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REGISTERED NUMBER: 04386634 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Park Lane Plants Ltd

Park Lane Plants Ltd (Registered number: 04386634)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Park Lane Plants Ltd

Company Information
for the year ended 31 December 2024







DIRECTOR: P E Thompson





REGISTERED OFFICE: Park Lane
Ightenhill
Burnley
Lancashire
BB12 0RW





REGISTERED NUMBER: 04386634 (England and Wales)





ACCOUNTANTS: Mayes Business Partnership Ltd
Chartered Certified Accountants
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

Park Lane Plants Ltd (Registered number: 04386634)

Abridged Balance Sheet
31 December 2024

31/12/24 31/12/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 307,330 301,957

CURRENT ASSETS
Stocks 226,162 235,555
Debtors 108,341 102,203
Cash at bank 120,435 138,346
454,938 476,104
CREDITORS
Amounts falling due within one year 191,009 191,941
NET CURRENT ASSETS 263,929 284,163
TOTAL ASSETS LESS CURRENT
LIABILITIES

571,259

586,120

CREDITORS
Amounts falling due after more than one
year

(13,315

)

(108

)

PROVISIONS FOR LIABILITIES (22,922 ) (22,357 )
NET ASSETS 535,022 563,655

CAPITAL AND RESERVES
Called up share capital 7 2,000 2,000
Revaluation reserve 8 72,412 73,968
Capital redemption reserve 2,000 2,000
Retained earnings 458,610 485,687
SHAREHOLDERS' FUNDS 535,022 563,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Park Lane Plants Ltd (Registered number: 04386634)

Abridged Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 March 2025 and were signed by:





P E Thompson - Director


Park Lane Plants Ltd (Registered number: 04386634)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Park Lane Plants Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company grows and sells a range of plant and floral products in the wholesale market. Sales of goods are recognised on delivery to the customer, when the customer has full discretion over the channel and price to sell the product and there is no unfulfilled obligation that could affect the customers acceptance of the product. Delivery occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied. Goods sold to customer are often sold with volume rebates and also with the provision for the customer to return faulty goods. Sales are measured at the prices specified in the sale contract, net of estimated volume rebates and returns. Volume rebates are assessed based on anticipated annual purchases. Accumulated experience is used to estimate and provide for the discounts and returns. Sales are normally made with a credit term of 60 days. The element of financing is deemed immaterial and is disregarded in the measurement of revenue.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.


Park Lane Plants Ltd (Registered number: 04386634)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants received in respect of expenditure charged to the profit and loss account during the year have been included in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

Park Lane Plants Ltd (Registered number: 04386634)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2024 447,456
Additions 22,498
Disposals (13,783 )
At 31 December 2024 456,171
DEPRECIATION
At 1 January 2024 145,499
Charge for year 16,090
Eliminated on disposal (12,748 )
At 31 December 2024 148,841
NET BOOK VALUE
At 31 December 2024 307,330
At 31 December 2023 301,957

Included in cost or valuation of land and buildings is freehold land of £ 180,000 (2023 - £ 180,000 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Totals
£   
Valuation in 2010 214,807
Cost 241,364
456,171

If the freehold property had not been revalued it would have been included at the following historical cost:

31/12/24 31/12/23
£    £   
Cost 78,193 78,193
Aggregate depreciation 10,560 9,856

Value of land in freehold land and buildings 43,000 43,000

The freehold property was valued on an open market basis on 9 December 2010 by Messrs Pettys Estate Agents & Valuers .

Park Lane Plants Ltd (Registered number: 04386634)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

4. TANGIBLE FIXED ASSETS - continued

Included above are assets held under finance leases or hire purchase contracts as follows :


20242023


Asset description

Netbookvalue
Depreciation
charge
Net
bookvalue
Depreciation
charge

Motor vehicles16,8735,62512,7024,234
16,8735,62512,7024,234

5. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/12/24 31/12/23
£    £   
Net obligations repayable:
Within one year 5,967 8,200
Between one and five years 13,315 108
19,282 8,308

The company has a total liability of £67,188 in respect of rent on property.

6. SECURED DEBTS

The following secured debts are included within creditors:

31/12/24 31/12/23
£    £   
Hire purchase contracts 19,282 8,308

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/24 31/12/23
value: £    £   
2,000 Ordinary £1 2,000 2,000

8. RESERVES
Revaluation
reserve
£   
At 1 January 2024 73,968
Depreciation on revaluation (1,556 )

At 31 December 2024 72,412