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REGISTERED NUMBER: 06632144 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

PARK COMMERCIAL LIMITED

PARK COMMERCIAL LIMITED (REGISTERED NUMBER: 06632144)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARK COMMERCIAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: C J Park
D J Park





SECRETARY: Dr H Park





REGISTERED OFFICE: Synergy House
1 Artemis Court
St. John's Road
Meadowfield
Durham
DH7 8XQ





REGISTERED NUMBER: 06632144 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

PARK COMMERCIAL LIMITED (REGISTERED NUMBER: 06632144)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 25,000 30,000
Tangible assets 5 81,585 83,997
106,585 113,997

CURRENT ASSETS
Debtors 6 237,389 269,021
Investments 7 16,197 13,597
Cash at bank and in hand 4,538 4,190
258,124 286,808
CREDITORS
Amounts falling due within one year 8 166,817 159,517
NET CURRENT ASSETS 91,307 127,291
TOTAL ASSETS LESS CURRENT
LIABILITIES

197,892

241,288

CREDITORS
Amounts falling due after more than one
year

9

(21,346

)

(83,370

)

PROVISIONS FOR LIABILITIES (20,396 ) (20,999 )
NET ASSETS 156,150 136,919

CAPITAL AND RESERVES
Called up share capital 12 125,800 125,800
Retained earnings 30,350 11,119
156,150 136,919

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PARK COMMERCIAL LIMITED (REGISTERED NUMBER: 06632144)

BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2024 and were signed on its behalf by:





C J Park - Director


PARK COMMERCIAL LIMITED (REGISTERED NUMBER: 06632144)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Park Commercial Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is generated from the principal activity of the company, which is that of general insurance and pure protection business intermediaries. Income from commissions is recognised in the profit and loss account when the company is entitled to receive it after making appropriate provision for commissions which are due to be repaid

Goodwill
Goodwill is being amortised on a straight line basis over a period of 20 years. It relates to the acquisition of a long-established business in 2009. That period was adopted after assessing the average length of client retention and the average annual recurring fees that such clients generate, to determine the period over which economic benefits can be expected to flow from the acquisition. The directors consider that amortisation period to remain appropriate.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on cost

PARK COMMERCIAL LIMITED (REGISTERED NUMBER: 06632144)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans, and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PARK COMMERCIAL LIMITED (REGISTERED NUMBER: 06632144)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have considered the future cashflows of the company and the expected working capital available to the company for a period in excess of 12 months from the date of this report. They are satisfied that the company will generate sufficient resources to continue operations. The financial statements have therefore been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 100,000
AMORTISATION
At 1 May 2023 70,000
Charge for year 5,000
At 30 April 2024 75,000
NET BOOK VALUE
At 30 April 2024 25,000
At 30 April 2023 30,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 110,641
Additions 32,453
At 30 April 2024 143,094
DEPRECIATION
At 1 May 2023 26,644
Charge for year 34,865
At 30 April 2024 61,509
NET BOOK VALUE
At 30 April 2024 81,585
At 30 April 2023 83,997

PARK COMMERCIAL LIMITED (REGISTERED NUMBER: 06632144)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 237,389 269,021

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 16,197 13,597

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 99,291 81,736
Taxation and social security 59,214 65,926
Other creditors 8,312 11,855
166,817 159,517

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 21,346 83,370

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 16,200 16,200
Between one and five years 48,600 64,800
64,800 81,000

11. SECURED DEBTS

Included in bank loans is a loan of £83,369 (2023 £142,373), of which 20% is secured on the company's assets.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary A £1 1 1
50,280 Ordinary B £1 50,280 50,280
75,419 Ordinary C £1 75,419 75,419
60 Ordinary D £1 60 60
40 Ordinary E £1 40 40
125,800 125,800

PARK COMMERCIAL LIMITED (REGISTERED NUMBER: 06632144)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
D J Park
Balance outstanding at start of year - 18,813
Amounts repaid 20,129 (18,813 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,129 -

C J Park
Balance outstanding at start of year 10,698 -
Amounts advanced - 10,698
Amounts repaid 9,275 -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,973 10,698

14. RELATED PARTY DISCLOSURES

Included in other debtors at 30 April 2024 is £85,270 (2023: £51,070) due from Park Property Partnership, a partnership which the directors control.