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REGISTERED NUMBER: 02173616 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Park Lane Enterprises Limited

Park Lane Enterprises Limited (Registered number: 02173616)






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 Lane Enterprises Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: J Harris
R L Mascarenhas





SECRETARY: J Harris





REGISTERED OFFICE: 3 Sheen Road
Richmond Upon Thames
TW9 1AD





REGISTERED NUMBER: 02173616 (England and Wales)





ACCOUNTANTS: SKS Business Services Ltd
3 Sheen Road
Richmond Upon Thames
Surrey
TW9 1AD

Park Lane Enterprises Limited (Registered number: 02173616)

Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 3 29,501 30,632
Investment property 4 870,000 870,000
899,501 900,632

CURRENT ASSETS
Stocks 6,676 -
Debtors 5 145,354 149,350
Cash at bank 57,147 32,071
209,177 181,421
CREDITORS
Amounts falling due within one year 6 (503,011 ) (480,214 )
NET CURRENT LIABILITIES (293,834 ) (298,793 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

605,667

601,839

PROVISIONS FOR LIABILITIES 7 (7,125 ) (7,125 )
NET ASSETS 598,542 594,714

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 598,540 594,712
598,542 594,714

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 Lane Enterprises Limited (Registered number: 02173616)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





R L Mascarenhas - Director


Park Lane Enterprises Limited (Registered number: 02173616)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

TANGIBLE FIXED ASSETS
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Straight line over the life of the lease/useful economic life
Land and buildings short leasehold Straight line over the life of the lease/useful economic life
Plant and machinery 20% reducing balance
Fixtures, fittings & equipment 20% reducing balance

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.

INVESTMENT PROPERTIES
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the "investment property reserve" together with the associated deferred tax.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Park Lane Enterprises Limited (Registered number: 02173616)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

1. 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 the 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 the 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 , 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 payment ts 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 Income Statement, 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.


Park Lane Enterprises Limited (Registered number: 02173616)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

1. ACCOUNTING POLICIES - continued
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.

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.

CASH AT BANK AND IN HAND
Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

TURNOVER
Turnover is recognised at the fair value of the rent receivable, and is shown net of VAT and other sales related taxes.

IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any) .

INVESTMENT PROPERTY RESERVE
The investment property reserve comprises the fair value uplift on the company's investment property net of the associated deferred tax. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement. The investment property reserve is non-distributable.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 1 ) .

Park Lane Enterprises Limited (Registered number: 02173616)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. TANGIBLE FIXED ASSETS
Land and
buildings
short Fixtures
Land and lease Plant and and
buildings hold machinery fittings Totals
£    £    £    £    £   
COST
At 1 May 2023
and 30 April 2024 156,971 10,026 91,869 78,299 337,165
DEPRECIATION
At 1 May 2023 128,092 10,026 90,116 78,299 306,533
Charge for year 781 - 350 - 1,131
At 30 April 2024 128,873 10,026 90,466 78,299 307,664
NET BOOK VALUE
At 30 April 2024 28,098 - 1,403 - 29,501
At 30 April 2023 28,879 - 1,753 - 30,632

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 870,000
NET BOOK VALUE
At 30 April 2024 870,000
At 30 April 2023 870,000

Investment property comprises 162/164 Lower Richmond Road, London, SW15 1LY.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,708 -
Amounts owed by group undertakings 67,311 87,394
Other debtors 66,046 60,911
VAT - 943
Prepayments 5,289 102
145,354 149,350

Park Lane Enterprises Limited (Registered number: 02173616)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 27,437 2,390
Corporation tax 100 -
Social security and other tax 2,631 -
VAT 4,689 -
Other creditors 7,056 -
Directors' current accounts 437,424 437,824
Accrued expenses 23,674 40,000
503,011 480,214

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 7,125 7,125

Deferred
tax
£   
Balance at 1 May 2023 7,125
Balance at 30 April 2024 7,125

The deferred tax liabilities relates to the investment property.

8. RELATED PARTY DISCLOSURES

At the balance sheet date, included in creditors were amounts totalling £437,424 (2023 : £437,824) payable to the director.