Company Registration No. 09740577 (England and Wales)
PARK DRIVE (CANARY WHARF) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PARK DRIVE (CANARY WHARF) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PARK DRIVE (CANARY WHARF) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,495,727
3,495,727
Current assets
Debtors
4
13,713
11,012
Cash at bank and in hand
13,711
40,589
27,424
51,601
Creditors: amounts falling due within one year
5
(1,514,896)
(1,459,524)
Net current liabilities
(1,487,472)
(1,407,923)
Total assets less current liabilities
2,008,255
2,087,804
Creditors: amounts falling due after more than one year
6
(2,136,904)
(2,133,665)
Net liabilities
(128,649)
(45,861)
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
(128,849)
(46,061)
Total equity
(128,649)
(45,861)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
G Landesberg
Director
Company Registration No. 09740577
PARK DRIVE (CANARY WHARF) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Park Drive (Canary Wharf) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the continued support of the directors and shareholders. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises of rental income and other recoveries from tenants of the company's investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

PARK DRIVE (CANARY WHARF) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

There were no employees during the current or previous year.

3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
3,495,727

In the opinion of the director, the market value of the property at 31 December 2023 is represented by the net book value above.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
3,495,727
3,495,727
Accumulated depreciation
-
-
Carrying amount
3,495,727
3,495,727
PARK DRIVE (CANARY WHARF) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Unpaid share capital
200
200
Other debtors
3,420
4,193
Prepayments
10,093
6,619
13,713
11,012
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,453,312
1,411,312
Accruals and deferred income
61,584
48,212
1,514,896
1,459,524
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
2,136,904
2,133,665

The bank loan is secured by a mortgage deed over the investment properties.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each of £1 each
100
100
100
100
Ordinary non-voting shares of £1 each
100
100
100
100
200
200
200
200
8
Related party transactions

At the year end, the company owed £567,469 (2022: £565,469) to a company under common control.

 

At the year end, the company owed £885,843 (2022: £845,843) to a company controlled by a trust of which a director is a trustee and the other directors are beneficiaries.

 

At the year end, the company was owed £3,330 (2022: £3,330) by a company under common control.

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