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Registration number: 11142719

Parks Interiors (Northern) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Parks Interiors (Northern) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

Staff numbers

6

 

Parks Interiors (Northern) Limited

Company Information

Director

Mr D Burley

Registered office

c/o HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
Durham
TS23 4HN

Accountants

HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
TS23 4HN

 

Parks Interiors (Northern) Limited

(Registration number: 11142719)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,529

6,041

Current assets

 

Stocks

5

8,930

13,314

Debtors

6

30,643

60,025

Cash at bank and in hand

 

-

10,586

 

39,573

83,925

Creditors: Amounts falling due within one year

7

(73,183)

(97,699)

Net current liabilities

 

(33,610)

(13,774)

Total assets less current liabilities

 

(29,081)

(7,733)

Creditors: Amounts falling due after more than one year

7

(14,189)

(24,095)

Net liabilities

 

(43,270)

(31,828)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(43,370)

(31,928)

Shareholders' deficit

 

(43,270)

(31,828)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Parks Interiors (Northern) Limited

(Registration number: 11142719)
Balance Sheet as at 31 January 2024

Approved and authorised by the director on 29 October 2024
 

.........................................
Mr D Burley
Director

 

Parks Interiors (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
Durham
TS23 4HN
England

The principal place of business is:
120 Park Road
Hartlepool
TS26 9HU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

After making enquiries, I have formed a judgment, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, I adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Parks Interiors (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipments

25% straight line balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Parks Interiors (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

Parks Interiors (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

3,743

15,681

11,000

30,424

At 31 January 2024

3,743

15,681

11,000

30,424

Depreciation

At 1 February 2023

2,590

15,679

6,114

24,383

Charge for the year

289

2

1,221

1,512

At 31 January 2024

2,879

15,681

7,335

25,895

Carrying amount

At 31 January 2024

864

-

3,665

4,529

At 31 January 2023

1,153

2

4,886

6,041

5

Stocks

2024
£

2023
£

Work in progress

8,430

12,814

Other inventories

500

500

8,930

13,314

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

23,703

Prepayments

643

1,578

Other debtors

30,000

34,744

 

30,643

60,025

 

Parks Interiors (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank borrowings

9

10,648

10,648

Bank overdrafts

9

5,846

-

Trade creditors

 

7,883

10,950

Taxation and social security

 

8,873

497

Other creditors

 

39,933

75,604

 

73,183

97,699

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

14,189

24,095

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,189

24,095

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,648

10,648

Bank overdrafts

5,846

-

16,494

10,648