Registered number
02707973
Parking Places Limited
Filleted Accounts
30 June 2024
Parking Places Limited
Registered number: 02707973
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,029,542 2,146,218
Investments 2 2
1,029,544 2,146,220
Current assets
Debtors 5 86,543 70,465
Cash at bank and in hand 42,857 41,640
129,400 112,105
Creditors: amounts falling due within one year 6 (1,192,544) (1,090,721)
Net current liabilities (1,063,144) (978,616)
Total assets less current liabilities (33,600) 1,167,604
Provisions for liabilities - (93,844)
Net (liabilities)/assets (33,600) 1,073,760
Capital and reserves
Called up share capital 90,000 90,000
Profit and loss account (123,600) 983,760
Shareholders' funds (33,600) 1,073,760
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 members have 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.
Parking Places 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).
Group accounts have not been prepared as the directors have taken advantage of the exemption conferred by section 400 of the Companies Act 2006, due to the company being "small" as defined by section 381 of the Act. The financial statements present information about the company as an individual undertaking and not about its group.
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.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that there are sufficient external funds available to financially support the company.
Turnover
Turnover, representing rental income from investment properties and car parking income, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is charged to profit or loss on a straight-line basis over the term of the lease. Revenue from management fees is shown as other operating income.
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 properties, 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:
Computer equipment 25% per annum
Motor vehicles 25% per annum
Fixtures and fittings 20% per annum
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses.
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Taxation on loss 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 (93,844) -
Taxation charge/(credit) on profit/(loss) (93,844) -
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 (1,201,204) (71,883)
(Loss)/profit at the standard rate of corporation tax in the UK: (300,301) (14,733)
Effects of:
Capital allowances less/(greater) than depreciation for the year 190 (175)
Expenses/(income) not taxable 281,680 -
Group relief 18,431 14,908
Movement in deferred tax liability on fair value adjustments (93,844) -
Taxation on (loss)/profit for the year (93,844) -
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Investment properties Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 July 2023 2,146,218 - - 2,146,218
Additions 1,500 - 10,000 11,500
Loss on revaluation (1,126,718) - - (1,126,718)
At 30 June 2024 1,021,000 - 10,000 1,031,000
Depreciation
At 1 July 2023 - - - -
Charge for the year - - 1,458 1,458
At 30 June 2024 - - 1,458 1,458
Net book value
At 30 June 2024 1,021,000 - 8,542 1,029,542
At 30 June 2023 2,146,218 - - 2,146,218
The historical cost of investment properties is £1,707,201 (2023: £1,705,701).
Investment properties have been revalued by the directors for the year ended 30 June 2024 and are stated at open market value.
5 Debtors 2024 2023
£ £
Amounts falling due within one year:
Trade debtors 14,452 14,070
Amounts owed by related parties 71,316 55,620
Other debtors 775 775
86,543 70,465
Amounts owed by related parties and group undertakings are interest free and due on demand.
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,574 2,400
Amounts owed to related parties 1,174,339 1,073,384
Taxation and social security costs (6,530) (2,629)
Other creditors 19,161 17,566
1,192,544 1,090,721
Amounts owed to group undertakings and related parties are interest free and due on demand.
7 Related party transactions
Included in debtors are amounts of £67,120 (2023: £39,690) due from Satnam Parking Limited, £2,916 (2023: £1,256) due from Supara Limited, £500 (2023: £500) due from Satnam Millennium Limited, £780 (2023: £nil) due from BW SIPP - Dhillon K S, and £nil (2023: £14,174) due from Satnam Urban Regeneration Limited, companies in which S S Dhillon is a director.
Included in creditors are amounts of £995,260 (2023: £902,328) owed to Satnam Investments Limited, £150,695 (2023: £156,846) owed to Parking Places (Gloucester) Limited, £14,210 (2023: £14,210) owed to Satnam Planning Services Limited, and £14,174 (2023: £nil) owed to Satnam Urban Regeneration Limited, companies in which S S Dhillon is a director.
8 Controlling party
The ultimate controlling party of the company is S S Dhillon, a director of the company.
9 Other information
Parking Places 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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