0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 980,320 980,320 980,320 xbrli:pure xbrli:shares iso4217:GBP 05694018 2023-03-01 2024-02-29 05694018 2024-02-29 05694018 2023-02-28 05694018 2022-03-01 2023-02-28 05694018 2023-02-28 05694018 2022-02-28 05694018 bus:Director1 2023-03-01 2024-02-29 05694018 core:AfterOneYear 2024-02-29 05694018 core:AfterOneYear 2023-02-28 05694018 core:WithinOneYear 2024-02-29 05694018 core:WithinOneYear 2023-02-28 05694018 core:UKTax 2023-03-01 2024-02-29 05694018 core:UKTax 2022-03-01 2023-02-28 05694018 core:ShareCapital 2024-02-29 05694018 core:ShareCapital 2023-02-28 05694018 core:RetainedEarningsAccumulatedLosses 2024-02-29 05694018 core:RetainedEarningsAccumulatedLosses 2023-02-28 05694018 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 05694018 core:Non-currentFinancialInstruments 2024-02-29 05694018 core:Non-currentFinancialInstruments 2023-02-28 05694018 bus:SmallEntities 2023-03-01 2024-02-29 05694018 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05694018 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05694018 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05694018 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 05694018
PARK HILL PROPERTIES (SOUTHERN) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
PARK HILL PROPERTIES (SOUTHERN) LTD
FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
PARK HILL PROPERTIES (SOUTHERN) LTD
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
FIXED ASSETS
Investments
4
980,320
980,320
CURRENT ASSETS
Debtors
5
25,147
24,549
Cash at bank and in hand
31,224
15,766
----------
----------
56,371
40,315
CREDITORS: amounts falling due within one year
6
82,064
67,722
----------
----------
NET CURRENT LIABILITIES
25,693
27,407
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
954,627
952,913
CREDITORS: amounts falling due after more than one year
7
144,995
144,995
PROVISIONS
171,163
130,084
-----------
-----------
NET ASSETS
638,469
677,834
-----------
-----------
PARK HILL PROPERTIES (SOUTHERN) LTD
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
2024
2023
Note
£
£
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
638,467
677,832
-----------
-----------
SHAREHOLDERS FUNDS
638,469
677,834
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr M D Johnson
Director
Company registration number: 05694018
PARK HILL PROPERTIES (SOUTHERN) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.
2. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. TAX ON PROFIT/(LOSS)
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax expense
402
1,866
Deferred tax:
Origination and reversal of timing differences
41,079
( 39,599)
----------
----------
Tax on profit/(loss)
41,481
( 37,733)
----------
----------
4. INVESTMENTS
Investment properties
£
Cost
At 1 March 2023 and 29 February 2024
980,320
-----------
Impairment
At 1 March 2023 and 29 February 2024
-----------
Carrying amount
At 29 February 2024
980,320
-----------
At 28 February 2023
980,320
-----------
5. DEBTORS
2024
2023
£
£
Other debtors
25,147
24,549
----------
----------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
6
17
Corporation tax
402
1,866
Other creditors
81,656
65,839
----------
----------
82,064
67,722
----------
----------
7. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
144,995
144,995
-----------
-----------
Included within creditors: amounts falling due after more than one year is an amount of £144,995 (2023: £144,995) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
.
8. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
171,163
130,084
-----------
-----------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
At 29 February 2024 the director owed Park Hill Properties (Southern) Ltd £23,731 (2023: £23,731). There are no terms attached to the loan provided to the director and it has been provided by the company interest free.