Company Registration No. 08422637 (England and Wales)
PARKVIEW PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PARKVIEW PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PARKVIEW PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
7,985,000
8,635,000
Current assets
Debtors
4
841,758
71,424
Cash at bank and in hand
87,437
873,495
929,195
944,919
Creditors: amounts falling due within one year
5
(3,055,077)
(3,050,554)
Net current liabilities
(2,125,882)
(2,105,635)
Total assets less current liabilities
5,859,118
6,529,365
Creditors: amounts falling due after more than one year
6
(1,553,250)
(1,717,125)
Provisions for liabilities
(717,864)
(883,158)
Net assets
3,588,004
3,929,082
Capital and reserves
Called up share capital
8
100
100
Investment property reserve
2,359,305
2,855,188
Profit and loss reserves
1,228,599
1,073,794
Total equity
3,588,004
3,929,082

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 March 2024 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.

PARKVIEW PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Sunil Badiani
Director
Company Registration No. 08422637
PARKVIEW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Parkview Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 78 High Road, London, United Kingdom, NW10 2PX.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is in a net current liabilities position at year-end but is supported by bank loans and loans from companies under common control, who have confirmed that such support will be continued in the future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Turnover represents rents receivable from the investment property.
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
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.

PARKVIEW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 receipts 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9

Investment property reserve

The investment property reserve comprises the fair value change on the company's investment property net of the associated deferred tax. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Changes in Equity. The reserve is non-distributable.

PARKVIEW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The company had no employees during the current or the previous year.

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 April 2023
8,635,000
Additions
11,177
Revaluations
(661,177)
At 31 March 2024
7,985,000

The fair value of the investment property has been arrived at on the basis of valuation carried out by the directors at "31 March 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

If the revalued investment property was stated on a historical cost basis rather than a fair value basis, the amount would have been £4,907,831 (2023: £4,896,654).

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,758
3,424
Other debtors
835,000
65,000
Prepayments and accrued income
3,000
3,000
841,758
71,424
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
45,000
45,000
Other borrowings
2,840,852
2,880,852
Corporation tax
51,490
38,331
Other creditors
55,979
52,929
Accruals and deferred income
61,756
33,442
3,055,077
3,050,554
PARKVIEW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,553,250
1,717,125

The bank loan has the following securities:

- First legal charge over certain investment properties of the company.

- A debenture over the company's whole assets and undertaking.

- A guarantee by the directors limited to £500,000 plus interest and costs.

7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
717,864
883,158
Deferred tax arising on the gain on revaluation of investment property is provided at a rate of 25% (2023: 25%).
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments of £ 34,125 (2023: £47,775) for future minimum lease payments under non-cancellable leases.

 

 

10
Related party transactions

The company paid rent of £13,650 (2023: £13,650) in respect of a property owned by a Self-Invested Personal Pension whose beneficiaries are close family members of the directors. The transactions were made on arm's length basis.

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