Company registration number 03163054 (England and Wales)
PARK LABELLING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PARK LABELLING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PARK LABELLING LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
865,698
924,515
Current assets
Debtors
4
529,446
397,431
Cash at bank and in hand
463
9,602
529,909
407,033
Creditors: amounts falling due within one year
5
(505,966)
(419,772)
Net current assets/(liabilities)
23,943
(12,739)
Total assets less current liabilities
889,641
911,776
Provisions for liabilities
6
(24,745)
(30,515)
Net assets
864,896
881,261
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
310,642
327,901
Capital redemption reserve
125
125
Profit and loss reserves
553,129
552,235
Total equity
864,896
881,261
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
PARK LABELLING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mrs K A Marshall
Director
Company registration number 03163054 (England and Wales)
PARK LABELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Park Labelling Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rents and service related charges net of VAT. Rent is accounted for on an accruals basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land
No depreciation charged
Freehold properties
Straight line over 25 years
Plant and machinery
15% per annum on written down value
Fixtures, fittings & equipment
15% per annum on written down value
Solar roofs
Straight line over 25 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
PARK LABELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0). All employees are employed by the connected company, Park Group South West Limited.
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 March 2023 and 29 February 2024
1,540,371
195,773
1,736,144
Depreciation and impairment
At 1 March 2023
663,818
147,811
811,629
Depreciation charged in the year
53,911
4,906
58,817
At 29 February 2024
717,729
152,717
870,446
Carrying amount
At 29 February 2024
822,642
43,056
865,698
At 28 February 2023
876,553
47,962
924,515
The freehold land and buildings were revalued to fair value upon transition to FRS102. This value is now the 'deemed cost' of the asset as the company has not adopted a policy of revaluation.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
1,108,346
1,108,346
Accumulated depreciation
(596,346)
(559,694)
Carrying value
512,000
548,652
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
528,089
395,675
Other debtors
1,357
1,756
529,446
397,431
PARK LABELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
455,027
377,027
Taxation and social security
36,666
28,582
Other creditors
14,273
14,163
505,966
419,772
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7
24,745
30,515
PARK LABELLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
24,745
30,515
2024
Movements in the year:
£
Liability at 1 March 2023
30,515
Credit to profit or loss
(5,770)
Liability at 29 February 2024
24,745