Company No:
Contents
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 |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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106,387 | 152,121 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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141,893 | 284,567 | |||
Creditors: amounts falling due within one year | 5 | (
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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 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of I Park Smart Limited (registered number:
W L Ideson
Director |
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.
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 £.
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.
Leasehold improvements | depreciated over the life of the lease |
Plant and machinery |
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Vehicles |
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Office equipment |
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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 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 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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 January 2023 |
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Additions |
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Disposals |
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At 31 December 2023 |
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Accumulated depreciation | |||||||||
At 01 January 2023 |
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Charge for the financial year |
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Disposals |
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At 31 December 2023 |
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Net book value | |||||||||
At 31 December 2023 |
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At 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts (secured) |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
The total amount of financial commitments not included in the balance sheet is £736,458 (2022: £691,658)
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.