Park Village Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 03057958 (England and Wales)
Park Village Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Park Village Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
325,726
227,738
Current assets
Debtors
4
777,227
734,057
Cash at bank and in hand
333,743
327,113
1,110,970
1,061,170
Creditors: amounts falling due within one year
5
(1,158,905)
(973,512)
Net current (liabilities)/assets
(47,935)
87,658
Total assets less current liabilities
277,791
315,396
Creditors: amounts falling due after more than one year
6
(63,547)
(79,519)
Net assets
214,244
235,877
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
214,144
235,777
Total equity
214,244
235,877
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 member has 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.
Park Village Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 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:
T Webb
Director
Company Registration No. 03057958
Park Village Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Park Village Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 financial statements have been prepared with early application of the FRS 102 Triennial Review 2017 amendments in full.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% reducing balance
Plant and equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Park Village Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.7
Financial instruments
The company has only basic financial instruments measured at amortised costs, with no financial instruments classified as other or basic instruments measured at fair value.
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.
Park Village Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
11
Park Village Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Total
£
£
£
Cost
At 1 January 2023
232,591
503,034
735,625
Additions
127,088
36,225
163,313
At 31 December 2023
359,679
539,259
898,938
Depreciation and impairment
At 1 January 2023
142,231
365,656
507,887
Depreciation charged in the year
37,574
34,464
72,038
Eliminated in respect of disposals
(1,879)
(4,834)
(6,713)
At 31 December 2023
177,926
395,286
573,212
Carrying amount
At 31 December 2023
181,753
143,973
325,726
At 31 December 2022
90,360
137,378
227,738
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
244,077
442,976
Corporation tax recoverable
974
Other debtors
121,997
43,812
Prepayments and accrued income
411,153
246,295
777,227
734,057
Park Village Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
68,750
68,750
Trade creditors
513,170
331,452
Amounts owed to group undertakings
159,729
136,110
Corporation tax
11,421
Other taxation and social security
235,714
115,328
Other creditors
59,975
30,329
Accruals and deferred income
110,146
291,543
1,158,905
973,512
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
68,750
Other creditors
63,547
10,769
63,547
79,519
There is a debenture which has a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & equipment.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Park Village Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
8
Related party transactions
The company has taken advantage of the exemption within FRS 102 Section 1A not to disclose transactions with parties that are wholly owned members of the group.
During the year, the company recharged costs of £638,633 (2022: nil) and were recharged costs of £1,005,107 (2022: nil) by PV Films Limited, a company where Park Village Limited are the majority shareholder.
At the balance sheet date, £26,769 (2022: £nil) was due to PV Films Limited.
Included within other debtors at the year end was £106,339 (2022: £32,686) due from T Webb.
9
Parent company
The ultimate parent company is Park Village Productions Limited.
The ultimate controlling party is T Webb by virtue of his majority shareholding in Park Village Productions Limited.