Year Ended
Registration number:
Parkin Estates Limited
Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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|
|
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Debtors |
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Cash at bank and in hand |
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|
|
|
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|
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Creditors: Amounts falling due within one year |
( |
( |
|
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Net current assets |
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|
|
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Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Deferred income - capital grants |
(15,600) |
(16,200) |
|
|
Net assets |
|
|
|
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Capital and reserves |
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|
Called up share capital |
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
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......................................... |
Company Registration Number: 00370383
Parkin Estates Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
South Street
Woolacombe
Devon
EX34 7BG
|
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
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 |
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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
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.
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
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Freehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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- |
- |
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Disposals |
- |
( |
- |
- |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
- |
- |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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- |
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At 31 December 2023 |
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- |
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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
|
Debtors |
|
2024 |
2023 |
|
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Trade debtors |
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Other debtors |
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VAT |
20,971 |
809 |
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Prepayments and accrued income |
|
|
|
|
|
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Creditors |
|
Note |
2024 |
2023 |
|
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Due within one year |
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Loans and borrowings |
|
- |
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Trade creditors |
|
|
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Corporation tax |
58,609 |
85,000 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
178,286 |
160,000 |
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|
178,286 |
160,000 |
Parkin Estates Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
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Hire purchase contracts |
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- |
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Other borrowings - due to related parties |
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Current loans and borrowings
|
2024 |
2023 |
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Hire purchase contracts |
|
- |
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
100 |
|
100 |
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Financial commitments |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from: 5, Birdcage Row, Alderney.
The ultimate controlling party is
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Audit report |