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Parc Garland Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

Registration number: 11114254

 

Parc Garland Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Parc Garland Ltd

Company Information

Director

RB Furby

Registered office

6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

Accountants

Withers Steele Limited
Chartered Accountants6 Oaklands Court
Tiverton Way
Tiverton
Devon
EX16 6TG

 

Parc Garland Ltd

(Registration number: 11114254)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,813

4,957

Current assets

 

Stocks

5

434,653

432,440

Debtors

6

194,520

233,028

Cash at bank and in hand

 

4,140

87,733

 

633,313

753,201

Creditors: Amounts falling due within one year

7

(470,274)

(579,426)

Net current assets

 

163,039

173,775

Total assets less current liabilities

 

166,852

178,732

Creditors: Amounts falling due after more than one year

7

(4,079)

(13,276)

Provisions for liabilities

(50,373)

(50,000)

Net assets

 

112,400

115,456

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

112,399

115,455

Shareholders' funds

 

112,400

115,456

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 July 2025
 

.........................................
RB Furby
Director

 

Parc Garland Ltd

Notes to the Unaudited Financial Statements for the 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:
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

These financial statements were authorised for issue by the director on 10 July 2025.

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, 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.

Tax

The tax expense for the period comprises 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.

 

Parc Garland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

Parc Garland Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Parc Garland Ltd

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

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

5,720

5,720

At 31 December 2024

5,720

5,720

Depreciation

At 1 January 2024

763

763

Charge for the year

1,144

1,144

At 31 December 2024

1,907

1,907

Carrying amount

At 31 December 2024

3,813

3,813

At 31 December 2023

4,957

4,957

5

Stocks

2024
£

2023
£

Work in progress

434,653

432,440

6

Debtors

2024
£

2023
£

Trade debtors

-

367

Other debtors

194,520

232,661

194,520

233,028

Current

2024
£

2023
£

Trade debtors

-

367

Other debtors

194,520

232,661

 

194,520

233,028

 

Parc Garland Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,100

10,147

Trade creditors

 

3,320

3,006

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

225,499

214,999

Taxation and social security

 

-

85,621

Accruals and deferred income

 

66,170

101,668

Other creditors

 

165,185

163,985

 

470,274

579,426

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

4,079

13,276

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,079

13,276

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,100

10,147

 

Parc Garland Ltd

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

10

Related party transactions

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

204,357

204,357

Repaid

(15,500)

(15,500)

At end of period

188,857

188,857

2023

Entities with joint control or significant influence
£

Total
£

At start of period

203,757

203,757

Advanced

600

600

At end of period

204,357

204,357

Loans from related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

214,999

13,985

228,984

Advanced

104,000

1,200

105,200

Repaid

(93,500)

-

(93,500)

At end of period

225,499

15,185

240,684

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

314,999

51,350

366,349

Advanced

-

300

300

Repaid

(100,000)

(37,665)

(137,665)

At end of period

214,999

13,985

228,984