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Registration number: 08655999

Parkstone Estates (Chippenham) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Parkstone Estates (Chippenham) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Parkstone Estates (Chippenham) Limited

Company Information

Directors

Mr R Hoy

Mrs I F Hoy

Ms C G Hoy

Mrs S J Hoy

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Parkstone Estates (Chippenham) Limited

(Registration number: 08655999)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

13,594

-

Investment property

4

22,281,669

20,893,419

 

22,295,263

20,893,419

Current assets

 

Debtors

5

2,684,720

2,815,099

Cash at bank and in hand

 

28,945

34,971

 

2,713,665

2,850,070

Creditors: Amounts falling due within one year

6

(1,778,067)

(1,152,933)

Net current assets

 

935,598

1,697,137

Total assets less current liabilities

 

23,230,861

22,590,556

Creditors: Amounts falling due after more than one year

6

(16,933,006)

(16,368,651)

Provisions for liabilities

(1,496,203)

(27,042)

Net assets

 

4,801,652

6,194,863

Capital and reserves

 

Called up share capital

7

20

20

Revaluation reserve

4,320,581

5,760,775

Retained earnings

481,051

434,068

Shareholders' funds

 

4,801,652

6,194,863

For the financial year ending 31 July 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.

 

Parkstone Estates (Chippenham) Limited

(Registration number: 08655999)
Balance Sheet as at 31 July 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 22 May 2025 and signed on its behalf by:
 

.........................................
Mr R Hoy
Director

 

Parkstone Estates (Chippenham) Limited

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

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Parkstone Estates (Chippenham) Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

25% reducing balance

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.

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.

 

Parkstone Estates (Chippenham) Limited

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

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Parkstone Estates (Chippenham) Limited

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

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

18,121

18,121

At 31 July 2024

18,121

18,121

Depreciation

Charge for the year

4,527

4,527

At 31 July 2024

4,527

4,527

Carrying amount

At 31 July 2024

13,594

13,594

4

Investment properties

2024
£

At 1 August

20,893,419

Additions

1,388,250

At 31 July

22,281,669

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Trade debtors

155,080

142,447

Prepayments

115,897

197,096

Other debtors

2,413,743

2,475,556

 

2,684,720

2,815,099

 

Parkstone Estates (Chippenham) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

22,162

272,163

Trade creditors

 

118,047

115,822

Taxation and social security

 

125,780

74,379

Accruals and deferred income

 

48,902

52,634

Other creditors

 

1,463,176

637,935

 

1,778,067

1,152,933

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,643,828

12,928,154

Other non-current financial liabilities

 

3,289,178

3,440,497

 

16,933,006

16,368,651

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

20

20

20

20

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,431,853

604,048

Other borrowings

12,211,975

12,324,106

13,643,828

12,928,154

 

Parkstone Estates (Chippenham) Limited

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

22,162

22,163

Other borrowings

-

250,000

22,162

272,163

9

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

5,197,177

5,197,177

Advanced

193,012

193,012

Repaid

(1,054,459)

(1,054,459)

At end of period

4,335,730

4,335,730

2023

Key management
£

Total
£

At start of period

4,486,711

4,486,711

Advanced

936,145

936,145

Repaid

(225,679)

(225,679)

At end of period

5,197,177

5,197,177