1 September 2023 v2025.13.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC4835272023-09-012024-08-31SC4835272024-08-31SC4835272023-08-31SC483527core:WithinOneYear2024-08-31SC483527core:WithinOneYear2023-08-31SC483527core:AfterOneYear2024-08-31SC483527core:AfterOneYear2023-08-31SC483527core:ShareCapital2024-08-31SC483527core:ShareCapital2023-08-31SC483527core:RevaluationReserve2024-08-31SC483527core:RevaluationReserve2023-08-31SC483527core:RetainedEarningsAccumulatedLosses2024-08-31SC483527core:RetainedEarningsAccumulatedLosses2023-08-31SC483527bus:Director12023-09-012024-08-31SC483527bus:Director22023-09-012024-08-31SC483527bus:RegisteredOffice2023-09-012024-08-31SC483527core:NetGoodwill2023-09-012024-08-31SC483527core:LandBuildings2023-09-012024-08-31SC483527core:PlantMachinery2023-09-012024-08-31SC483527core:FurnitureFittings2023-09-012024-08-31SC483527core:OfficeEquipment2023-09-012024-08-31SC483527core:MotorVehicles2023-09-012024-08-31SC4835272022-09-012023-08-31SC483527core:NetGoodwill2024-08-31SC483527core:NetGoodwill2023-08-31SC483527core:LandBuildings2023-09-01SC483527core:PlantMachinery2023-09-01SC4835272023-09-01SC483527core:LandBuildings2024-08-31SC483527core:PlantMachinery2024-08-31SC483527core:LandBuildings2023-08-31SC483527core:PlantMachinery2023-08-31SC48352712023-09-012024-08-31SC483527countries:Scotland2023-09-012024-08-31SC483527bus:AuditExemptWithAccountantsReport2023-09-012024-08-31SC483527bus:PrivateLimitedCompanyLtd2023-09-012024-08-31SC483527bus:SmallEntities2023-09-012024-08-31SC483527bus:FullAccounts2023-09-012024-08-31
Company registration number:
SC483527
Parkfoot Ltd
Unaudited Filleted Financial Statements for the year ended
31 August 2024
Parkfoot Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Parkfoot Ltd
Year ended
31 August 2024
As described on the statement of financial position, the Board of Directors of
Parkfoot Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 August 2024
, which comprise the income statement, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Horizon Chartered Accountants
20-23 Woodside Place
Glasgow
G3 7QL
United Kingdom
Date:
5 March 2025
Parkfoot Ltd
Statement of Financial Position
31 August 2024
20242023
Note££
Fixed assets    
Intangible assets 5
52,963
 
52,963
 
Tangible assets 6
841,850
 
779,052
 
894,813
 
832,015
 
Current assets    
Cash at bank and in hand
528,839
 
137,584
 
Creditors: amounts falling due within one year 7
(921,150
)
(597,387
)
Net current liabilities
(392,311
)
(459,803
)
Total assets less current liabilities 502,502   372,212  
Creditors: amounts falling due after more than one year 8
(18,958
)
(44,790
)
Net assets
483,544
 
327,422
 
Capital and reserves    
Called up share capital
18
 
18
 
Revaluation reserve
75,800
 
75,800
 
Profit and loss account
407,726
 
251,604
 
Shareholders funds
483,544
 
327,422
 
For the year ending
31 August 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge 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
5 March 2025
, and are signed on behalf of the board by:
J Johnson
M Leslie
DirectorDirector
Company registration number:
SC483527
Parkfoot Ltd
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
20-23 Woodside Place
,
Glasgow
,
G3 7QL
, Scotland.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

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.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
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:
Land and buildings
2.5% straight line
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Office equipment
33% reducing balance
Motor vehicles
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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
68
(2023:
71.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 September 2023
and
31 August 2024
52,963
 
Amortisation  
At
1 September 2023
and
31 August 2024
-  
Carrying amount  
At
31 August 2024
52,963
 
At 31 August 2023
52,963
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 September 2023
758,351
 
467,385
 
1,225,736
 
Additions
112,278
 
13,126
 
125,404
 
At
31 August 2024
870,629
 
480,511
 
1,351,140
 
Depreciation      
At
1 September 2023
71,180
 
375,504
 
446,684
 
Charge
19,986
 
42,620
 
62,606
 
At
31 August 2024
91,166
 
418,124
 
509,290
 
Carrying amount      
At
31 August 2024
779,463
 
62,387
 
841,850
 
At 31 August 2023
687,171
 
91,881
 
779,052
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
180,813
 
10,648
 
Trade creditors
262,146
 
237,175
 
Taxation and social security
282,560
 
237,862
 
Other creditors
195,631
 
111,702
 
921,150
 
597,387
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
6,775
 
16,852
 
Other creditors
12,183
 
27,938
 
18,958
 
44,790