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REGISTERED NUMBER: 10059756 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

PARK TECHNOLOGY LIMITED

PARK TECHNOLOGY LIMITED (REGISTERED NUMBER: 10059756)

Contents of the Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PARK TECHNOLOGY LIMITED

Company Information
for the year ended 31 December 2024







Directors: S M O Binzagr
J S Gill





Registered office: Wework 2 Leman Street
Aldgate Tower
London
E1 8FA





Registered number: 10059756 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

PARK TECHNOLOGY LIMITED (REGISTERED NUMBER: 10059756)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 3,292 2,417

Current assets
Stocks 26,506 28,340
Debtors 5 34,445 47,103
Cash at bank 45,860 48,947
106,811 124,390
Creditors
Amounts falling due within one year 6 800,773 779,010
Net current liabilities (693,962 ) (654,620 )
Total assets less current liabilities (690,670 ) (652,203 )

Creditors
Amounts falling due after more than one
year

7

29,676

35,752
Net liabilities (720,346 ) (687,955 )

Capital and reserves
Called up share capital 8 100 100
Share premium 2,967,120 2,967,120
Capital redemption reserve 20 20
Retained earnings (3,687,586 ) (3,655,195 )
Shareholders' funds (720,346 ) (687,955 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2025 and were signed on its behalf by:




J S Gill - Director


PARK TECHNOLOGY LIMITED (REGISTERED NUMBER: 10059756)

Notes to the Financial Statements
for the year ended 31 December 2024


1. Statutory information

Park Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however, the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - at varying rates on cost
Computer equipment - Straight line over 5 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

PARK TECHNOLOGY LIMITED (REGISTERED NUMBER: 10059756)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Research and development
Revenue expenditure on research and development is written off in the period in which it is incurred.

The company makes claims under both the SME R&D tax relief scheme and the Research and Development Expenditure Credit scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits arising from claims under the RDEC scheme are subject to Corporation Tax. Gross tax credits are therefore reflected ‘above the line’ in Other Income with the corresponding charge to Corporation Tax reflected in the Corporation Tax charge, or credit (if loss making). Tax credits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.

3. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

PARK TECHNOLOGY LIMITED (REGISTERED NUMBER: 10059756)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


4. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 January 2024 2,103 18,875 20,978
Additions - 2,238 2,238
Disposals (2,103 ) - (2,103 )
At 31 December 2024 - 21,113 21,113
Depreciation
At 1 January 2024 1,979 16,582 18,561
Charge for year 68 1,239 1,307
Eliminated on disposal (2,047 ) - (2,047 )
At 31 December 2024 - 17,821 17,821
Net book value
At 31 December 2024 - 3,292 3,292
At 31 December 2023 124 2,293 2,417

5. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 34,366 17,278
Other debtors 79 29,825
34,445 47,103

6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 7,848 11,980
Trade creditors 1,110 14,220
Taxation and social security 13,319 12,128
Other creditors 778,496 740,682
800,773 779,010

7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 29,676 35,752

The total bank borrowings and overdrafts disclosed in creditors within one year and creditors after one year are guaranteed by the UK government under the Coronavirus Business Support Scheme.

PARK TECHNOLOGY LIMITED (REGISTERED NUMBER: 10059756)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
24,340 Ordinary £0.001 24 24
76,067 Preference £0.001 76 76
100 100