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COMPANY REGISTRATION NUMBER: 09690525
Park Head Homes Limited
Filleted Unaudited Financial Statements
31 August 2024
Park Head Homes Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
Park Head Homes Limited
Officers and Professional Advisers
Director
Mr M D Flowers
Company secretary
Mrs K Tomlinson
Registered office
25 Stewart Road
Sheffield
S11 8XS
Accountants
Hebblethwaites
Chartered accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
Park Head Homes Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Park Head Homes Limited
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Park Head Homes Limited for the year ended 31 August 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Park Head Homes Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Park Head Homes Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Park Head Homes Limited and its director for our work or for this report.
It is your duty to ensure that Park Head Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Park Head Homes Limited. You consider that Park Head Homes Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Park Head Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hebblethwaites Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
28 May 2025
Park Head Homes Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Current assets
Stocks
583,538
583,538
Cash at bank and in hand
7,677
31,981
---------
---------
591,215
615,519
Creditors: amounts falling due within one year
4
478,847
525,227
---------
---------
Net current assets
112,368
90,292
---------
--------
Total assets less current liabilities
112,368
90,292
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
112,268
90,192
---------
--------
Shareholders funds
112,368
90,292
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 May 2025 , and are signed on behalf of the board by:
Mr M D Flowers
Director
Company registration number: 09690525
Park Head Homes Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Stewart Road, Sheffield, S11 8XS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the sum of the tax currently payable. Current tax is recognised on taxable profit for the current 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27
Amounts owed to group undertakings and undertakings in which the company has a participating interest
465,000
480,000
Corporation tax
5,409
4,092
Social security and other taxes
1,275
1,498
Other creditors
7,163
39,610
---------
---------
478,847
525,227
---------
---------
5. Related party transactions
Included within creditors at the year end date are loan amounts owed by Park Head Homes Limited to a related party, in the sum of £465,000 (2023: £480,000). The companies are associated by virtue of the related party being a shareholder in Park Head Homes Limited . The loan is not subject to any formal repayment terms and neither is any interest chargeable. Included within creditors at the year end date are loan amounts owed by Park Head Homes Limited to a related party, in the sum of £4,429 (2023: £39,428). The loan is not subject to any formal repayment terms and neither is any interest chargeable.
6. Controlling party
The parent company is Peligro Industries Limited, a company incorporated in England and Wales. The registered office address of the parent company is 25 Stewart Road, Sheffield, S11 8XS. The group structure headed by Peligro Industries Limited qualifies as a small group, and therefore the parent company is not required to prepare consolidated financial statements. The ultimate controlling parties are Mr D P Flowers and Mrs S R Silver.