fixed charge over the freehold property known as 3 Hazel Lodge, High Street, Rawcliffe, DN14 8EU with title number YEA105293. This loan is also secured by way of a floating charge over the assets of the company.

11. RESERVES
Revaluation
reserve
£   
Fair value reserve (770,104 )

At 31 March 2024 (770,104 )