Registered number
11704924
Park Lets Management Limited
Unaudited Filleted Accounts
30 June 2024
Park Lets Management Limited
Registered number: 11704924
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 22,816 28,520
22,816 28,520
Current assets
Debtors 4 53,049 2,317
Cash at bank and in hand 53,525 96,524
106,574 98,841
Creditors: amounts falling due within one year 5 (15,432) (14,378)
Net current assets 91,142 84,463
Total assets less current liabilities 113,958 112,983
Creditors: amounts falling due after more than one year 6 (23,667) (30,704)
Net assets 90,291 82,279
Capital and reserves
Called up share capital 3 3
Profit and loss account 90,288 82,276
Shareholders' funds 90,291 82,279
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.
N Narayanen
Director
Approved by the board on 10 March 2025
Park Lets Management 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).
Turnover
Turnover represents admin and management fees receivable.
Cash & cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction 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.
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. Current tax libilities and assets are measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date. Current tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Motor vehicles Total
£ £
Cost
At 1 July 2023 35,650 35,650
At 30 June 2024 35,650 35,650
Depreciation
At 1 July 2023 7,130 7,130
Charge for the year 5,704 5,704
At 30 June 2024 12,834 12,834
Net book value
At 30 June 2024 22,816 22,816
At 30 June 2023 28,520 28,520
4 Debtors 2024 2023
£ £
Other debtors 53,049 2,317
53,049 2,317
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,750 1,750
Obligations under finance lease and hire purchase contracts 5,287 5,065
Taxation and social security costs 7,045 6,413
Other creditors 1,350 1,150
15,432 14,378
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,750 3,500
Obligations under finance lease and hire purchase contracts 21,917 27,204
23,667 30,704
7 Related party transactions
At the reporting date, amounts due from related parties of the entity under common control amounted to £50,000 (2023; £0).
8 Other information
Park Lets Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
Park Lets, 73 St. Georges Terrace
Jesmond
Newcastle upon Tyne
NE2 2DL
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