2023-01-012023-12-312023-12-31false10059756Park Technology 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Park Technology Limited

Registered Number
10059756
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Park Technology Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

J S Gill
S M O Binzagr
T O T Terekli

Registered Address

Wework 2 Leman Street
Aldgate Tower
London
E1 8FA

Registered Number

10059756 (England and Wales)
Park Technology Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets32,4173,941
2,4173,941
Current assets
Stocks428,34028,600
Debtors547,10355,320
Cash at bank and on hand48,94741,130
124,390125,050
Creditors amounts falling due within one year6(779,010)(649,774)
Net current assets (liabilities)(654,620)(524,724)
Total assets less current liabilities(652,203)(520,783)
Creditors amounts falling due after one year7(35,752)(47,295)
Net assets(687,955)(568,078)
Capital and reserves
Called up share capital100100
Share premium2,967,1202,967,120
Other reserves2020
Profit and loss account(3,655,195)(3,535,318)
Shareholders' funds(687,955)(568,078)
The financial statements were approved and authorised for issue by the Board of Directors on 5 August 2024, and are signed on its behalf by:
J S Gill
Director
Registered Company No. 10059756
Park Technology Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The presentation currency of the financial statements is the Pound Sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on a going concern basis. The company incurred trading losses during the year. The directors, however, believe the company has sufficient resources to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax and other sales taxes.
Revenue from rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme is charged to the income statement in the year to which they relate.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting year-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current 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. Tax credits shown in the Income Statement represent tax credits received by the company as a result of claims made under HMRC’s R&D Tax relief schemes.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
Revenue expenditure on research and development is written off in the period in which it is incurred. The company makes claims under both the SME R&D tax relief scheme and the Research and Development Expenditure Credit scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits arising from claims under the RDEC scheme are subject to Corporation Tax. Gross tax credits are therefore reflected ‘above the line’ in Other Income with the corresponding charge to Corporation Tax reflected in the Corporation Tax charge, or credit (if loss making). Tax credits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.
Tangible fixed assets and depreciation
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Plant and machinery1
Office Equipment5
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.Average number of employees

20232022
Average number of employees during the year34
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 January 231,00024,10025,100
Disposals(1,000)(3,123)(4,123)
At 31 December 23-20,97720,977
Depreciation and impairment
At 01 January 231,00020,15921,159
Charge for year-1,5241,524
On disposals(1,000)(3,123)(4,123)
At 31 December 23-18,56018,560
Net book value
At 31 December 23-2,4172,417
At 31 December 22-3,9413,941
4.Stocks

2023

2022

££
Payments on account, stocks28,34028,600
Total28,34028,600
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables17,27822,483
Other debtors29,63932,834
Prepayments and accrued income1863
Total47,10355,320
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables14,2202,553
Bank borrowings and overdrafts11,9804,196
Taxation and social security12,12811,303
Other creditors695,752595,670
Accrued liabilities and deferred income44,93036,052
Total779,010649,774
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts35,75247,295
Total35,75247,295
The total bank borrowings and overdrafts disclosed in creditors within one year and creditors after one year are guaranteed by the UK government under the Coronavirus Business Support Scheme.
8.Related party transactions
Transactions with directors At the statement of financial position date the company was owed £nil by a director (2022: £19). The loan is interest free and repayable on demand.