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Registered number: 12695831
Park House (Exeter) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Whitehead & Company
Chartered Accountants
Penfold
Cannington Lane
Uplyme
Dorset
DT7 3SW
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12695831
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,464 15,656
15,464 15,656
CURRENT ASSETS
Debtors 5 98,059 59,942
Cash at bank and in hand 55,118 69,705
153,177 129,647
Creditors: Amounts Falling Due Within One Year 6 (99,075 ) (105,959 )
NET CURRENT ASSETS (LIABILITIES) 54,102 23,688
TOTAL ASSETS LESS CURRENT LIABILITIES 69,566 39,344
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,866 ) (3,914 )
NET ASSETS 65,700 35,430
CAPITAL AND RESERVES
Called up share capital 7 60 60
Profit and Loss Account 65,640 35,370
SHAREHOLDERS' FUNDS 65,700 35,430
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Dianne Smyth
Director
06/06/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Park House (Exeter) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12695831 . The registered office is Parklands, Kensham Avenue, Bradninch, Devon, EX5 4RD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 23)
22 23
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 May 2023 - 27,832 27,832
Additions 4,963 - 4,963
As at 30 April 2024 4,963 27,832 32,795
Depreciation
As at 1 May 2023 - 12,176 12,176
Provided during the period 1,241 3,914 5,155
As at 30 April 2024 1,241 16,090 17,331
Net Book Value
As at 30 April 2024 3,722 11,742 15,464
As at 1 May 2023 - 15,656 15,656
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 63,362 37,442
Other debtors 34,697 22,500
98,059 59,942
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 20,081 5,555
Other taxes and social security 11,124 9,933
Oak House (Exeter) Ltd 30,294 56,440
Nest pension 2,441 1,798
The Rural Exchange Ltd 1,686 1,686
Accruals and deferred income 33,449 30,547
99,075 105,959
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 60 60
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8. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 30,000 -
30,000 -
9. Related Party Transactions
During the year the company paid rent of £78,000 at normal commercial rates to The Rural Exchange Ltd, a company registered in England and controlled by the company's ultimate controlling party. The company also paid management fees of £31,200 toTthe Rural Exchange Ltd.
10. Controlling Party
The company's controlling party is Mrs D Smyth by virtue of her ownership of 60% of the issued share capital in the company.
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