Parkside Warehousing & Transport Company Limited Filleted Accounts Cover
Parkside Warehousing & Transport Company Limited
Company No. 00977967
Information for Filing with The Registrar
30 November 2023
Parkside Warehousing & Transport Company Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 30 November 2023.
Principal activities
The principal activity of the company during the year under review was shipping agents, warehousing, haulage and property rental.
Directors
The Directors who served at any time during the year were as follows:
E.M. Felgate
R.J.A. Holloway
(Resigned 27 April 2024)
S.J. Jay
C.L. Palfrey
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
C.L. Palfrey
Director
25 June 2024
Parkside Warehousing & Transport Company Limited Balance Sheet Registrar
at
30 November 2023
Company No.
00977967
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
2,304,2592,455,202
Investment property
5
2,710,0002,685,000
5,014,2595,140,202
Current assets
Stocks
6
45,29964,516
Debtors
7
524,407556,742
Cash at bank and in hand
810,853865,966
1,380,5591,487,224
Creditors: Amount falling due within one year
8
(619,388)
(645,410)
Net current assets
761,171841,814
Total assets less current liabilities
5,775,4305,982,016
Creditors: Amounts falling due after more than one year
9
(61,609)
(127,862)
Provisions for liabilities
Deferred taxation
(70,125)
(116,981)
Net assets
5,643,6965,737,173
Capital and reserves
Called up share capital
29,72929,729
Share premium account
11
917917
Revaluation reserve
11
1,007,3431,101,341
Capital redemption reserve
11
29,91929,919
Profit and loss account
11
4,575,7884,575,267
Total equity
5,643,6965,737,173
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 25 June 2024 and signed on its behalf by:
C.L. Palfrey
Director
25 June 2024
Parkside Warehousing & Transport Company Limited Notes to the Accounts Registrar
for the year ended 30 November 2023
1
General information
Parkside Warehousing & Transport Company Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 00977967
Its registered office is:
Parkside House
Ground Floor Offices
Tomo Industrial Es
Stowmarket
IP14 5AY
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Shipping and haulage revenues are recognised at the pint when the provision of goods and services has been completed.

Other Operating Income

Other operating income comprises rental revenue from the leasing of commercial property. All rental income is recognised on an accrual basis.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Freehold buildings
2% Straight line
Plant and machinery
20 - 25% Straight line
Motor vehicles
25% Straight line
Furniture, fittings and equipment
20% Straight line
Individual freehold properties are carried at fair value determined annually by external valuers less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the year end date.

Fair values are determined from market based evidence and undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in within Other Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits. In which case, the excess losses are recognised in the Statement of Comprehensive Income.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolescence and slow moving stocks. Costs include all direct costs.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
2521
4
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost or revaluation
At 1 December 2022
2,365,697429,45335,750150,6642,981,564
Additions
-2,453-6,9729,425
Revaluation
(135,698)
---
(135,698)
At 30 November 2023
2,229,999431,90635,750157,6362,855,291
Depreciation
At 1 December 2022
5,697381,65130,406108,608526,362
Charge for the year
41,70011,0811,68811,90166,370
Revaluation
(41,700)
---
(41,700)
At 30 November 2023
5,697392,73232,094120,509551,032
Net book values
At 30 November 2023
2,224,30239,1743,65637,1272,304,259
At 30 November 2022
2,360,000
47,802
5,344
42,056
2,455,202
Freehold land and buildings
2023
2022
£
£
Historical cost
1,614,668
1,635,359
Cumulative depreciation based upon historical cost
(450,487)
(408,787)
1,164,181
1,226,572
All revaluations were carried out by Clarke & Simpson Chartered Surveyors, during February 2024, to establish valuations for all property at 30 November 2023. Individual properties are revalued with reference to fair value using market based evidence. There is an inevitable degree of judgement involved in that each property is unique and value can ultimately be reliably tested in the market itself.

Revaluation gains and losses are recognised through the revaluation reserve, and reported as other comprehensive income. If losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, the excess losses are recognised in the Statement of Comprehensive Income.
5
Investment property
Freehold Investment Property
£
Valuation
At 1 December 2022
2,685,000
Revaluation
25,000
At 30 November 2023
2,710,000
During February 2024, Clarke & Simpson Chartered Surveyors, independently valued the company's property as at 30 November 2023.

Investment properties are valued using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can ultimately be reliably tested in the market itself.

No depreciation is provided in respect of investment properties.

Any surplus on revaluation is recognised in the profit and loss account during the year, with a corresponding gain or loss being recognised in deferred tax.
6
Stocks
2023
2022
£
£
Finished goods
45,29964,516
45,29964,516
7
Debtors
2023
2022
£
£
Trade debtors
440,467501,988
Other debtors
2,888-
Prepayments and accrued income
81,05254,754
524,407556,742
8
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
58,65985,145
Obligations under finance lease and hire purchase contracts
7,5938,347
Trade creditors
392,546379,844
Taxes and social security
56,399
130,402
Loans from directors
47,334-
Other creditors
29,46841,672
Accruals and deferred income
27,389-
619,388645,410
Bank loans falling due within one year of £58,659 (2022 - £85,145) are secured against land and buildings by way of fixed and floating charge.
9
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,12562,068
Obligations under finance lease and hire purchase contracts
-7,310
Other creditors
58,48458,484
61,609127,862
Liabilities repayable in more than five years after the balance sheet date
Amount repayable otherwise than by instalments
58,484
58,484
58,48458,484
The company has 58,484 of 6.5% cumulative preference shares of £1 each. The company has the right to redeem at par all, or any of the preference shares and each shareholder of the preference shares has the right to call on the company to redeem at par all, or any of the preference shares together with all arears or accruals of the preferential dividend upon three months prior notice.
Other creditors due after one year of £58,484 (2022 - £58,484) consists of 6.5% cumulative preference shares of £1 each.
10
Share Capital
Shares classified as equity:

Allotted, called up & fully paid
12,060 (2022 - 12,060) A Ordinary Shares of £1 each
2,655 (2022 - 2,655) B Ordinary Shares of £1 each
1,089 (2022 - 1,089) C Ordinary Shares of £1 each
2,385 (2022 - 2,385) D Ordinary Shares of £1 each
9,540 (2022 - 9,540) E Ordinary Shares of £1 each
2,000 (2022 - 2,000) S Ordinary Shares of £1 each

TOTAL £29,729 of Ordinary Share capital

Shares classified as debt:
Allotted, called up and partly paid
58,484 (2022 - 58,484) 6.5% cumulative Preference shares of £1 each

The rights attached to the "A", "B", "C", "D", "E" and "S" shares are the right to vote at meetings of the company, the right to participate in profits of the company, the right to repayment of paid up capital and any residue in a winding-up or other capital repayment.

The rights attached to the 6.5% cumulative £1 preference shares are the right to a fixed dividend of 6.5% per annum and the right to repayment of paid up capital, in preference to the ordinary "A", "B", "C", "D", "C", "E", and "S" shares, in a winding-up or other capital repayment.

The company has the right to redeem at par all or any of the preference shares and each shareholder of the preference shares has the right to call on the company to redeem on the company to redeem at par all or any of the preference shares together with all arrears or accruals of the preferential dividend upon three months prior notice.
11
Reserves
Revaluation Reserve
Capital redemption reserve
Total other reserves
£
£
£
At 1 December 2021
976,279
29,418
1,005,697
Movement on revaluation reserve
125,062
125,062
Transfers
501
501
At 30 November 2022 and 1 December 2022
1,101,341
29,919
1,131,260
Movement on revaluation reserve
(93,998)
(93,998)
At 30 November 2023
1,007,34329,9191,037,262
Revaluation reserve - reflects the revaluation of property other than investment properties.
Capital redemption reserve - records the nominal value of shares repurchased by the company.
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
12
Contingent Assets/Liabilities
The bank have given a guarantee on behalf of the company to the value of £96,000 (2022 - £96,000) to HM Revenue and Customs.
13
Guarantees and commitments
2023
2022
£
£
Total of guarantees and commitments
453,766658,097
At 30 November 2023 the company had future minimum lease payments under non-cancellable operating leases.
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