Company registration number 10130303 (England and Wales)
PARKBEE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PARKBEE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PARKBEE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
38,530
33,012
Current assets
Debtors
4
823,951
734,516
Cash at bank and in hand
389,510
252,966
1,213,461
987,482
Creditors: amounts falling due within one year
5
(9,442,053)
(8,794,797)
Net current liabilities
(8,228,592)
(7,807,315)
Net liabilities
(8,190,062)
(7,774,303)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(8,190,162)
(7,774,403)
Total equity
(8,190,062)
(7,774,303)

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 31 December 2023 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.

The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Mr J Jiang
Director
Company registration number 10130303 (England and Wales)
PARKBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

ParkBee Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fora-Borough, 180 Borough Street, London, SE1 1LB.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of AllGreen Group B.V. These consolidated financial statements are available from its registered office, Vasteland 78, Postvak 37, Rotterdam, the Netherlands.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The parent company, allGreen Group B.V., has indicated that it will continue to provide support for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of parking services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PARKBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Straight line basis over 5 years
Fixtures and fittings
Straight line basis over 3 years
Computers
Straight line basis over 3 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PARKBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
13
PARKBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
26,905
2,919
46,387
76,211
Additions
19,810
-
0
-
0
19,810
Disposals
-
0
-
0
(960)
(960)
At 31 December 2023
46,715
2,919
45,427
95,061
Depreciation and impairment
At 1 January 2023
1,345
2,919
38,935
43,199
Depreciation charged in the year
10,334
-
0
3,801
14,135
Eliminated in respect of disposals
-
0
-
0
(803)
(803)
At 31 December 2023
11,679
2,919
41,933
56,531
Carrying amount
At 31 December 2023
35,036
-
0
3,494
38,530
At 31 December 2022
25,560
-
0
7,452
33,012
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
466,534
386,293
Amounts owed by group undertakings
-
0
14,679
Other debtors
357,417
333,544
823,951
734,516
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
468,615
516,572
Amounts owed to group undertakings
8,483,162
7,704,728
Taxation and social security
59,327
61,277
Other creditors
430,949
512,220
9,442,053
8,794,797
PARKBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
7
Related party transactions

The following amounts were outstanding at the reporting end date:

At the balance sheet date, the company owed AllGreen Group B.V. £8,483,162 (2022 £7,704,728). AllGreen Group B.V. is the parent company of Parkbee Limited. The outstanding balance is charged 4% interest with total interest in the year being £315,250 (2022 £263,819). The total balance is included within creditors.

 

Included within the amount due to AllGreen Group B.V. above is £99,187 which relates to amounts originally due from Parkbee Limited to Parkbee B.V., a company also controlled by AllGreen Group B.V. In 2022 Parkbee limited was owed £14,679 from Parkbee B.V. and was included separately in debtors. The loans to and from Parkbee B.V. limited have also been charged 4% interest with total interest in the year being £1,461 (2022 interest income of £153).

8
Parent company

The ultimate parent company is AllGreen Group B.V., a company registered in the Netherlands. The registered office is Vasteland 78, postvak 37, Rotterdam, the Netherlands.

 

The results of the company are to be included in the group accounts of allGreen Group B.V.

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