REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2024 |
for |
PKS (UK) Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2024 |
for |
PKS (UK) Limited |
PKS (UK) Limited (Registered number: 01777036) |
Contents of the Financial Statements |
for the Year Ended 30 November 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
PKS (UK) Limited |
Company Information |
for the Year Ended 30 November 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
221 High Street |
LINCOLN |
Lincolnshire |
LN1 1TS |
PKS (UK) Limited (Registered number: 01777036) |
Abridged Statement of Financial Position |
30 November 2024 |
30/11/24 | 30/11/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
PKS (UK) Limited (Registered number: 01777036) |
Abridged Statement of Financial Position - continued |
30 November 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PKS (UK) Limited (Registered number: 01777036) |
Notes to the Financial Statements |
for the Year Ended 30 November 2024 |
1. | STATUTORY INFORMATION |
PKS (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about PKS (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents net invoice income from property ownership, excluding value added tax. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold land | - | not provided |
Freehold buildings | - | 4% on cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Properties in the course of construction are included at cost to be revalued on completion. Property rented to group companies is not revalued but has been included in tangible fixed assets at cost and depreciated. |
PKS (UK) Limited (Registered number: 01777036) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
Leasing |
Rental income from operating leases is recognised on a straight line basis over the term of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PKS (UK) Limited (Registered number: 01777036) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2023 |
and 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 December 2023 |
and 30 November 2024 | 5 |
NET BOOK VALUE |
At 30 November 2024 | 5 |
At 30 November 2023 | 5 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2023 |
Revaluations | 583,653 |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
PKS (UK) Limited (Registered number: 01777036) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
6. | INVESTMENT PROPERTY - continued |
During the year all of the investment properties, apart from those under construction, were let or available for let under operating leases. Rents received under operating leases were £427,439 (2023: £413,578). |
Investment properties were valued on an open market value of the freehold interest in the properties subject to the existing occupational leases on 30 November 2024 by Pygott & Crone. This was a full valuation. |
If the investment properties were sold at this value there would be a additional charge to Corporation tax of approximately £135,853 (2023: £48,890). |
Fair value at 30 November 2024 is represented by: |
£ |
Valuation in 2016 | 3,630,000 |
Valuation in 2020 | (300,000 | ) |
Valuation in 2023 | 2,750,000 |
Valuation in 2024 | 2,033,000 |
8,113,000 |
If investment properties had not been revalued it would have been included at the following historical cost: |
30/11/24 | 30/11/23 |
£ | £ |
Cost | 7,386,963 | 7,386,963 |
Aggregate depreciation | (2,621,038 | ) | (2,325,559 | ) |
Investment Properties were valued on a fair value basis basis on 30 November 2024 by Pygott & Crone . |
PKS (UK) Limited (Registered number: 01777036) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
7. | RELATED PARTY DISCLOSURES |
Torksey Caravans Limited is wholly owned by PKS (UK) Limited which is part of Mrs J Parkes estate. Mr A Parkes, Mrs C Porter and Mr J Ogden are directors of both companies with Mrs J Parkes ceasing as a director. |
During the year a rental charge for the caravan sites, administration buildings, workshops and showrooms has been made by PKS (UK) Limited to Torksey Caravans Limited of £325,000 (2023 - £325,000) which is considered by the directors to be equivalent to the market rate. |
During the year a management charge was made by Torksey Caravans Limited to PKS (UK) Limited of £44,297 (2023 - £48,447), representing a proportion of wages and administration costs to cover expenditure incurred in managing the properties held by PKS (UK) Limited. |
As at 30 November 2024 there is an amount of £44,297 (2023 - £48,447) payable to Torksey Caravans Limited. |