REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
H.& G.CAR PARKS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
H.& G.CAR PARKS LIMITED |
H.& G.CAR PARKS LIMITED (REGISTERED NUMBER: 01009712) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
H.& G.CAR PARKS LIMITED |
Company Information |
for the year ended 31 July 2024 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
H.& G.CAR PARKS LIMITED (REGISTERED NUMBER: 01009712) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings | 12 |
Shareholders' funds |
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. |
H.& G.CAR PARKS LIMITED (REGISTERED NUMBER: 01009712) |
Balance Sheet - continued |
31 July 2024 |
The financial statements were approved by the director and authorised for issue on |
H.& G.CAR PARKS LIMITED (REGISTERED NUMBER: 01009712) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | Statutory information |
H.& G.Car Parks Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
H.& G.CAR PARKS LIMITED (REGISTERED NUMBER: 01009712) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
Investments |
Investments held as fixed assets are held at current market value. |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. |
3. | Employees and directors |
The average number of employees during the year was |
H.& G.CAR PARKS LIMITED (REGISTERED NUMBER: 01009712) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
4. | Tangible fixed assets |
Freehold | Fixtures |
investment | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 August 2023 |
Additions |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
The freehold investment property was revalued by the directors during the year to reflect the market value. |
5. | Fixed asset investments |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Cost or valuation |
At 1 August 2023 | 10,901,403 |
Additions | 382,270 |
At 31 July 2024 | 11,283,673 |
Net book value |
At 31 July 2024 | 11,283,673 |
At 31 July 2023 | 10,901,403 |
Cost or valuation at 31 July 2024 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2017 | - | 6,577,403 | 6,577,403 |
Valuation in 2018 | - | 171,760 | 171,760 |
Valuation in 2019 | - | 1,360,957 | 1,360,957 |
Valuation in 2020 | - | (2,206,527 | ) | (2,206,527 | ) |
Valuation in 2021 | - | 255,446 | 255,446 |
Valuation in 2022 | - | 606,768 | 606,768 |
Valuation in 2023 | - | 246,911 | 246,911 |
Valuation in 2024 | - | 382,270 | 382,270 |
Cost | 187,500 | 3,701,185 | 3,888,685 |
187,500 | 11,096,173 | 11,283,673 |
H.& G.CAR PARKS LIMITED (REGISTERED NUMBER: 01009712) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
9. | Secured debts |
An unlimited cross guarantee exists between Step Property Limited and H&G Car Parks Limited. These are both subsidiaries of Step Property Group Limited. |
Creditors for which security has been given amounted to £2,755,763 (2023 - £2,861,066 ). The bank loans are secured on the investment properties held by the company. |
10. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 2,219,165 | 2,225,263 |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Provided during year | ( |
) |
Balance at 31 July 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
H.& G.CAR PARKS LIMITED (REGISTERED NUMBER: 01009712) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
12. | Reserves |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 20,077,789 |
Profit for the year |
At 31 July 2024 | 20,596,810 |
13. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
14. | Related party disclosures |
H&G Car Parks Limited is a subsidiary of Step Property Group Limited, included in the accounts are balances due to/from related companies Horton Leisure Limited and Step Property Limited, companies registered in England and Wales which form part of the Step Property Group, summarised as follows: |
Amounts due from Associated Companies |
Amounts due to Associated Companies |
Step Property Limited | £476,705 |
Step Property Group Limited | £236,000 |
Step Property Finance Limited | £2,620,297 |
Included within other debtors are loans to Mr M W Perkins £1,000 (2023 - £1,000), Mrs S Perkins £10,000 (2023 - £10,000) and Mrs H Perkins £10,000 (2023 - £10,000). These are close relatives to the company directors. |
During the year H&G Car Parks Limited incurred management charges of £75,000 (2023 - £75,000) from Step Property Limited. |
15. | Ultimate controlling party |
The company is controlled by the directors of Step Property Group Limited, the ultimate parent company. |