Company registration number 05468096 (England and Wales)
MET PARKING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MET PARKING SERVICES LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,798,018
2,015,649
Current assets
Stocks
5
434,494
452,254
Debtors
6
1,946,258
1,875,247
Cash at bank and in hand
574,976
303,223
2,955,728
2,630,724
Creditors: amounts falling due within one year
7
(1,162,997)
(971,731)
Net current assets
1,792,731
1,658,993
Total assets less current liabilities
4,590,749
3,674,642
Creditors: amounts falling due after more than one year
8
(1,200,285)
(860,448)
Provisions for liabilities
(436,087)
(275,904)
Net assets
2,954,377
2,538,290
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
2,954,277
2,538,190
Total equity
2,954,377
2,538,290

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 31 May 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 member has 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.

MET PARKING SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr D Marks
Director
Company Registration No. 05468096
MET PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

MET Parking Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6AF.

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. 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 the company has adequate resources to continue in operational existence for the foreseeable future.true

1.3
Turnover

Turnover is derived from parking charge notices (PCNs) which are recognised at the fair value of the consideration received or receivable based on the expected value of receipts. Turnover is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
33% straight line

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.

1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MET PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
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.

1.8
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

MET PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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, bank loans, loans from fellow group companies 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

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.

MET PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
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.

 

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.

1.12
Retirement benefits

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

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
36
32
MET PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
3,796,022
Additions
1,856,722
Disposals
(152,912)
At 31 May 2024
5,499,832
Depreciation and impairment
At 1 June 2023
1,780,373
Depreciation charged in the year
1,000,768
Eliminated in respect of disposals
(79,327)
At 31 May 2024
2,701,814
Carrying amount
At 31 May 2024
2,798,018
At 31 May 2023
2,015,649
5
Stocks and work in progress
2024
2023
£
£
Stock and work in progress
434,494
452,254
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
93,515
108,394
Amounts owed by group undertakings
1,585,446
1,578,181
Other debtors
106,616
136,790
Prepayments and accrued income
158,373
51,882
1,943,950
1,875,247
2024
2023
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
2,308
-
0
Total debtors
1,946,258
1,875,247
MET PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Debtors
(Continued)
- 8 -

The amount owed from group undertakings is unsecured and repayable upon demand.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9
575,548
444,755
Trade creditors
452,456
446,331
Taxation and social security
39,249
35,240
Other creditors
312
624
Accruals and deferred income
95,432
44,781
1,162,997
971,731
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,200,285
860,448
9
Loans and overdrafts
2024
2023
£
£
Bank loans
1,775,833
1,305,203
Payable within one year
575,548
444,755
Payable after one year
1,200,285
860,448

Included within creditors greater than one year is a Coronavirus Business Interruption Loan (CBIL) totalling £377,207 (2023: £860,448) with the balance included in creditors less than 1 year totalling £483,240 (2023: £444,755). This loan has a fixed 5 year loan term with an interest rate of 8.3%.

Aslso included within creditors greater than one year is a new loan totalling £823,077 (2023: £nil) with the balance included in creditors less than 1 year totalling £92,308 (2023: £nil). The loan has a fixed 26 months with an interest rate of 9% above base rate.

 

The loan's are secured by a fixed and floating charge over the company's assets, the assets belonging to the parent company and the assets belonging to an associated company. The charge also includes a negative pledge.

 

The amount outstanding on this loan at the year end totals £1,775,833 (2023: £1,305,203).

MET PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
687,510
487,974
Tax losses
(251,423)
(212,070)
436,087
275,904
2024
Movements in the year:
£
Liability at 1 June 2023
275,904
Charge to profit or loss
160,183
Liability at 31 May 2024
436,087

The deferred tax liability set out above is expected to increase at the next reporting date.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Motor vehicles
109,168
25,770
MET PARKING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
13
Financial commitments, guarantees and contingent liabilities

As noted in the Borrowings note, the company is party to a fixed and floating charge in respect of loans totalling £1,775,833 (2023: £1,305,203).

 

At the date of signing these accounts the company has a contingent liability in respect of VAT relating to the reporting period and prior reporting periods.

 

The possible obligation is in the region of £1.5m, at the date of signing these accounts it is uncertain whether this will become payable.

 

These accounts do not include a provision in respect of this.

14
Related party transactions

The company has taken advantage of the exemption per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with its parent company.

15
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D Marks - DLA
-
(624)
(312)
624
(312)
Mr D Bailey - DLA
-
-
-
-
-
(624)
(312)
624
(312)

Included in the profit and loss account is a £10,000 (2023: £10,000) expense which was paid to David Bailey for consultancy advice.

16
Ultimate controlling party

During the period the company was controlled by Mr D J Marks by virtue of his majority shareholding in the parent company MET Car Parks Limited.

2024-05-312023-06-01falsefalsefalse20 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr D MarksMr D Bailey054680962023-06-012024-05-31054680962024-05-31054680962023-05-3105468096core:OtherPropertyPlantEquipment2024-05-3105468096core:OtherPropertyPlantEquipment2023-05-3105468096core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3105468096core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3105468096core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3105468096core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3105468096core:CurrentFinancialInstruments2024-05-3105468096core:CurrentFinancialInstruments2023-05-3105468096core:ShareCapital2024-05-3105468096core:ShareCapital2023-05-3105468096core:RetainedEarningsAccumulatedLosses2024-05-3105468096core:RetainedEarningsAccumulatedLosses2023-05-3105468096bus:Director12023-06-012024-05-3105468096core:PlantMachinery2023-06-012024-05-3105468096core:FurnitureFittings2023-06-012024-05-3105468096core:MotorVehicles2023-06-012024-05-31054680962022-06-012023-05-3105468096core:OtherPropertyPlantEquipment2023-05-3105468096core:OtherPropertyPlantEquipment2023-06-012024-05-3105468096core:Non-currentFinancialInstruments2024-05-3105468096core:Non-currentFinancialInstruments2023-05-3105468096bus:PrivateLimitedCompanyLtd2023-06-012024-05-3105468096bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3105468096bus:FRS1022023-06-012024-05-3105468096bus:AuditExemptWithAccountantsReport2023-06-012024-05-3105468096bus:Director22023-06-012024-05-3105468096bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP