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Registered number: 12303920
PRKG Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12303920
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,470 2,259
2,470 2,259
CURRENT ASSETS
Debtors 5 111,308 135,684
Cash at bank and in hand 5,777 9,629
117,085 145,313
Creditors: Amounts Falling Due Within One Year 6 (96,911 ) (67,034 )
NET CURRENT ASSETS (LIABILITIES) 20,174 78,279
TOTAL ASSETS LESS CURRENT LIABILITIES 22,644 80,538
PROVISIONS FOR LIABILITIES
Deferred Taxation (469 ) (429 )
NET ASSETS 22,175 80,109
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 22,075 80,009
SHAREHOLDERS' FUNDS 22,175 80,109
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For the year ending 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Olu Alatan
Director
30/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
PRKG Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12303920 . The registered office is 1 Boundaries Road, London, SW12 8ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% WDV
Computer Equipment 15% WDV
2.4. 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 statement of comprehensive income 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 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.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 11)
14 11
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 1,000 2,550 3,550
Additions - 648 648
As at 30 November 2023 1,000 3,198 4,198
Depreciation
As at 1 December 2022 386 905 1,291
Provided during the period 92 345 437
As at 30 November 2023 478 1,250 1,728
Net Book Value
As at 30 November 2023 522 1,948 2,470
As at 1 December 2022 614 1,645 2,259
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 36,050 81,034
VAT 1,225 861
Directors' loan accounts 74,033 53,789
111,308 135,684
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 15,336 5,672
Corporation tax 62,288 46,780
Other taxes and social security 19,287 14,582
96,911 67,034
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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8. Related Party Transactions
Included in the Other Debtors is an amount owed from the company directors totalling £74,033 (2022 - £53,789), no interest is to be charged.
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