Silverfin false false 31/12/2023 01/01/2023 31/12/2023 W L Ideson 16/10/2015 S A Morse 20/03/2023 24 September 2024 The principal activity of the company during the financial year was car park management services. 09730299 2023-12-31 09730299 bus:Director1 2023-12-31 09730299 bus:Director2 2023-12-31 09730299 2022-12-31 09730299 core:CurrentFinancialInstruments 2023-12-31 09730299 core:CurrentFinancialInstruments 2022-12-31 09730299 core:Non-currentFinancialInstruments 2023-12-31 09730299 core:Non-currentFinancialInstruments 2022-12-31 09730299 core:ShareCapital 2023-12-31 09730299 core:ShareCapital 2022-12-31 09730299 core:RetainedEarningsAccumulatedLosses 2023-12-31 09730299 core:RetainedEarningsAccumulatedLosses 2022-12-31 09730299 core:LeaseholdImprovements 2022-12-31 09730299 core:PlantMachinery 2022-12-31 09730299 core:Vehicles 2022-12-31 09730299 core:OfficeEquipment 2022-12-31 09730299 core:LeaseholdImprovements 2023-12-31 09730299 core:PlantMachinery 2023-12-31 09730299 core:Vehicles 2023-12-31 09730299 core:OfficeEquipment 2023-12-31 09730299 bus:OrdinaryShareClass1 2023-12-31 09730299 2023-01-01 2023-12-31 09730299 bus:FilletedAccounts 2023-01-01 2023-12-31 09730299 bus:SmallEntities 2023-01-01 2023-12-31 09730299 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09730299 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09730299 bus:Director1 2023-01-01 2023-12-31 09730299 bus:Director2 2023-01-01 2023-12-31 09730299 core:PlantMachinery 2023-01-01 2023-12-31 09730299 core:Vehicles 2023-01-01 2023-12-31 09730299 core:OfficeEquipment 2023-01-01 2023-12-31 09730299 2022-01-01 2022-12-31 09730299 core:LeaseholdImprovements 2023-01-01 2023-12-31 09730299 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 09730299 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 09730299 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09730299 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09730299 (England and Wales)

I PARK SMART LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

I PARK SMART LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

I PARK SMART LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
I PARK SMART LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS W L Ideson
S A Morse (Appointed 20 March 2023)
SECRETARIES Michelmores Secretaries Limited
R M Medalle
REGISTERED OFFICE Woodwater House
Pynes Hill
Exeter
EX2 5WR
United Kingdom
BUSINESS ADDRESS Cromwell Road
Penrith
Cumbria
CA11 7JW
COMPANY NUMBER 09730299 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
I PARK SMART LIMITED

BALANCE SHEET

As at 31 December 2023
I PARK SMART LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 106,387 152,121
106,387 152,121
Current assets
Debtors 4 131,988 157,141
Cash at bank and in hand 9,905 127,426
141,893 284,567
Creditors: amounts falling due within one year 5 ( 185,991) ( 269,779)
Net current (liabilities)/assets (44,098) 14,788
Total assets less current liabilities 62,289 166,909
Creditors: amounts falling due after more than one year 6 ( 12,460) ( 51,605)
Provision for liabilities ( 21,300) ( 31,700)
Net assets 28,529 83,604
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 28,527 83,602
Total shareholder's funds 28,529 83,604

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of I Park Smart Limited (registered number: 09730299) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

W L Ideson
Director
I PARK SMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
I PARK SMART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

I Park Smart Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Woodwater House, Pynes Hill, Exeter, EX2 5WR, United Kingdom. The principal place of business is Cromwell Road, Penrith, Cumbria, CA11 7JW.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised on the accrual model and are measured at the fair value of the asset received or receivable. Grant income is recognised as other income over the period in which the costs are recognised.

During the year the company received Business Support Grants of £5,659 (2022: £36,092) from local authorities.

During the year the government paid interest of £Nil (2022: £770) on behalf of the company, under the terms of the Coronavirus Business Interruption Loan Scheme. The CBILS loan is covered by the Government guarantee.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 3

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 9,946 169,556 65,794 11,629 256,925
Additions 0 3,234 0 0 3,234
Disposals 0 0 ( 42,100) 0 ( 42,100)
At 31 December 2023 9,946 172,790 23,694 11,629 218,059
Accumulated depreciation
At 01 January 2023 4,625 65,587 28,465 6,127 104,804
Charge for the financial year 1,839 21,117 4,876 1,101 28,933
Disposals 0 0 ( 22,065) 0 ( 22,065)
At 31 December 2023 6,464 86,704 11,276 7,228 111,672
Net book value
At 31 December 2023 3,482 86,086 12,418 4,401 106,387
At 31 December 2022 5,321 103,969 37,329 5,502 152,121

4. Debtors

2023 2022
£ £
Trade debtors 65,995 64,089
Other debtors 65,993 93,052
131,988 157,141

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 30,556 73,334
Trade creditors 69,235 100,380
Corporation tax 41,533 18,800
Other taxation and social security 24,900 48,473
Obligations under finance leases and hire purchase contracts (secured) 2,753 12,759
Other creditors 17,014 16,033
185,991 269,779

The obligations under finance leases and hire purchase contracts of £2,753 (2022: £12,759) are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 30,555
Obligations under finance leases and hire purchase contracts (secured) 12,460 21,050
12,460 51,605

The obligations under finance leases and hire purchase contracts of £12,460 (2022: £21,050) are secured over the assets to which they relate.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £736,458 (2022: £691,658)

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
B/fwd 44,265 0
Advances 116,147 144,265
Repayments (155,000) (100,000)
C/fwd 5,412 44,265

Other related party transactions

2023 2022
£ £
I-Park Services Limited (2,578) (2,115)

The loan is interest free and repayable on demand.