Parkside Warehousing & Transport Company Limited Filleted Accounts Cover |
Company No. 00977967 | |||||||||
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 | |||||||||
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 | |||||||||
Signed on behalf of the board | |||||||||
C.L. Palfrey | |||||||||
Director | |||||||||
25 June 2024 |
Parkside Warehousing & Transport Company Limited Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 4 | |||||||||
Investment property | 5 | |||||||||
Current assets | ||||||||||
Stocks | 6 | |||||||||
Debtors | 7 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 8 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Creditors: Amounts falling due after more than one year | 9 | ( | ( | |||||||
Provisions for liabilities | ||||||||||
Deferred taxation | ( | ( | ||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Share premium account | 11 | |||||||||
Revaluation reserve | 11 | |||||||||
Capital redemption reserve | 11 | |||||||||
Profit and loss account | 11 | |||||||||
Total equity | ||||||||||
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: | ||||||||||||||
2 | Accounting policies | |||||||||||||
Turnover | ||||||||||||||
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 | ||||||||||||||
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. | ||||||||||||||
Freehold buildings | ||||||||||||||
Plant and machinery | ||||||||||||||
Motor vehicles | ||||||||||||||
Furniture, fittings and equipment | ||||||||||||||
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 | ||||||||||||||
No depreciation is provided in respect of investment properties. | ||||||||||||||
Stocks | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other creditors | ||||||||||||||
Leased assets | ||||||||||||||
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 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 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: | ||||||||||||||
4 | Tangible fixed assets | |||||||||||||
Land and buildings | Plant and machinery | Motor vehicles | Fixtures, fittings and equipment | Total | ||||||||||
£ | £ | £ | £ | £ | ||||||||||
Cost or revaluation | ||||||||||||||
At 1 December 2022 | ||||||||||||||
Additions | ||||||||||||||
Revaluation | ( | ( | ||||||||||||
At 30 November 2023 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 December 2022 | ||||||||||||||
Charge for the year | ||||||||||||||
Revaluation | ( | ( | ||||||||||||
At 30 November 2023 | ||||||||||||||
Net book values | ||||||||||||||
At 30 November 2023 | ||||||||||||||
At 30 November 2022 | 2,360,000 | 47,802 | 5,344 | 42,056 | ||||||||||
Freehold land and buildings | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Historical cost | ||||||||||||||
Cumulative depreciation based upon historical cost | (450,487) | (408,787) | ||||||||||||
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 | ||||||||||||||
Revaluation | ||||||||||||||
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 | ||||||||||||||
7 | Debtors | |||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Trade debtors | ||||||||||||||
Other debtors | ||||||||||||||
Prepayments and accrued income | ||||||||||||||
8 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Bank loans and overdrafts | ||||||||||||||
Obligations under finance lease and hire purchase contracts | ||||||||||||||
Trade creditors | ||||||||||||||
Taxes and social security | ||||||||||||||
Loans from directors | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
9 | Creditors: | |||||||||||||
amounts falling due after more than one year | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Bank loans and overdrafts | ||||||||||||||
Obligations under finance lease and hire purchase contracts | ||||||||||||||
Other creditors | ||||||||||||||
Liabilities repayable in more than five years after the balance sheet date | ||||||||||||||
Amount repayable otherwise than by instalments | 58,484 | 58,484 | ||||||||||||
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 | ||||||||||||||
Movement on revaluation reserve | ||||||||||||||
Transfers | ||||||||||||||
At 30 November 2022 and 1 December 2022 | ||||||||||||||
Movement on revaluation reserve | ( | ( | ||||||||||||
At 30 November 2023 | ||||||||||||||
12 | Contingent Assets/Liabilities | |||||||||||||
13 | Guarantees and commitments | |||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Total of guarantees and commitments | ||||||||||||||