REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PARK MEAD HARLOW LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PARK MEAD HARLOW LTD |
PARK MEAD HARLOW LTD (REGISTERED NUMBER: 12359823) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PARK MEAD HARLOW LTD |
COMPANY INFORMATION |
for the year ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
PARK MEAD HARLOW LTD (REGISTERED NUMBER: 12359823) |
ABRIDGED BALANCE SHEET |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their 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 MEAD HARLOW LTD (REGISTERED NUMBER: 12359823) |
ABRIDGED BALANCE SHEET - continued |
30 June 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PARK MEAD HARLOW LTD (REGISTERED NUMBER: 12359823) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Park Mead Harlow Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stock is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred relating to site developments. |
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. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
PARK MEAD HARLOW LTD (REGISTERED NUMBER: 12359823) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Income from joint ventures |
Income from joint venture, comprises net rents receivable, which is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 100 |
NET BOOK VALUE |
At 30 June 2024 | 100 |
At 30 June 2023 | 100 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable otherwise than by instalments |
Mortgage and loans |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Mortgages and loans | 684,435 | - |
Secured debt comprises mortgages and loans, which are secured over the property and assets held by the company. |
7. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company was owed £331,943 (2023: £40,895) by Taylor Gray Holdings Limited and £2,000 (2023: £nil) by OMG Development Limited. At the previous balance sheet date, the company was owed £56,333 by OMG Property Lets Limited. The company also owed £617,700 (2023: £846,223) to Yield Property Services Limited and Yield Financial Limited. All the aforementioned companies, are companies in which, the directors and joint shareholders of Park Mead Harlow Limited have majority control. |
At the balance sheet date, the company owed £1,000 (2023: £1,000) to a director and was owed £45,464 (2023: £nil) by a director. |
During the year, the company paid interest of £69,756 (2023: £58,246) to Yield Property Services Limited, and rent share of £11,964 (2023: £34,500) to OMG Property Lets Limited. |