Company registration number SC064440 (Scotland)
PARKGROVE CREMATORIUM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PARKGROVE CREMATORIUM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PARKGROVE CREMATORIUM LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF PARKGROVE CREMATORIUM LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parkgrove Crematorium Limited for the year ended 31 March 2024 set out on pages 2 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of Parkgrove Crematorium Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parkgrove Crematorium Limited and state those matters that we have agreed to state to the Board of Directors of Parkgrove Crematorium Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parkgrove Crematorium Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Parkgrove Crematorium Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Parkgrove Crematorium Limited. You consider that Parkgrove Crematorium Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Parkgrove Crematorium Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MMG Chartered Accountants
4 November 2024
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
PARKGROVE CREMATORIUM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,520
15,360
Tangible assets
4
446,568
368,821
458,088
384,181
Current assets
Stocks
3,000
2,000
Debtors
5
195,097
181,770
Cash at bank and in hand
3,157,716
69,899
3,355,813
253,669
Creditors: amounts falling due within one year
6
(3,518,783)
(314,242)
Net current liabilities
(162,970)
(60,573)
Total assets less current liabilities
295,118
323,608
Provisions for liabilities
(22,265)
(2,932)
Net assets
272,853
320,676
Capital and reserves
Called up share capital
10,000
10,000
Other reserves
157,901
157,901
Profit and loss reserves
104,952
152,775
Total equity
272,853
320,676
PARKGROVE CREMATORIUM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
For the financial year ended 31 March 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
Mr K J Parke
Director
Company registration number SC064440 (Scotland)
PARKGROVE CREMATORIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Parkgrove Crematorium Limited is a private company limited by shares incorporated in Scotland. The registered office is Douglasmuir, Friockheim, DD11 4UN.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 as modified by the revaluation of freehold property. The principal accounting policies adopted are set out below.
1.2
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
20% straight line
1.5
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.
PARKGROVE CREMATORIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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:
Freehold land and buildings
2% straight line
Improvements to property
15 years straight line
Plant and equipment
10-20% straight line
Fixtures and fittings
15% straight line
Motor vehicles
25% straight line
Solar Panels
4% straight line
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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 current liabilities.
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.
PARKGROVE CREMATORIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
3
Intangible fixed assets
Software
£
Cost
At 1 April 2023 and 31 March 2024
19,200
Amortisation and impairment
At 1 April 2023
3,840
Amortisation charged for the year
3,840
At 31 March 2024
7,680
Carrying amount
At 31 March 2024
11,520
At 31 March 2023
15,360
PARKGROVE CREMATORIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Improvements to property
Plant and equipment
Fixtures and fittings
Motor vehicles
Solar Panels
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
629,555
65,070
275,549
68,662
145,723
1,184,559
Additions
33,329
37,959
3,570
23,733
35,188
133,779
At 31 March 2024
662,884
65,070
313,508
72,232
169,456
35,188
1,318,338
Depreciation and impairment
At 1 April 2023
334,896
50,856
272,825
57,788
99,373
815,738
Depreciation charged in the year
13,251
4,071
8,494
2,931
25,878
1,407
56,032
At 31 March 2024
348,147
54,927
281,319
60,719
125,251
1,407
871,770
Carrying amount
At 31 March 2024
314,737
10,143
32,189
11,513
44,205
33,781
446,568
At 31 March 2023
294,659
14,214
2,724
10,874
46,350
368,821
PARKGROVE CREMATORIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 8 -
Land and buildings were revalued on 28 February 1995 in the sum of £565,000 on an open market basis. If land and buildings had not been revalued they would have been included at a historical cost of £419,753. The aggregate depreciation on this would be £208,856, giving a net book value of £210,897.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
35,626
37,520
Other debtors
159,471
144,250
195,097
181,770
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,599
1,699
Corporation tax
123,979
150,744
Other taxation and social security
4,597
3,818
Other creditors
3,388,608
157,981
3,518,783
314,242
7
ULTIMATE CONTROLLING PARTY
The ultimate controlling party is Mr K J Parke, managing director and owner of the majority shareholding in the company's parent, Christie P Limited.