Company Registration No. 07392830 (England and Wales)
Park Lane NE Ltd
Unaudited accounts
for the year ended 30 November 2024
Park Lane NE Ltd
Unaudited accounts
Contents
Park Lane NE Ltd
Company Information
for the year ended 30 November 2024
Directors
John Dickman
Karen Dickman
Company Number
07392830 (England and Wales)
Registered Office
13-14 Derwent Street
Sunderland
SR1 3NT
Accountants
Waite Accountants Limited
Hope Street Xchange
1-3 Hind Street
Sunderland
SR1 3QD
Park Lane NE Ltd
Statement of financial position
as at 30 November 2024
Tangible assets
250,003
294,356
Cash at bank and in hand
124,641
138,455
Creditors: amounts falling due within one year
(496,406)
(691,930)
Net current liabilities
(330,923)
(496,283)
Total assets less current liabilities
(80,920)
(201,927)
Creditors: amounts falling due after more than one year
-
(17,919)
Provisions for liabilities
Deferred tax
(52,458)
(49,559)
Net liabilities
(133,378)
(269,405)
Called up share capital
100
100
Profit and loss account
(133,478)
(269,505)
Shareholders' funds
(133,378)
(269,405)
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2025 and were signed on its behalf by
Karen Dickman
Director
Company Registration No. 07392830
Park Lane NE Ltd
Notes to the Accounts
for the year ended 30 November 2024
Park Lane NE Ltd is a private company, limited by shares, registered in England and Wales, registration number 07392830. The registered office is 13-14 Derwent Street, Sunderland, SR1 3NT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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 sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Park Lane NE Ltd
Notes to the Accounts
for the year ended 30 November 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 December 2023
872,908
40,937
93,988
440,832
1,832
1,450,497
Additions
46,976
12,250
-
31,459
1,599
92,284
At 30 November 2024
919,884
53,187
93,988
472,291
3,431
1,542,781
At 1 December 2023
798,935
8,992
15,551
332,571
92
1,156,141
Charge for the year
74,439
9,863
19,639
32,190
506
136,637
At 30 November 2024
873,374
18,855
35,190
364,761
598
1,292,778
At 30 November 2024
46,510
34,332
58,798
107,530
2,833
250,003
At 30 November 2023
73,973
31,945
78,437
108,261
1,740
294,356
Finished goods
21,380
25,970
Amounts falling due within one year
Accrued income and prepayments
19,462
27,015
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
7,388
10,648
Trade creditors
38,298
44,736
Taxes and social security
81,226
77,182
Other creditors
27,742
14,332
Loans from directors
293,467
485,155
Park Lane NE Ltd
Notes to the Accounts
for the year ended 30 November 2024
8
Creditors: amounts falling due after more than one year
2024
2023
9
Transactions with related parties
Key management personnel of the entity (in the aggregate)
Amount due to related party
2024- £293,467
2023- £485,155
No interest is charged on the above loan.
10
Average number of employees
During the year the average number of employees was 38 (2023: 34).