Palace Court Car Parks Limited 04663670 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true true 04663670 2023-04-01 2024-03-31 04663670 2024-03-31 04663670 bus:OrdinaryShareClass1 2024-03-31 04663670 core:CurrentFinancialInstruments 2024-03-31 04663670 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04663670 core:LandBuildings 2024-03-31 04663670 bus:SmallEntities 2023-04-01 2024-03-31 04663670 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04663670 bus:FullAccounts 2023-04-01 2024-03-31 04663670 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04663670 bus:RegisteredOffice 2023-04-01 2024-03-31 04663670 bus:CompanySecretary1 2023-04-01 2024-03-31 04663670 bus:Director2 2023-04-01 2024-03-31 04663670 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04663670 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04663670 core:LandBuildings 2023-04-01 2024-03-31 04663670 core:ParentEntities 2023-04-01 2024-03-31 04663670 1 2023-04-01 2024-03-31 04663670 countries:England 2023-04-01 2024-03-31 04663670 2023-03-31 04663670 core:LandBuildings 2023-03-31 04663670 2022-04-01 2023-03-31 04663670 2023-03-31 04663670 bus:OrdinaryShareClass1 2023-03-31 04663670 core:CurrentFinancialInstruments 2023-03-31 04663670 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04663670 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04663670

Palace Court Car Parks Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Palace Court Car Parks Limited

Contents

Company Information

1

Statement of Director's Responsibilities

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Palace Court Car Parks Limited

Company Information

Director

Mr M Wrennall

Company secretary

Mr G C Wrennall

Registered office

27 Saxon Hall
16 Palace Court
London
W2 4JA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Palace Court Car Parks Limited

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' . Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Palace Court Car Parks Limited

(Registration number: 04663670)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

327,000

450,000

Current assets

 

Debtors

5

126,716

4,917

Creditors: Amounts falling due within one year

6

(1,000)

(1,000)

Net current assets

 

125,716

3,917

Net assets

 

452,716

453,917

Capital and reserves

 

Called up share capital

7

65,838

65,838

Other reserves

274,580

397,580

Retained earnings

112,298

(9,501)

Shareholders' funds

 

452,716

453,917

For the financial year ending 31 March 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.

Approved and authorised by the director on 27 November 2024
 

.........................................
Mr M Wrennall
Director

 

Palace Court Car Parks Limited

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

1

General information

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

The address of its registered office is:
27 Saxon Hall
16 Palace Court
London
W2 4JA
England

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

The financial statements have been prepared on a going concern basis.

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

Land and buildings

Not depreciated

 

Palace Court Car Parks Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables,cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Palace Court Car Parks Limited

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

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

450,000

450,000

Disposals

(123,000)

(123,000)

At 31 March 2024

327,000

327,000

Depreciation

Carrying amount

At 31 March 2024

327,000

327,000

At 31 March 2023

450,000

450,000

Included within the net book value of land and buildings above is £327,000 (2023 - £450,000) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

8

126,716

4,917

   

126,716

4,917

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,000

1,000

 

Palace Court Car Parks Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

65,838

65,838

65,838

65,838

         

8

Related party transactions

Summary of transactions with parent

The amount owed by the parent company is £126,716. (Owed by 2023: £4,917)
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Palace Court Properties Limited, incorporated in England.