Company registration number 09324921 (England and Wales)
PARK LANE ASSETS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PARK LANE ASSETS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PARK LANE ASSETS LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,811
4,851
Investment property
4
2,000,000
2,000,000
Investments
5
639
3,805
2,004,450
2,008,656
Current assets
Debtors
6
9,031
150,000
Cash at bank and in hand
43
35
9,074
150,035
Creditors: amounts falling due within one year
7
(1,477,686)
(1,689,507)
Net current liabilities
(1,468,612)
(1,539,472)
Total assets less current liabilities
535,838
469,184
Creditors: amounts falling due after more than one year
8
(5,000)
(15,000)
Provisions for liabilities
(205,685)
(205,945)
Net assets
325,153
248,239
Capital and reserves
Called up share capital
11
100
100
Non-distributable profits reserve
12
614,196
614,196
Distributable profit and loss reserves
(289,143)
(366,057)
Total equity
325,153
248,239
PARK LANE ASSETS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 2 May 2025 and are signed on its behalf by:
Mr M W Smith
Director
Company registration number 09324921 (England and Wales)
PARK LANE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
Park Lane Assets Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Boom Tower, West Street, Portsmouth, Hampshire, PO1 2JW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors still consider the company to be a going concern and are committed to promoting the success of the company. They also continue to support the company and ensure that it is in a position to pay its liabilities as they fall due. This extends to the company's subsidiary companies.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
15% on reducing balance and 10% on reducing balance
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Impairment reviews are performed when indicators of impairment are evident.
PARK LANE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PARK LANE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
PARK LANE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
3
Tangible fixed assets
Equipment
Computer equipment
Total
£
£
£
Cost
At 1 December 2023 and 30 November 2024
18,933
1,449
20,382
Depreciation and impairment
At 1 December 2023
14,082
1,449
15,531
Depreciation charged in the year
1,040
1,040
At 30 November 2024
15,122
1,449
16,571
Carrying amount
At 30 November 2024
3,811
3,811
At 30 November 2023
4,851
4,851
4
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
2,000,000
Fair Value at 30 November 2023 is represented by:
£
Cost 1,301,281
Valuation in 2017 (120,209)
Valuation in 2023 818,928
Total 2,000,000
Investment property was valued on fair value basis on 30 November 2023 by the directors.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
639
3,805
PARK LANE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 December 2023
3,805
Disposals
(3,166)
At 30 November 2024
639
Carrying amount
At 30 November 2024
639
At 30 November 2023
3,805
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,031
Other debtors
5,000
150,000
9,031
150,000
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9
10,000
10,000
Amounts owed to group undertakings
134,048
99,045
Corporation tax
9,273
3,595
Other taxation and social security
9,340
8,121
Other creditors
1,312,426
1,565,796
Accruals and deferred income
2,599
2,950
1,477,686
1,689,507
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
9
5,000
15,000
PARK LANE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
9
Loans and overdrafts
2024
2023
£
£
Bank loans
15,000
25,000
Payable within one year
10,000
10,000
Payable after one year
5,000
15,000
Bank loans include a £15,000 (2023: £25,000) Government Bounce Back Loan (BBL) and the Government paid the interest due for the first 12 months and has provided a full guarantee to the lender in relation to the BBL.
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
205,685
1,213
Revaluations
-
204,732
205,685
205,945
2024
Movements in the year:
£
Liability at 1 December 2023
205,945
Credit to profit or loss
(260)
Liability at 30 November 2024
205,685
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
One share equals one vote, each having rights to dividends, so long are there are no rights attached to shares on winding-up etc or redemption rights.
PARK LANE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
12
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
614,196
-
Non distributable profits in the year
-
614,196
At the end of the year
614,196
614,196
13
Financial commitments, guarantees and contingent liabilities
The company has entered into a VAT group registration with other group members. As such it has guaranteed the VAT liabilities of those other group members, which totalled £0 at the year end date (2023: £0).