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Company No: 08261355 (England and Wales)

LINK PARKING LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

LINK PARKING LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

LINK PARKING LIMITED

BALANCE SHEET

As at 31 October 2023
LINK PARKING LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 5 129,148 102,447
129,148 102,447
Current assets
Debtors 6 179,731 176,170
Cash at bank and in hand 30,337 45,182
210,068 221,352
Creditors: amounts falling due within one year 7 ( 143,427) ( 113,485)
Net current assets 66,641 107,867
Total assets less current liabilities 195,789 210,314
Creditors: amounts falling due after more than one year 8 ( 128,451) ( 106,701)
Provision for liabilities 9 0 ( 981)
Net assets 67,338 102,632
Capital and reserves
Called-up share capital 1 1
Profit and loss account 67,337 102,631
Total shareholder's funds 67,338 102,632

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Link Parking Limited (registered number: 08261355) were approved and authorised for issue by the Director on 21 October 2024. They were signed on its behalf by:

M T Gardner
Director
LINK PARKING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
LINK PARKING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

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.

General information and basis of accounting

Link Parking 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 Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Unit 47 William Sparrow Works, Bower Hinton, Martock, Somerset, TA12 6LG.

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 £.

Prior year adjustment

The prior year accounts have been restated to include amendments to the Trade Debtors (and bad debt provision), Fixed assets (Motor Vehicles), Hire Purchase creditors and Corporation Tax creditor balances following inclusion of a hire purchase asset and a review into Trade debtors, in the current financial year, and the subsequent tax implications.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Intangible assets have been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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 Profit and Loss Account 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

The accounts have been restated to include amendments to the Trade Debtors (and bad debt provision) balance, Hire Purchase and fixed assets, plus corporation tax adjustment following a review in the current financial year of the debtors and a hire purchase agreement previously believed to be car rental payments. The net effect on retained earnings (profit or loss account) for the previous financial period is a decrease of £35,289.

As previously reported Adjustment As restated
Year ended 31 October 2022 £ £ £
Fixed Assets 64,010 38,437 102,447
Trade Debtors 130,758 (44,612) 86,146
Obligations under finance leases and hire purchase contracts (secured) (51,792) (36,484) (88,276)
Corporation tax creditor (73,356) 7,371 (65,985)
Retained Earnings (Profit or Loss Account) (137,920) 35,289 (102,631)

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 6

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 November 2022 5,000 5,000
At 31 October 2023 5,000 5,000
Accumulated amortisation
At 01 November 2022 5,000 5,000
At 31 October 2023 5,000 5,000
Net book value
At 31 October 2023 0 0
At 31 October 2022 0 0

5. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 November 2022 19,110 111,150 1,455 13,116 144,831
Additions 0 112,281 0 925 113,206
Disposals ( 19,110) ( 53,500) 0 0 ( 72,610)
At 31 October 2023 0 169,931 1,455 14,041 185,427
Accumulated depreciation
At 01 November 2022 11,809 20,121 301 10,153 42,384
Charge for the financial year 1,095 36,387 173 1,776 39,431
Disposals ( 12,904) ( 12,632) 0 0 ( 25,536)
At 31 October 2023 0 43,876 474 11,929 56,279
Net book value
At 31 October 2023 0 126,055 981 2,112 129,148
At 31 October 2022 7,301 91,029 1,154 2,963 102,447
Leased assets included above:
Net book value
At 31 October 2023 0 125,815 0 0 125,815
At 31 October 2022 0 90,708 0 0 90,708

6. Debtors

2023 2022
£ £
Trade debtors 78,561 86,146
Amounts owed by director 98,738 82,586
Other debtors 2,432 7,438
179,731 176,170

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,000 5,000
Trade creditors 4,188 4,229
Accruals 4,043 3,960
Corporation tax 86,965 65,985
Other taxation and social security 13,496 12,436
Obligations under finance leases and hire purchase contracts (secured) 24,888 14,492
Other creditors 4,847 7,383
143,427 113,485

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 27,917 32,917
Obligations under finance leases and hire purchase contracts (secured) 100,534 73,784
128,451 106,701

The unsecured bank borrowings balance of £32,917 relates to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government has guaranteed 100% of the initial loan value of £45,000.

The hire purchase liabilities are secured on the motor vehicle assets to which they relate with a net book value of £125,815 (2022 - £90,708)

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 12,916 17,916

9. Provision for liabilities

2023 2022
£ £
Deferred tax 0 981

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 11,880 7,632
between one and five years 10,698 4,380
22,578 12,012

This relates to non-cancellable operating leases over motor vehicles.

11. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 November 2022, the balance owed by the director was £82,586. During the year, £105,408 was advanced to the director, and £89,256 was repaid by the director. At 31 October 2023, the balance owed by the director was £98,738.

At 1 November 2021, the balance owed by the director was £61,648. During the year, £99,269 was advanced to the director, and £78,331 was repaid by the director. At 31 October 2022, the balance owed by the director was £82,586.