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REGISTERED NUMBER: 02673157 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PARC PROPERTIES LIMITED

PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARC PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P G Plunkett
D Plunkett





REGISTERED OFFICE: 1 Parc Studios
King Street
Bishop'S Stortford
CM23 2NB





REGISTERED NUMBER: 02673157 (England and Wales)





ACCOUNTANTS: Barker Wilkinson Limited
19-21 Middle Row
Stevenage
Hertfordshire
SG1 3AW

PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 879 1,259
Investment property 5 3,100,000 3,060,000
3,100,879 3,061,259

CURRENT ASSETS
Debtors 6 5,425 5,927
Cash at bank 24,189 42,060
29,614 47,987
CREDITORS
Amounts falling due within one year 7 321,460 401,937
NET CURRENT LIABILITIES (291,846 ) (353,950 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,809,033

2,707,309

PROVISIONS FOR LIABILITIES 186,155 177,662
NET ASSETS 2,622,878 2,529,647

CAPITAL AND RESERVES
Called up share capital 5 5
Fair value reserve 8 816,541 780,334
Retained earnings 8 1,806,332 1,749,308
SHAREHOLDERS' FUNDS 2,622,878 2,529,647

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2024 and were signed on its behalf by:





D Plunkett - Director


PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Parc Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Further, the directors continue to support the company by way of director funding and have not indicated that such support will be withdrawn in the foreseeable future. Therefore the financial statements for the year ended 31st December 2023 have been prepared using the going concern basis of accounting.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% reducing balance
Office equipment - 33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Investment property
The company's properties are held for investment purposes. Investment properties are shown at their most recent fair values. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on such gains at the tax rate expected to apply when properties are sold.

Under FRS 102 valuations as above are made under the fair value provisions of the Companies Act 2006 (CA 2006) and consequently the non-depreciation of investment properties is not a departure from the provisions of CA 2006.

The directors determine fair value on an open market for existing use basis.

Rents receivable from investment properties are credited to profit and loss account on a receivable basis.

Investment properties are first recognised in the financial statements once an irrevocable purchase contract has been entered into. A sale of an investment property is recorded once an irrevocable sales contract has been entered into, provided that the sale has been completed by the date the financial statements are approved by the Board.

Investment properties are treated as fixed asset investments until the date of sale.


PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 42,336
DEPRECIATION
At 1 January 2023 41,077
Charge for year 380
At 31 December 2023 41,457
NET BOOK VALUE
At 31 December 2023 879
At 31 December 2022 1,259

PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 3,060,000
Disposals (4,700 )
Revaluations 44,700
At 31 December 2023 3,100,000
NET BOOK VALUE
At 31 December 2023 3,100,000
At 31 December 2022 3,060,000

The 2023 valuations were made by a director, Mr P Plunkett, a Chartered Surveyor, on an open market value for existing use basis.

On an historical cost basis these would have been included at £1,647,304 (2022 - £1,652,004).

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 1,002,696
Cost 2,097,304
3,100,000

The 2023 valuations were made by a director, Mr P Plunkett, a Chartered Surveyor, on an open market value for existing use basis.

On an historical cost basis these would have been included at £2,097,304 (2022 - £2,102,004).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,425 5,927

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,562 999
Tax 13,944 12,794
Other creditors 9,707 9,189
Directors' current accounts 201,887 296,434
Accruals and deferred income 94,360 82,521
321,460 401,937

PARC PROPERTIES LIMITED (REGISTERED NUMBER: 02673157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 1,749,308 780,334 2,529,642
Profit for the year 97,524 97,524
Revaluation to fair value (50,000 ) 44,700 (5,300 )
Deferred tax on revaluation 9,500 (8,493 ) 1,007
At 31 December 2023 1,806,332 816,541 2,622,873