Company number 06631612
Annual report and financial statements
For the year ended 30 September 2023
National Car Parks (EUK) Limited
National Car Parks (EUK) Limited
ANNUAL REPORT AND FINANCIAL STATEMENTS
CONTENTS
Page
Officers and professional advisers
1
Directors' report
2
Statement of directors' responsibilities
3
Independent auditors' report
4-6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10-16
National Car Parks (EUK) Limited
OFFICERS AND PROFESSIONAL ADVISERS
DIRECTORS
H Matsui
H Nagahiro
R C England
REGISTERED OFFICE
The Bailey
16 Old Bailey
London
England
EC4M 7EG
BANKERS
HSBC Bank Plc
9 Market Place
Romford
Essex
RM1 3AF
National Westminster Bank Plc
250 Bishopsgate
London
EC2M 4AA
INDEPENDENT AUDITORS
Rickard Luckin Limited
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
1
National Car Parks (EUK) Limited
DIRECTORS' REPORT
The directors present their report and the audited financial statements for National Car Parks (EUK) Limited (“the Company”) for the year ended 30 September 2023.
PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS
The principal activity of the Company is the management and operation of car parks.
The financial results are shown in the statement of comprehensive income on page 7.
The balance sheet on page 8 of the financial statements shows the Companies net liabilities of £422,000 (2022: £18,000 net assets) at year end.
DIVIDENDS
The directors do not recommend the payment of a dividend for the financial period (2022: £nil).
DIRECTORS
The directors who held office throughout the year and up to the date of signing of the financial statements were as follows:
H Matsui
H Nagahiro
R C England
GOING CONCERN
These financial statements are prepared on the going concern basis. At year end, the Company has net current liabilities and net total liabilities of £422,000. The Company continues to be dependent upon the financial support of its parent company National Car Parks Limited for its short term liquidity requirements. In turn National Car Parks Limited is reliant on the continued support of the ultimate parent company. The directors have obtained assurances from the ultimate parent company that adequate support will continue to be given for at least the next 12 months from the date of approval of these financial statements and it is on this basis that the directors consider it appropriate to prepare the financial statements on a going concern basis.
H Nagahiro
H Nagahiro
Director
12 August 2024
STRATEGIC REPORT
The Company has taken the exemption under section 414B of the Companies Act 2006 from the requirements to prepare a strategic report for the financial year.
DIRECTORS' INDEMNITIES
The Company has maintained qualifying third party indemnity insurance throughout the period and up to the signing of the financial statements on behalf of its directors and officers.
DISCLOSURE OF INFORMATION TO THE AUDITOR
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware.  Having made enquiries of fellow directors and the company's auditor, each director has taken all the steps that he/she is obliged to take as a director in order to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information.
AUDITORS
In accordance with s.485 of the Companies Act 2006, a resolution is to be proposed at the Annual General Meeting for reappointment of Rickard Luckin Limited as auditor of the Company.
SMALL COMPANIES EXEMPTION
This report has been prepared in accordance with the provision of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the board of directors and signed on its behalf by
H Nagahiro
Director
12 August 2024
2
National Car Parks (EUK) Limited
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to:
  • *
select suitable accounting policies and then apply them consistently;
  • *
make judgements and accounting estimates that are reasonable and prudent;
  • *
state whether applicable UK Accounting Standards, have been followed, subject to any material departures disclosed and explained in the financial statements; and
  • *
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
3
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL CARS PARKS (EUK) LIMITED
Opinion
We have audited the financial statements of National Car Parks (EUK) Limited (the ‘Company') for the year ended 30 September 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the Company's affairs as at 30 September 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty relating to going concern
We draw your attention to note 1 of the financial statements, which identifies that the Company has net current liabilities at the balance sheet date and that its ability to continue as a going concern is dependent on continued financial support of its parent company. Whilst the directors have received assurances of such continued support from the parent company, these conditions, as set out in note 1, indicate that a material uncertainty exists that may cast doubt on the Company's ability to continue as a going concern. Our opinion is not modified in this respect.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.
4
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL CAR PARKS (EUK) LIMITED (CONTINUED)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Capability of the audit in detecting irregularity, including fraud
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the
financial statements from our: general commercial and sector experience; through verbal and written
communications with those charged with governance and other management; through communications with other
group auditors, through communications with legal counsel, and via inspection of the Company's regulatory and
legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding
compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of noncompliance throughout the audit, we also specifically considered where and how fraud may occur within the Company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements, including: the
Company's constitution, relevant financial reporting standards; Company law; tax legislation and distributable profits
legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the
related financial statement items.
Secondly the Company is subject to many other laws and regulations where the consequences of non-compliance
could have a material effect on the amounts or disclosures in the financial statements, for instance through the
imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as
those most likely to have such an affect: employment legislation; health and safety legislation; data protection
regulations; anti-bribery and anti-corruption legislation; Parking (Code of Practice) Act; The British Parking Association; and Human Rights Act 1998.
5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL CAR PARKS (EUK) LIMITED (CONTINUED)
Capability of the audit in detecting irregularity, including fraud (CONTINUED)
ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates, in particular provision of bad debts;
Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on both the performance statement, and the Statement of Financial Position includes a number of items selected on a random basis;
Discussions with management.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact
on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's member, for our audit work, for this report, or for the opinions we have formed.
Neil Brewer
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
Chartered Accountants
Statutory Auditor
12 August 2024
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
6
National Car Parks (EUK) Limited
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 September 2023
2023
             2022
Notes
£'000
£'000
Gross receipts, including site owners' share
30,323
26,105
Less site owners' share of gross receipts
(27,703)
(23,866)
TURNOVER
2
2,620
2,239
Cost of sales
(96)
(3)
GROSS PROFIT
2,524
2,236
Administrative expenses
(2,964)
(1,901)
OPERATING (LOSS) / PROFIT
3
(440)
335
Interest payable and similar charges
4
-
0
(1)
(LOSS) / PROFIT BEFORE TAXATION
(440)
334
Tax
6
-
0
-
(LOSS) / PROFIT FOR THE YEAR
(440)
334
Other comprehensive income for the year
-
-
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE YEAR
(440)
334
All the activities of the Company are classified as continuing.
7
National Car Parks (EUK) Limited
BALANCE SHEET
Company number 06631612
As at 30 September 2023
2023
2022
Notes
£'000
£'000
FIXED ASSETS
Intangible assets
7
-
0
288
Tangible assets
8
-
0
12
-
0
300
CURRENT ASSETS
Debtors
9
9,164
6,959
Cash at bank and in hand
5,937
4,375
15,101
11,334
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
10
(15,523)
(11,616)
NET CURRENT LIABILITIES
(422)
(282)
TOTAL ASSETS LESS CURRENT LIABILITIES
(422)
18
NET (LIABILITIES) / ASSETS
(422)
18
CAPITAL AND RESERVES
Called up share capital
11
-
-
Profit and loss account
(422)
18
TOTAL SHAREHOLDER'S (DEFICIT) / EQUITY
(422)
18
The financial statements were approved by the board of directors on
12 August 2024
12 August 2024
and signed on its behalf by:
H Nagahiro
Director
8
National Car Parks (EUK) Limited
STATEMENT OF CHANGES IN EQUITY
Called up share capital
Profit and loss account
Total shareholder's (deficit) / funds
£'000
£'000
£'000
At 30 September 2021
-
(316)
(316)
Profit for the year
-
334
334
Other comprehensive income for the year
-
-
-
Total comprehensive income for the year
-
334
334
At 30 September 2022
-
18
18
Loss for the year
-
(440)
(440)
Other comprehensive loss for the year
-
-
-
Total comprehensive loss for the year
-
(440)
(440)
At 30 September 2023
-
(422)
(422)
9
National Car Parks (EUK) Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
1.
ACCOUNTING POLICIES
General information
National Car Parks (EUK) Limited (the “Company”) is a private company limited by shares and is incorporated in England and Wales under the Companies Act. The current address of its registered office is The Bailey, 16 Old Bailey, London, England, EC4M 7EG. The previous address of its registered office is Saffron Court, 14b St Cross Street, London, EC1N 8XA. The principal activity of the Company is the management and operation of car parks.
Basis of preparation and statement of compliance with FRS 102
The Company's financial statements have been prepared in compliance with Financial Reporting Standard 102 (FRS 102), under the historical cost convention and in accordance with the Companies Act 2006.
The presentation and functional currency of the Company is Pounds Sterling because that is the currency of the primary economic environment in which the Company operates. All values are rounded to the nearest thousand pounds (£'000), except where otherwise indicated.
Under the provisions of FRS 102, the Company meets the definition of a qualifying entity and has adopted the section 1.12 disclosure exemptions not to:
provide a reconciliation of the number of shares outstanding at the beginning and at the end of the period;
prepare a statement of cash flows;
provide certain financial instrument disclosures, on the basis that equivalent disclosures are included in the consolidated financial statements of its ultimate parent company; and
disclose key management personnel compensation.
The Company has adopted the exemption in Section 33.1A of FRS 102 not to disclose related party transactions between members of a group provided any subsidiary party to the transactions is wholly owned by such a member.
The principal accounting policies adopted by the Company in preparing the financial statements are set out below.
Going concern
These financial statements are prepared on the going concern basis. At year end, the Company has net current liabilities and net total liabilities of £422,000. The Company continues to be dependent upon the financial support of its parent company National Car Parks Limited for its short term liquidity requirements. In turn National Car Parks Limited is reliant on the continued support of the ultimate parent company. The directors have obtained assurances from the ultimate parent company that adequate support will continue to be given for at least the next 12 months from the date of approval of these financial statements and it is on this basis that the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue
The Company's turnover comprises receipts from the management and operation of car parks. Turnover is recognised on customers' exit of the car park or, for season tickets, is spread over the life of the season ticket and recognised at the end of each calendar month.
Management and operation of car parks (off street car parking)
Where the Company does not bear the significant risks and rewards of operating a car park, turnover comprises the management fee receivable by the Company.  In all other cases turnover comprises gross receipts from customers.  Disclosed on the face of the statement of comprehensive income are:
(i)
“Gross receipts, including site owners' share” which represent total receipts including the car park receipts received by the Company on behalf of principals as well as the management fee retained by the Company; and
(ii)
“Site owners' share of gross receipts” which represents the car park receipts payable to the car park site owners.
10
National Car Parks (EUK) Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
1
ACCOUNTING POLICIES (CONTINUED)
Taxation
Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, based on all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference.
Impairment of non-financial assets
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.
The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the statement of comprehensive income.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Construction in progress is stated at cost, net of accumulated impairment losses, if any.
Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.
Depreciation is provided on a straight-line basis over their estimated useful lives, at the following annual rates:
Equipment, fixtures and fittings
      -
20%
Where assets' useful lives are shortened by the terms of contracts to which they are related, depreciation is accelerated accordingly.
Impairment of tangible assets is recognised in the statement of comprehensive income.
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the statement of comprehensive income and included in ‘Other operating income/(expense)'.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Equity instruments
Called up share capital are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
11
National Car Parks (EUK) Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
1.
ACCOUNTING POLICIES (CONTINUED)
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
(i) Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.  Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they
are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently
measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Bad debts provision
The Company's policy for the provision for doubtful debts states that all debts, unless otherwise proved recoverable, that are overdue should be provided as follows: 57 - 84 days: 50% provision; 85 - 140 days: 75% provision; and more than 140 days: 100% provision.
Any trade receivable, regardless of its age profile, that has been identified as at-risk should be fully provided for. At-risk includes amounts receivable from clients that have entered bankruptcy or are in jeopardy of declaring bankruptcy or those who have indicated that they are experiencing financial issues with the settlement of outstanding invoices.
12
National Car Parks (EUK) Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
2.
TURNOVER
                 2023
                 2022
                £'000
                £'000
Class of business
Management services
1,719
1,677
Car parking
901
562
2,620
2,239
All turnover during the year derived from activities in the United Kingdom from classes of business, provision of car park management services and car park operations.
3.
OPERATING (LOSS) / PROFIT
2023
2022
£'000
£'000
Operating (loss) / profit is stated after charging:
Auditors' remuneration for audit services
39
45
Depreciation (Note 8)
6
13
Loss on disposal of tangible fixed assets (Note 8)
5
-
Amortisation of intangible assets (Note 7)
-
58
Loss on disposal of intangible assets (Note 7)
288
-
4.
INTEREST PAYABLE AND SIMILAR EXPENSES
2023
2022
£'000
£'000
Others
-
1
5.
EMPLOYEES
The Company has no employees and hence there were no staff costs for the year (2022: £nil).
13
National Car Parks (EUK) Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
6.
TAX
(a)
Tax on loss / (profit)
The total tax charge for the year is £nil (2022: £nil).
(b)
Factors affecting tax charge for the year
The tax assessed for the year is higher (2022: lower) than the standard rate of corporation tax in the UK of 22% (2022: 19%).  The differences are explained below:
                     2023
                          2022
                     £'000
                         £'000
(Loss) / profit before taxation
(440)
334
Loss / (profit) multiplied by the standard rate of UK corporation tax of 22% (2022: 19%)
(97)
63
Effects of:
Expenses not deductible for tax purposes
66
-
Deferred tax asset not recognised
31
-
Utilisation of brought forward tax losses
-
(63)
Total tax charge for the year
-
-
(c)
Factors that may affect future tax charges
The standard rate of UK corporation tax is 25% (2022: 19%) and this took effect from 1 April 2023.
(d)
Deferred tax
A deferred tax asset of £136,000 (2022: £101,000) in relation to carry forward losses has not been recognised due to uncertainty surrounding the timing of their reversal. The deferred tax rate applied is 25% (2022: 25%).
7.
INTANGIBLE FIXED ASSETS
Start-up costs
£'000
Cost
At 30 September 2022
581
Disposal
(581)
At 30 September 2023
-
Accumulated amortisation and impairment
At 30 September 2022
293
Disposal
(293)
At 30 September 2023
-
Net book value
At 30 September 2023
-
At 30 September 2022
288
14
National Car Parks (EUK) Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
8.
TANGIBLE FIXED ASSETS
Fixtures, fittings
£'000
Cost
At 30 September 2022
137
Disposal
(18)
At 30 September 2023
119
Accumulated depreciation and impairment
At 30 September 2022
125
Depreciation charge for the year
6
Disposal
(12)
At 30 September 2023
119
Net book value
At 30 September 2023
-
0
At 30 September 2022
12
9.
DEBTORS
2023
2022
£'000
£'000
Trade debtors
7,120
2,105
Other debtors
8
82
Prepayments and accrued income
2,036
4,772
9,164
6,959
Within trade debtors is an allowance for doubtful debts of £26,000 (2022: £337,000).
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
£'000
£'000
Trade creditors
657
1,606
Gross amounts owed to contract customers
764
934
Amounts owed to group undertakings
11,667
7,856
Other taxation and social security
1,038
411
Other creditors
-
0
1
Accruals and deferred income
1,397
809
15,523
11,616
Amounts owed to group undertakings are unsecured and repayable on demand.
15
National Car Parks (EUK) Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
11.
CALLED UP SHARE CAPITAL
2023
2022
£
£
Authorised:
1 (2022: 1) ordinary share of £1.0 each
1
1
Allotted and fully paid:
            1 (2022: 1) ordinary shares of £1.0 each
1
1
12.
ULTIMATE PARENT AND CONTROLLING PARTY
The Company's immediate parent undertaking is National Car Parks Limited, a company incorporated and registered in England. The Company's ultimate parent undertaking and controlling party is Park24 Co., Ltd., a company incorporated in Japan and listed on the Tokyo Stock Exchange.
Park24 Co., Ltd. is the parent undertaking of both the largest and smallest group of which the Company is a member and for which consolidated financial statements are prepared. Copies of the consolidated financial statements of Park24 Co., Ltd. are available from 2-20-4, Nishigotanda, Shinagawa-ku, Tokyo 141-8924, Japan.
13.
RELATED PARTY TRANSACTIONS
The Company has adopted the exemption under Section 33.1A of FRS 102 not to disclose related party transactions between members of a group provided any subsidiary party to the transactions is wholly owned by such a member.
16
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