Registered number
02030007
Satnam Car Parking Limited
Filleted Accounts
30 June 2024
Satnam Car Parking Limited
Registered number: 02030007
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 565,000 916,667
Current assets
Debtors 5 163,111 173,852
Cash at bank and in hand 159,712 97,421
322,823 271,273
Creditors: amounts falling due within one year 6 (25,377) (20,118)
Net current assets 297,446 251,155
Total assets less current liabilities 862,446 1,167,822
Provisions for liabilities - (21,594)
Net assets 862,446 1,146,228
Capital and reserves
Called up share capital 250,100 250,100
Profit and loss account 612,346 896,128
Shareholder's funds 862,446 1,146,228
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and signed on its behalf by:
S S Dhillon
Director
The notes on pages 2 to 5 form part of these financial statements.
Satnam Car Parking Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Turnover
Turnover, representing car parking receipts, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life using the straight line method:
Fixtures and fittings 20% per annum
Investment properties at fair value
Investment property is carried at fair value determined annually by the directors and derived from sales or current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are included in profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
1 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Taxation on profit
2024 2023
£ £
UK corporation tax on profits/(losses) of the year - -
Adjustment in respect of previous years - -
Total current tax - -
Movement in deferred tax liability (21,594) -
Taxation charge/(credit) on profit/(loss) (21,594) -
The tax assessed for the year differs from the standard rate of corporation tax in the UK. The differences are explained below:
2024 2023
£ £
(Loss)/profit before tax (305,376) 41,669
(Loss)/profit at the standard rate of corporation tax in the UK: (76,344) 8,540
Effects of:
Expenses/(income) not taxable 87,917 -
Group relief (11,573) (8,540)
Movement on deferred tax liability on fair value adjustments (21,594) -
Taxation on (loss)/profit for the year (21,594) -
3 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
4 Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 July 2023 916,667
Loss on revaluation (351,667)
At 30 June 2024 565,000
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 565,000
At 30 June 2023 916,667
The historical cost of long leasehold investment properties is £461,252 (2023: £461,252).
Investment properties have been revalued by the directors for the year ended 30 June 2024.
5 Debtors 2024 2023
£ £
Amounts falling due within one year:
Trade debtors 12,752 11,000
Amounts owed by related parties 150,359 162,852
163,111 173,852
Amounts owed by group undertakings and related parties are interest free and due on demand.
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 29 -
Amounts owed to related parties 7,800 6,000
Taxation and social security costs 1,608 368
Other creditors 15,940 13,750
25,377 20,118
Amounts owed to group undertakings and related parties are interest free, unsecured and due on demand.
7 Related party transactions
Included in debtors is an amount owed by Alderney Estates Limited of £nil (2023: £nil) after making a loan impairment provision of £19,000 (2023: £19,000), a company which is related to the company through common shareholders.
Included in debtors is an amount of £150,359 (2023: £162,852) owed by Satnam Investments Limited, a company in which S S Dhillon is a director.
Included in creditors is an amount of £7,800 (2023: £6,000) owed to Satnam Planning Services Limited, a company in which S S Dhillon is a director.
8 Controlling party
The company is a wholly owned subsidiary of Satnam Parking Limited whose registered office address is 17 Imperial Square, Cheltenham, GL50 1QZ. The ultimate controlling party is S S Dhillon, a director of the company.
9 Other information
Satnam Car Parking Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ
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