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COMPANY REGISTRATION NUMBER: 00756106
Park Home Life Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Park Home Life Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
8,250,000
8,250,000
Investments
7
15,150
15,150
------------
------------
8,265,150
8,265,150
Current assets
Stocks
378,683
746,687
Debtors
8
530,208
610,656
Cash at bank and in hand
85
635,892
---------
------------
908,976
1,993,235
Creditors: amounts falling due within one year
9
539,749
1,139,267
---------
------------
Net current assets
369,227
853,968
------------
------------
Total assets less current liabilities
8,634,377
9,119,118
Creditors: amounts falling due after more than one year
10
238,079
Provisions
2,023,428
2,023,428
------------
------------
Net assets
6,610,949
6,857,611
------------
------------
Capital and reserves
Called up share capital
100,000
100,000
Revaluation reserve
6,106,953
6,106,953
Profit and loss account
403,996
650,658
------------
------------
Shareholders funds
6,610,949
6,857,611
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Park Home Life Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr P E Day
Director
Company registration number: 00756106
Park Home Life Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Turners Haulage & Warehousing, Fordham Road, Newmarket, Suffolk, CB8 7NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Depreciation is not provided on buildings as any annual or accumulated depreciation would not be material. Freehold land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2023 and 31 December 2023
200,188
---------
Amortisation
At 1 January 2023 and 31 December 2023
200,188
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
6. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
8,250,000
21,882
8,271,882
------------
--------
------------
Depreciation
At 1 January 2023 and 31 December 2023
21,882
21,882
------------
--------
------------
Carrying amount
At 31 December 2023
8,250,000
8,250,000
------------
--------
------------
At 31 December 2022
8,250,000
8,250,000
------------
--------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
15,150
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
15,150
--------
At 31 December 2022
15,150
--------
8. Debtors
2023
2022
£
£
Trade debtors
2,069
9,854
Other debtors
528,139
600,802
---------
---------
530,208
610,656
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
373,358
381,529
Trade creditors
5,049
225,581
Amounts owed to group undertakings and undertakings in which the company has a participating interest
15,150
15,150
Social security and other taxes
70,935
170,105
Other creditors
75,257
346,902
---------
------------
539,749
1,139,267
---------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
238,079
----
---------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
2,023,428
2,023,428
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
( 12,224)
( 12,224)
Revaluation of tangible assets
2,035,652
2,035,652
------------
------------
2,023,428
2,023,428
------------
------------
12. Directors' advances, credits and guarantees
During the year the company maintained a loan account with the directors. During the year the directors received advances of £227,994 (2022: 512,450) and credits of £463,523 (2022: £91,758). At the year end the amounts owed by the company to the directors was £180,084 (2022: 415,612 owed by the directors). Amounts owed by the directors at the year end are interest free, unsecured and repayable on demand. Additionally during the year the company rented from the directors and close family members and were charged rent totalling £36,000 (2022: £36,000).
13. Related party transactions
Transactions with related parties During the year the company entered into the following transactions with related parties:
20232022
££
Recharge of services by the company (sales)36,440
Amounts due to related parties The following amounts were outstanding at the reporting end date:
20232022
££
Entities over which the entity has control, joint control or significant influence15,15015,150
Family member of key management personnel19,81214,960
Amounts due from related parties The following amounts were outstanding at the reporting end date:
20232022
££
Entities under common ownership311,248160,255
Key management personnel180,084415,612
Other information The company has taken advantage of the exemption under section 33 of FRS and has not disclosed details of transactions or balances between wholly-owned group companies. Other related parties relate to businesses and companies under the control of family members of the directors.