Registration number:
Parkside (Barnstaple) Limited |
Parkside (Barnstaple) Limited
Contents
Directors' Report |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Parkside (Barnstaple) Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The company is now a dormant company following the acquistion of 100% of the share capital by County Garage (Barnstaple) Limited on 1 January 2023 via a share for share exchange transaction. Immediately upon this acquistion, the entire trade and assets of Parkside (Barnstaple) limited were hived up into County Garage (Barnstaple) Limited.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
Mr P J Squire
Company secretary and director
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Parkside (Barnstaple) Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Parkside (Barnstaple) Limited for the year ended 31 December 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Parkside (Barnstaple) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Parkside (Barnstaple) Limited and state those matters that we have agreed to state to the Board of Directors of Parkside (Barnstaple) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parkside (Barnstaple) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Parkside (Barnstaple) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Parkside (Barnstaple) Limited. You consider that Parkside (Barnstaple) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Parkside (Barnstaple) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
BARNSTAPLE
Devon
EX32 7DD
Parkside (Barnstaple) Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
- |
|
|
Cost of sales |
- |
( |
|
Gross profit |
- |
|
|
Administrative expenses |
- |
( |
|
Operating profit |
- |
|
|
Interest payable and similar charges |
- |
( |
|
- |
(30,627) |
||
Profit before tax |
- |
|
|
Taxation |
- |
( |
|
Profit for the financial year |
- |
|
|
Retained earnings brought forward |
1,681,073 |
1,547,122 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
- |
1,681,073 |
Parkside (Barnstaple) Limited
(Registration number: 02658607)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed Assets |
|||
Tangible Assets |
- |
|
|
Current assets |
|||
Stocks |
- |
|
|
Debtors |
|
|
|
Cash at bank and in hand |
- |
|
|
|
|
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Creditors: Amounts falling due within one year |
- |
( |
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Net current assets |
|
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Total assets less current liabilities |
|
|
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Provisions for liabilities |
- |
( |
|
Net assets |
|
|
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Capital and Reserves |
|||
Called up share capital |
|
|
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Retained Earnings |
- |
|
|
Shareholders' funds |
|
|
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised for issue by the
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Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
All amounts are in £'s.
Going concern
The financial statements have been prepared on a going concern basis.
Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Judgements
There are no judgements which management have made in the process of applying the accounting policies. |
Key sources of estimation uncertainty
There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.
Commission income is accounted for on a receivable basis.
Incentives and other rebates from brand partners:
The company receives income in the form of various incentives which are determined by the company's brand partners.The amount received is generally based on achieving specific objectives such as a specified sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis.
Where incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period.
The company may also receive contributions towards advertising and promotional expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate.
Government grants
Grants have been recognised in the accounts under the accrual model. Under the accrual model, grants relating to revenue shall be recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible Assets
Tangible Assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% to 25% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call 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 of change in value.
Trade Debtors
Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for slow moving items.
Consignment vehicles that are regarded effectively as being under the control of the parent company due to the transfer of the risks and responsibilities, are included within stock on the balance sheet, although legal title has not passed to the company, in accordance with FRS 102. The corresponding liability is included within trade creditors and is secured directly on these vehicles.
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade Creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares 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
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Basic financial liabilities 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. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.
Impairment
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 profit or loss.
Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Staff numbers |
The average number of persons employed by the company (including directors under service contract) during the year, was
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
- |
|
Other fees to auditors |
||
All other non-audit services |
- |
|
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
- |
|
Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible Assets |
Plant and machinery |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
Disposals |
( |
( |
At 31 December 2023 |
- |
- |
Depreciation |
||
At 1 January 2023 |
|
|
Eliminated on disposal |
( |
( |
At 31 December 2023 |
- |
- |
Carrying amount |
||
At 31 December 2023 |
- |
- |
At 31 December 2022 |
|
|
Stocks |
2023 |
2022 |
|
Vehicles |
- |
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Parts |
- |
|
- |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade Debtors |
- |
|
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Amounts owed by related parties |
|
|
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Prepayments |
- |
|
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Other debtors |
- |
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Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade Creditors |
- |
|
Taxation and social security |
- |
|
Accruals and deferred income |
- |
|
- |
|
The vehicle funding creditor is secured on the vehicles financed, this amount is included within trade creditors of £Nil (2022: £1,087,408)
Pension Schemes |
Defined contribution pension scheme
The company operates defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £Nil (2022 -
£20,537).
Contributions totalling £Nil (2022 - £1,044) were payable to the schemes at the end of the year and are included in creditors.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
50,000 |
|
50,000 |
|
|
4,287 |
|
4,287 |
|
|
|
|
Contingent liabilites |
Company
The company is party to an unlimited cross guarantee with County Garage (Barnstaple) Limited and Squires Garages (Barnstaple) Limited in respect to the bank borrowings. The contingent liability as at 31 December 2023 is £308,333 (2022 - £408,333).
Parkside (Barnstaple) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
- |
|
Contributions paid to money purchase schemes |
- |
|
- |
92,518 |
Summary of transactions with other related parties
At the year end County Garage (Barnstaple) Limited owed Parkside (Barnstaple) Limited £54,287 (2021 - £515,018) in the form of a loan. The loan is not secured and is repayable on demand.
At the year end the company had a net trade creditor balance of £Nil (2022: £171,319) with County Garages (Barnstaple) Limited.
In addition to the above transactions a management charge of £Nil (2022: £201,600) was paid to County Garage (Barnstaple) Limited.
During the year, total dividends of £Nil (2022 - £180,000) was paid to the directors. The dividend of £1,681,073 was paid to County Garage (Barnstaple) Limited.
Squires Garages (Barnstaple) Limited, is a company which is related by virtue of common directorship and ownership. There were no transactions or balances with this company in 2023 or 2022.