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REGISTERED NUMBER: 09595339 (England and Wales)















THE PARKSIDE GROUP (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Income and Retained Earnings 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


THE PARKSIDE GROUP (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: P T Dziurzynski
Mr M D Hayward
Mr S J Jones



REGISTERED OFFICE: Unit 5
The Willow Centre
17 Willow Lane
Mitcham
Surrey
CR4 4NX



REGISTERED NUMBER: 09595339 (England and Wales)



SENIOR STATUTORY AUDITOR: Steven Davies FCA



AUDITORS: Sinclairs Bartrum Lerner
Statutory Auditor
Second Floor
34 Lime Street
London
EC3M 7AT

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31st December 2023.

REVIEW OF BUSINESS
The Holding company continues to support the long term growth plans of The Parkside Group Limited. It will enable further investment within the group whilst maintaining the clear target to reduce debt levels following the successful MBO.


The key financial performance indicators are as follows:

2023 2022 2021 2020
Turnover ('000's) £17,866 £18,174 £16,042 £15,227
Gross profit margin 35.80% 36.18% 39.15% 36.17%
Net profit/(loss) before tax ('000's) (£662 ) (£603 ) £187 £273
Liquidity ratio (current assets:current liabilities) 1.34:1 1.42:1 1.44:1 1.48:1
Stock turnover (days) 188 206 211 205
Gearing ratio 1.69:1 1.63:1 1.26:1 1.16:1

PRINCIPAL RISKS AND UNCERTAINTIES
The board of directors evaluate the risks and uncertainties faced by the group. The principal risks faced by the group are:

Price risk, which largely arises from the fluctuation in commodity prices and foreign exchange rates. The group's products are chiefly comprised of aluminium, the price of which is subject to some volatility. Many supplies sourced from abroad are denominated in foreign currencies which are subject to fluctuation against the pound. The directors closely monitor the markets and use forward contracts where necessary to mitigate the risk of adverse price movement.

Credit risk, which is the risk that a customer may not fully discharge its debt. Customers' credit accounts are operated within predetermined parameters. The group has effective systems to closely monitor its relationship with its customers to minimise its exposure to credit risk.

Liquidity risk, which is the risk that the group may be unable to meet its liabilities as they fall due. The group generates sufficient cash from operations to enable it to comfortably satisfy its suppliers' terms of business.

The effect of the UK leaving the European Union. The impact of this decision continues to impact the industry through staffing issues and supplier lead times.

FUTURE DEVELOPMENTS
Sales development and new product development will continue to be the key strategic focus for the group going forward. The group will continue to invest in the training and personal development of its key staff in order to provide a robust organisation which is well positioned to deal with the challenges and anticipated demands of our markets.

ON BEHALF OF THE BOARD:





P T Dziurzynski - Director


12th September 2024

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activities of the group in the year under review continued to be those of suppliers of aluminium and composite fenestration and door systems hardware.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

P T Dziurzynski
Mr M D Hayward
Mr S J Jones

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Sinclairs Bartrum Lerner, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P T Dziurzynski - Director


12th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)


Opinion
We have audited the financial statements of The Parkside Group (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and discussions with management and directors we identified financial reporting standards and Companies Act 2006, as applied to Companies, as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;
- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- enquiry of management, about litigation and claims and inspection of relevant correspondence;
- analytical procedures to identify any unusual or unexpected relationships;
- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, recoverability of trade debtors and revenue recognition;
- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Davies FCA (Senior Statutory Auditor)
for and on behalf of Sinclairs Bartrum Lerner
Statutory Auditor
Second Floor
34 Lime Street
London
EC3M 7AT

12th September 2024

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 17,866,795 18,174,990

Cost of sales 11,470,361 11,599,156
GROSS PROFIT 6,396,434 6,575,834

Distribution costs 1,771,951 2,028,707
Administrative expenses 5,274,736 5,133,621
7,046,687 7,162,328
OPERATING LOSS 5 (650,253 ) (586,494 )

Interest receivable and similar income 189 -
(650,064 ) (586,494 )

Interest payable and similar expenses 6 12,460 16,667
LOSS BEFORE TAXATION (662,524 ) (603,161 )

Tax on loss 7 (55,825 ) (150,694 )
LOSS FOR THE FINANCIAL YEAR (606,699 ) (452,467 )

Retained earnings at beginning of year 3,057,679 3,510,146

RETAINED EARNINGS FOR THE GROUP AT END
OF YEAR

2,450,980

3,057,679

Loss attributable to:
Owners of the parent (606,699 ) (452,467 )

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 296,508 494,176
Tangible assets 10 174,057 237,872
Investments 11 134,895 134,895
605,460 866,943

CURRENT ASSETS
Stocks 12 5,887,461 6,532,752
Debtors 13 3,092,683 3,759,226
Cash at bank 98,235 75,282
9,078,379 10,367,260
CREDITORS
Amounts falling due within one year 14 6,732,659 7,676,324
NET CURRENT ASSETS 2,345,720 2,690,936
TOTAL ASSETS LESS CURRENT LIABILITIES 2,951,180 3,557,879

CREDITORS
Amounts falling due after more than one year 15 500,000 500,000
NET ASSETS 2,451,180 3,057,879

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 2,450,980 3,057,679
SHAREHOLDERS' FUNDS 2,451,180 3,057,879

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2024 and were signed on its behalf by:





P T Dziurzynski - Director


THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

COMPANY BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 5,692,368 7,070,847
5,692,368 7,070,847

CURRENT ASSETS
Debtors 13 2,469 55,741

CREDITORS
Amounts falling due within one year 14 469,753 505,531
NET CURRENT LIABILITIES (467,284 ) (449,790 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,225,084 6,621,057

CREDITORS
Amounts falling due after more than one year 15 500,000 500,000
NET ASSETS 4,725,084 6,121,057

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 4,724,884 6,120,857
SHAREHOLDERS' FUNDS 4,725,084 6,121,057

Company's loss for the financial year (1,395,973 ) (3,084,682 )

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2024 and were signed on its behalf by:





P T Dziurzynski - Director


THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 880,454 (451,867 )
Net cash from operating activities 880,454 (451,867 )

Cash flows from investing activities
Purchase of tangible fixed assets - (2,650 )
Sale of tangible fixed assets 400 2,750
Interest received 189 -
Net cash from investing activities 589 100

Cash flows from financing activities
Loan repayments in year (450,000 ) -
Increase/(decrease) in financing (387,630 ) 617,078
Loan interest paid (20,460 ) (14,153 )
Net cash from financing activities (858,090 ) 602,925

Increase in cash and cash equivalents 22,953 151,158
Cash and cash equivalents at beginning of year 2 75,282 (75,876 )

Cash and cash equivalents at end of year 2 98,235 75,282

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Loss before taxation (662,524 ) (603,161 )
Depreciation charges 261,067 271,633
Loss on disposal of fixed assets 16 2,494
Finance costs 12,460 16,667
Finance income (189 ) -
(389,170 ) (312,367 )
Decrease/(increase) in stocks 645,291 (893,459 )
Decrease in trade and other debtors 699,893 156,503
(Decrease)/increase in trade and other creditors (75,560 ) 597,456
Cash generated from operations 880,454 (451,867 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 98,235 75,282
Year ended 31st December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 75,282 -
Bank overdrafts - (75,876 )
75,282 (75,876 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 75,282 22,953 98,235
75,282 22,953 98,235
Debt
Debts falling due within 1 year (4,494,465 ) 837,630 (3,656,835 )
Debts falling due after 1 year (500,000 ) - (500,000 )
(4,994,465 ) 837,630 (4,156,835 )
Total (4,919,183 ) 860,583 (4,058,600 )

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


1. STATUTORY INFORMATION

The Parkside Group (Holdings) 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The Group financial statements incorporate the results of The Parkside Group (Holdings) Limited and all its subsidiaries. The accounting policies of subsidiaries are consistent with the policies adopted by the Group for the purposes of the Group's consolidation.

The results of the subsidiary undertakings are included in the consolidated profit and loss account from the date the respective interests were acquired. The Parkside Group (Holdings) Limited has taken advantage of the statutory exemption from presenting its own profit and loss account.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.

(a) Useful economic lives of assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

(b) Stock provision
The group supplies aluminium and composite fenestration and door systems and door hardware and is subject to changing customer demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock held.

(c) Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

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

Revenue recognition
Revenue is recognised when the risks and rewards of ownership have substantively transferred to the customer, regardless of whether legal title has transferred. This condition is normally met when the goods have been delivered or upon the performance of services.

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


2. ACCOUNTING POLICIES - continued

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised
evenly over its useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the duration of the lease
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% reducing balance & 25% straight line
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost.

Investments in subsidiaries
Investments held as fixed assets are stated at cost less impairment. Those held as current assets are stated at the lower of cost and net realisable value.

Dividends are brought to account in the profit and loss account when received.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are measured on the FIFO (first in first out) basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade 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.

Derivative financial instruments
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under appropriate format heading depending on the nature of the derivative.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,003,529 3,093,054
Social security costs 332,478 354,057
Other pension costs 108,258 107,751
3,444,265 3,554,862

The average number of employees during the year was as follows:
2023 2022

Warehouse and delivery 19 17
Selling and administration 43 54
62 71

2023 2022
£    £   
Directors' remuneration 653,516 627,488
Directors' pension contributions to money purchase schemes 31,181 30,493

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 229,685 223,340
Pension contributions to money purchase schemes 10,000 10,000

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


5. OPERATING LOSS

2021 2020
£ £
Depreciation - owned assets 87,189 55,585
Goodwill amortisation 197,668 197,668
Auditors' remuneration 31,500 20,000
Foreign exchange differences 676 22,703
Operating leases - properties 654,013 652,001

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest payable 12,421 16,667
Other interest payable 39 -
12,460 16,667

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (119,562 ) -

Deferred tax 63,737 (150,694 )
Tax on loss (55,825 ) (150,694 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (662,524 ) (603,161 )
Loss multiplied by the standard rate of corporation tax in the UK of 23.500 %
(2022 - 19 %)

(155,693

)

(114,601

)

Effects of:
Expenses not deductible for tax purposes 4,346 3,361
Depreciation in excess of capital allowances 12,969 11,954

Enhanced R&D allowance - (57,209 )
Deferred tax 63,737 (150,694 )
Goodwill disallowed 46,452 37,557
Losses carried forward 47,249 118,938

Loss relief claimed (44 ) -
R&D costs surrendered in excess of tax credit receivable 2,403 -
R&D tax credit re prior period (77,244 ) -
Total tax credit (55,825 ) (150,694 )

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 1,976,686
AMORTISATION
At 1st January 2023 1,482,510
Amortisation for year 197,668
At 31st December 2023 1,680,178
NET BOOK VALUE
At 31st December 2023 296,508
At 31st December 2022 494,176

10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st January 2023 720,511 1,034,571 1,436,614 21,000 3,212,696
Disposals - - - (21,000 ) (21,000 )
At 31st December 2023 720,511 1,034,571 1,436,614 - 3,191,696
DEPRECIATION
At 1st January 2023 720,100 868,118 1,366,105 20,501 2,974,824
Charge for year 411 33,291 29,614 83 63,399
Eliminated on disposal - - - (20,584 ) (20,584 )
At 31st December 2023 720,511 901,409 1,395,719 - 3,017,639
NET BOOK VALUE
At 31st December 2023 - 133,162 40,895 - 174,057
At 31st December 2022 411 166,453 70,509 499 237,872

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 134,895
NET BOOK VALUE
At 31st December 2023 134,895
At 31st December 2022 134,895
Company
Shares in
group
undertakings
£   
COST
At 1st January 2023 7,070,847
Impairments (1,378,479 )
At 31st December 2023 5,692,368
NET BOOK VALUE
At 31st December 2023 5,692,368
At 31st December 2022 7,070,847

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

The Parkside Group Limited
Registered office: Unit 5, Willow Lane, Mitcham, Surrey, CR4 4NX.
Nature of business: Suppliers of aluminium window and door systems
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,987,062 3,378,599
Loss for the year (447,362 ) (383,726 )


Impairment of the Subsidiary Company

The directors have assessed various factors in determining whether the company's investment in its subsidiary may be impaired. They consider that the depressed global markets and adverse economic forecasts are likely to suppress revenues in the immediate forthcoming years. The effect of these circumstances is to reduce the estimated present value of the company.

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


12. STOCKS

Group
2023 2022
£    £   
Raw materials 5,887,461 6,532,752

13. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,577,095 3,307,423 - -
Amounts owed by group undertakings - - - 55,741
Other debtors 2,378 - 2,378 -
Tax 94,618 - - -
Taxation 91 - 91 -
Prepayments and accrued income 360,158 329,723 - -
3,034,340 3,637,146 2,469 55,741

Amounts falling due after more than one year:
Deferred tax asset 58,343 122,080 - -

Aggregate amounts 3,092,683 3,759,226 2,469 55,741

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 58,343 122,080 - -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Debentures (see note 16) 50,000 500,000 50,000 500,000
Bank loans and overdrafts (see note 16) 3,606,835 3,994,465 - -
Trade creditors 2,605,653 2,544,018 - -
Amounts owed to group undertakings - - 419,753 -
Tax - 24,944 - -
PAYE and NIC taxes 88,015 88,752 - -
Tax on loan interest - 1,509 - 1,509
VAT 120,752 254,147 - -
Other creditors 105,132 110,212 - 4,022
Accruals and deferred income 156,272 158,277 - -
6,732,659 7,676,324 469,753 505,531

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Preference shares (see note 16) 500,000 500,000 500,000 500,000

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Debentures 50,000 500,000 50,000 500,000
Asset based lending facility 3,606,835 3,994,465 - -
3,656,835 4,494,465 50,000 500,000
Amounts falling due between two and five years:
Preference shares 500,000 500,000 500,000 500,000

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500,000 Non-voting redeemable
preference shares £1 500,000 500,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,163,251 755,482
Between one and five years 3,432,249 927,652
In more than five years 1,486,951 -
6,082,451 1,683,134

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 3,606,835 3,994,465

The asset based lending facility is secured by a fixed and floating charge over all current and future assets of the group.

THE PARKSIDE GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 09595339)

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


19. DEFERRED TAX

Group
£   
Balance at 1st January 2023 (122,080 )
Accelerated capital allowances
Unrelieved losses 63,737
Balance at 31st December 2023 (58,343 )

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150 Ordinary "A" shares £1 150 150
50 Ordinary "B" shares £1 50 50
200 200

21. RESERVES

Group
Retained
earnings
£   

At 1st January 2023 3,057,679
Deficit for the year (606,699 )
At 31st December 2023 2,450,980

Company
Retained
earnings
£   

At 1st January 2023 6,120,857
Deficit for the year (1,395,973 )
At 31st December 2023 4,724,884


22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

23. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr P T Dziurzynski, who owns the majority of the ordinary share capital.