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Registration number: NI637445

Park Design Associates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Park Design Associates Limited

(Registration number: NI637445)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,058

4,078

Current assets

 

Stocks

6

16,650

14,250

Debtors

7

18,450

26,795

Cash at bank and in hand

 

33,843

11,694

 

68,943

52,739

Creditors: Amounts falling due within one year

8

(38,243)

(33,637)

Net current assets

 

30,700

19,102

Total assets less current liabilities

 

33,758

23,180

Provisions for liabilities

(581)

(775)

Net assets

 

33,177

22,405

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

33,077

22,305

Shareholders' funds

 

33,177

22,405

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Park Design Associates Limited

(Registration number: NI637445)
Balance Sheet as at 30 June 2024

Approved and authorised by the director on 17 January 2025
 


.........................................

Mr Robin Barry Park

Director

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Parkmore House, Parkmore Heights, Ballymena, County Antrim, BT43 5DB.

These financial statements were authorised for issue by the director on 17 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, the stage of completion can be measured reliably and the costs incurred for the transaction and to complete the transaction can be measured reliably.

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment, fixtures and fittings

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an business represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets and liabilities of the business recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Work in progress comprises the value of work undertaken in respect of the provision of services as at the reporting date. The value of the work is calculated based on a combination of the degree of completion and the expected fee level.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

15,000

15,000

At 30 June 2024

15,000

15,000

Amortisation

At 1 July 2023

15,000

15,000

At 30 June 2024

15,000

15,000

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

78,742

78,742

At 30 June 2024

78,742

78,742

Depreciation

At 1 July 2023

74,664

74,664

Charge for the year

1,020

1,020

At 30 June 2024

75,684

75,684

Carrying amount

At 30 June 2024

3,058

3,058

At 30 June 2023

4,078

4,078

 

Park Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Work in progress

16,650

14,250

7

Debtors

Current

2024
£

2023
£

Trade debtors

17,967

26,337

Prepayments

483

458

 

18,450

26,795

8

Creditors

2024
£

2023
£

Trade creditors

2,900

5,652

Director's current account

6,218

2,559

Taxation and social security

13,523

7,418

Other creditors and accruals

15,602

18,008

38,243

33,637

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary equity shares of £1 each

100

100

100

100