Company registration number 10854419 (England and Wales)
PARKHEAD INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PARKHEAD INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PARKHEAD INVESTMENTS LIMITED
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
4
440,000
440,000
Investments
5
6,741,624
9,975,454
7,181,624
10,415,454
Current assets
Debtors
6
369,615
1,392,637
Cash at bank and in hand
29,294
122,757
398,909
1,515,394
Creditors: amounts falling due within one year
7
(8,577,995)
(9,888,724)
Net current liabilities
(8,179,086)
(8,373,330)
Net (liabilities)/assets
(997,462)
2,042,124
Capital and reserves
Called up share capital
8
550
550
Profit and loss reserves
(998,012)
2,041,574
Total equity
(997,462)
2,042,124

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

PARKHEAD INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
5 APRIL 2024
05 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Mr B Davidson
Director
Company registration number 10854419 (England and Wales)
PARKHEAD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 3 -
1
Accounting policies
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements the directors' have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors' continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Investment property

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. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair values are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.5
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.

1.6
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.

PARKHEAD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.10
Company information

Parkhead Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Scott Place, 2 Hardman Street, Manchester, M3 3AA.

 

PARKHEAD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
3
3
Prior period adjustment

It has come to light that the company was entitled to interest on one of its investments.

Reconciliation of changes in equity
6 April
5 April
2022
2023
£
£
Adjustments to prior year
Interest on Investments
751,430
321,545
Equity as previously reported
772,863
1,720,579
Equity as adjusted
1,524,293
2,042,124
Analysis of the effect upon equity
Profit and loss reserves
751,430
321,545
4
Investment property
2024
£
Fair value
At 6 April 2023 and 5 April 2024
440,000

The directors are satisfied that all investment properties are valued at fair value at the period end, based on their knowledge and reference to market evidence of transaction prices for similar properties.

 

PARKHEAD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Investments
6,741,624
9,975,454
Movements in fixed asset investments
Investments
£
Valuation
At 6 April 2023
9,975,454
Additions
1,502,807
Fair value adjustments
(2,489,881)
Disposals
(2,246,756)
At 5 April 2024
6,741,624
Carrying amount
At 5 April 2024
6,741,624
At 5 April 2023
9,975,454
6
Debtors
as restated
2024
2023
Amounts falling due within one year:
£
£
Other debtors
369,615
1,392,637
7
Creditors: amounts falling due within one year
as restated
2024
2023
£
£
Bank overdraft
-
0
1,058,886
Taxation and social security
142,771
142,771
Other creditors
8,435,224
8,687,067
8,577,995
9,888,724

The bank overdraft is secured by way of a legal charge over the assets of the company.

PARKHEAD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 7 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 A Ordinary shares of £1 each
100
100
100 B Ordinary shares of £1 each
100
100
50 C Ordinary shares of £1 each
50
50
50 D Ordinary shares of £1 each
50
50
50 E Ordinary shares of £1 each
50
50
100 F Ordinary shares of £1 each
100
100
100 G Ordinary shares of £1 each
100
100
550
550
9
Financial commitments, guarantees and contingent liabilities

The directors are not aware of any contingent liabilities.

10
Events after the reporting date

There have been no significant post balance sheet events.

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