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Parkin Estates Limited

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: 00370383

 

Parkin Estates Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Parkin Estates Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,163,828

747,195

Current assets

 

Stocks

3,324

4,940

Debtors

5

93,151

69,042

Cash at bank and in hand

 

1,659,641

1,875,412

 

1,756,116

1,949,394

Creditors: Amounts falling due within one year

6

(246,472)

(219,283)

Net current assets

 

1,509,644

1,730,111

Total assets less current liabilities

 

2,673,472

2,477,306

Creditors: Amounts falling due after more than one year

6

(178,286)

(160,000)

Provisions for liabilities

(37,000)

(34,000)

Deferred income - capital grants

 

(15,600)

(16,200)

Net assets

 

2,442,586

2,267,106

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

2,442,486

2,267,006

Shareholders' funds

 

2,442,586

2,267,106

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 May 2025 and signed on its behalf by:
 

.........................................
Mrs S A Black
Director

Company Registration Number: 00370383

 

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 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:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
South Street
Woolacombe
Devon
EX34 7BG

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The directors have considered the expected future car park, consumables and franchise income and have reviewed the level of core overheads of the business, to determine if there is sufficient working capital to meet the company's liabilities for a period of at least twelve months from the date of approval of these financial statements. Following this review, based on all available information to date, the directors are satisfied that the company has sufficient cash balances to meet its obligations and that there are no material uncertainties with regard to the going concern status of the company. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

The turnover shown in the Profit and Loss Account represents sales made during the year, exclusive of Value Added Tax. Franchise income and beach hut hire are recognised over the rental period. Car parking and consumables are recognised when provided to customers.

 

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Government grants

During the prior year the company recognised Coronavirus Job Retention Scheme ("CJRS") grant income from the government designed to mitigate the impact of Covid 19. The company has elected to account for such grants under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.

Deferred capital grants

Grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

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

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

Freehold buildings

2% straight line

Plant & machinery

20% reducing balance

Fixtures & fittings

20% reducing balance

Motor vehicles

20% reducing balance

Assets in the course of construction are not depreciated until brought into use.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents purchase price.

Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

 

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2024

Leases - as lessor

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The company holds the following financial instruments, all of which meet the conditions to be classified as basic financial instruments:

• Short term trade and other debtors and creditors; and
• Loans from related parties.

 
Short term trade and other balances
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans from related parties
Loans from related parties are initially recorded at transaction price, including transaction costs. Interest-bearing loans where the returns are a combination of positive fixed and variable rates over the life of the instrument are subsequently measured at amortised cost using the effective interest method.


 

 

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2023 - 35).

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

1,045,879

444,977

45,250

102,403

1,638,509

Additions

402,051

75,626

-

-

477,677

Disposals

-

(18,500)

-

-

(18,500)

At 31 December 2024

1,447,930

502,103

45,250

102,403

2,097,686

Depreciation

At 1 January 2024

441,611

372,502

45,250

31,951

891,314

Charge for the year

19,883

17,509

-

14,091

51,483

Eliminated on disposal

-

(8,939)

-

-

(8,939)

At 31 December 2024

461,494

381,072

45,250

46,042

933,858

Carrying amount

At 31 December 2024

986,436

121,031

-

56,361

1,163,828

At 31 December 2023

604,268

72,475

-

70,452

747,195

Details of assets in the course of construction

Included within the net book value of Freehold land and buildings above is £402,051 (2023 - £nil) in respect of assets in the course of construction.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets of £1,000,697 includes plant and machinery with a net book value of £71,691 (2023 - £nil) in respect of assets held under hire purchase contracts.

 

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2024

5

Debtors

2024
£

2023
£

Trade debtors

3,617

3,696

Other debtors

195

1,560

VAT

20,971

809

Prepayments and accrued income

68,368

62,977

93,151

69,042

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

12,191

-

Trade creditors

 

83,891

34,318

Corporation tax

 

58,609

85,000

Social security and other taxes

 

14,837

12,120

Other creditors

 

18,600

18,600

Accrued expenses

 

58,344

69,245

 

246,472

219,283

Due after one year

 

Loans and borrowings

7

178,286

160,000

 

178,286

160,000

 

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

18,286

-

Other borrowings - due to related parties

160,000

160,000

178,286

160,000

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

12,191

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Financial commitments

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,156,309 (2023 - £Nil).

10

Parent and ultimate parent undertaking

The company's immediate parent is Raymondsworth Limited, incorporated in the Channel Islands.

  These financial statements are available upon request from: 5, Birdcage Row, Alderney.

 The ultimate controlling party is Mr H T Rowley.

11

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Neil Hitchings, who signed for and on behalf of PKF Francis Clark on 19 June 2025.