1 February 2023 v2025.6.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBP094101762023-02-012024-01-31094101762024-01-31094101762023-01-3109410176core:WithinOneYear2024-01-3109410176core:WithinOneYear2023-01-3109410176core:AfterOneYear2024-01-3109410176core:AfterOneYear2023-01-3109410176core:ShareCapital2024-01-3109410176core:ShareCapital2023-01-3109410176core:RetainedEarningsAccumulatedLosses2024-01-3109410176core:RetainedEarningsAccumulatedLosses2023-01-3109410176bus:Director12023-02-012024-01-3109410176bus:RegisteredOffice2023-02-012024-01-3109410176core:PlantMachinery2023-02-012024-01-3109410176core:PlantMachinery2024-01-3109410176core:PlantMachinery2023-02-0109410176core:PlantMachinery2023-01-310941017612023-02-012024-01-31094101762022-02-012023-01-3109410176countries:EnglandWales2023-02-012024-01-3109410176bus:AuditExemptWithAccountantsReport2023-02-012024-01-3109410176bus:PrivateLimitedCompanyLtd2023-02-012024-01-3109410176bus:SmallEntities2023-02-012024-01-3109410176bus:FullAccounts2023-02-012024-01-31
Company registration number:
09410176
Parking Access Systems Limited
Unaudited Filleted Financial Statements for the year ended
31 January 2024
Parking Access Systems Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Parking Access Systems Limited
Year ended
31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Parking Access Systems Limited
for the year ended
31 January 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Parking Access Systems Limited
, as a body, in accordance with the terms of my engagement letter dated 1 November 2017. My work has been undertaken solely to prepare for your approval the
financial statements
of
Parking Access Systems Limited
and state those matters that I have agreed to state to the Board of Directors of
Parking Access Systems Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Parking Access Systems Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Parking Access Systems 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 loss of
Parking Access Systems Limited
. You consider that
Parking Access Systems Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Parking Access Systems Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Gordon & Co
Chartered Accountants and Business Advisors
25/27 Station Street
Cheslyn Hay
Walsall
West Midlands
WS6 7ED
United Kingdom
Date:
29 January 2025
Parking Access Systems Limited
Statement of Financial Position
31 January 2024
20242023
Note££
Fixed assets    
Tangible assets 5 -  
13,275
 
Current assets    
Stocks
3,286
 
3,286
 
Debtors 6
4,317
 
12,289
 
Cash at bank and in hand
1,021
 
37,806
 
8,624
 
53,381
 
Creditors: amounts falling due within one year 7
(10,597
)
(32,123
)
Net current (liabilities)/assets
(1,973
)
21,258
 
Total assets less current liabilities (1,973 ) 34,533  
Creditors: amounts falling due after more than one year 8
(26,702
)
(31,162
)
Net (liabilities)/assets
(28,675
)
3,371
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
(28,677
)
3,369
 
Shareholders (deficit)/funds
(28,675
)
3,371
 
For the year ending
31 January 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
29 January 2025
, and are signed on behalf of the board by:
Derek Heath
Director
Company registration number:
09410176
Parking Access Systems Limited
Notes to the Financial Statements
Year ended
31 January 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 2 Maybrook Trading Estate
,
Maybrook Road
,
Brownhills
,
West Midlands
,
WS8 7DG
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The company has a net deficit as at 31 January 2024. The company is financed by a long term loan from the bank. The director is not aware of any reason why the long term bank loan may be withdrawn. As a result the director continues to adopt the going concern basis of accounting.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 stocks to their present location and condition.

Financial instruments

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 entity after deducting all of its financial liabilities.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 February 2023
and
31 January 2024
53,100
 
Depreciation  
At
1 February 2023
39,825
 
Charge
13,275
 
At
31 January 2024
53,100
 
Carrying amount  
At
31 January 2024
-  
At 31 January 2023
13,275
 

6 Debtors

20242023
££
Trade debtors
300
 
7,332
 
Other debtors
4,017
 
4,957
 
4,317
 
12,289
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
4,281
 
4,281
 
Trade creditors -  
5,522
 
Other creditors
6,316
 
22,320
 
10,597
 
32,123
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
26,702
 
31,162