2 2 Parc Life Commercial Limited 13567078 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true 13567078 2023-09-01 2024-08-31 13567078 2024-08-31 13567078 core:RetainedEarningsAccumulatedLosses 2024-08-31 13567078 core:ShareCapital 2024-08-31 13567078 core:CurrentFinancialInstruments 2024-08-31 13567078 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 13567078 core:Non-currentFinancialInstruments 2024-08-31 13567078 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 13567078 bus:SmallEntities 2023-09-01 2024-08-31 13567078 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 13567078 bus:FilletedAccounts 2023-09-01 2024-08-31 13567078 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 13567078 bus:RegisteredOffice 2023-09-01 2024-08-31 13567078 bus:Director2 2023-09-01 2024-08-31 13567078 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 13567078 countries:EnglandWales 2023-09-01 2024-08-31 13567078 2023-08-31 13567078 2022-09-01 2023-08-31 13567078 2023-08-31 13567078 core:RetainedEarningsAccumulatedLosses 2023-08-31 13567078 core:ShareCapital 2023-08-31 13567078 core:CurrentFinancialInstruments 2023-08-31 13567078 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 13567078 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-08-31 13567078 core:Non-currentFinancialInstruments 2023-08-31 13567078 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 13567078 core:PreviouslyStatedAmount 2023-08-31 xbrli:pure iso4217:GBP

Registration number: 13567078

Parc Life Commercial Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Parc Life Commercial Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Parc Life Commercial Limited

(Registration number: 13567078)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,056,927

254,381

Current assets

 

Debtors

5

46,658

38,874

Cash at bank and in hand

 

4,638

8,779

 

51,296

47,653

Creditors: Amounts falling due within one year

6

(963,876)

(305,900)

Net current liabilities

 

(912,580)

(258,247)

Total assets less current liabilities

 

144,347

(3,866)

Creditors: Amounts falling due after more than one year

6

(138,141)

-

Net assets/(liabilities)

 

6,206

(3,866)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6,106

(3,966)

Shareholders' funds/(deficit)

 

6,206

(3,866)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 March 2025 and signed on its behalf by:
 

.........................................
Mrs J W Y Atkinson
Director

   
     
 

Parc Life Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ

These financial statements were authorised for issue by the Board on 17 March 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Parc Life Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Parc Life Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Investment properties

2024
£

At 1 September

254,381

Additions

793,301

Fair value adjustments

9,245

At 31 August

1,056,927

The directors consider that the investment properties total of £1,056,927 (2023 - £254,381) reflects the current fair value.

The investment property at Scunthorpe was valued by W Downing BSC (Hons) MRICS FNAEA MARLA of Pygott & Crone on 22 March 2023.

5

Debtors

2024
£

2023
£

Trade debtors

727

-

Other debtors

43,060

37,293

Prepayments

2,871

1,581

46,658

38,874

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,271

-

Trade creditors

 

-

159

Amounts owed to related parties

655,000

35,000

Other creditors

 

294,975

269,921

Accrued expenses

 

8,630

820

 

963,876

305,900


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,271 (2023 - Nil).

 

Parc Life Commercial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

138,141

-


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £138,141 (2023 - Nil).

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,271

-

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

138,141

-