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23 April 2025
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No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2024 - FRS102_2024
774,793
774,793
xbrli:pure
xbrli:shares
iso4217:GBP
10594732
2024-01-01
2024-12-31
10594732
2024-12-31
10594732
2023-12-31
10594732
2023-01-01
2023-12-31
10594732
2023-12-31
10594732
2022-12-31
10594732
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2024-01-01
2024-12-31
10594732
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2024-01-01
2024-12-31
10594732
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2024-01-01
2024-12-31
10594732
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2024-01-01
2024-12-31
10594732
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2024-01-01
2024-12-31
10594732
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2024-12-31
10594732
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2023-12-31
10594732
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10594732
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2023-12-31
10594732
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2023-12-31
10594732
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2024-12-31
10594732
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2024-12-31
10594732
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2024-12-31
10594732
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2023-12-31
10594732
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2024-12-31
10594732
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2023-12-31
10594732
core:AcceleratedTaxDepreciationDeferredTax
2023-12-31
10594732
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2023-12-31
10594732
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2023-12-31
10594732
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2024-12-31
10594732
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2024-01-01
2024-12-31
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2024-12-31
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2024-12-31
10594732
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2024-01-01
2024-12-31
COMPANY REGISTRATION NUMBER:
10594732
|
B & G Park Company Limited |
|
|
Filleted Financial Statements |
|
|
B & G Park Company Limited |
|
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
|
Tangible assets |
6 |
2,305,170 |
2,355,633 |
|
|
|
|
Current assets
|
Stocks |
10,399 |
8,176 |
|
Debtors |
7 |
23,944 |
24,714 |
|
Cash at bank and in hand |
79,979 |
285,098 |
|
--------- |
--------- |
|
114,322 |
317,988 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
1,227,770 |
1,066,428 |
|
------------ |
------------ |
|
Net current liabilities |
1,113,448 |
748,440 |
|
------------ |
------------ |
|
Total assets less current liabilities |
1,191,722 |
1,607,193 |
|
|
|
|
|
Provisions |
– |
24,252 |
|
------------ |
------------ |
|
Net assets |
1,191,722 |
1,582,941 |
|
------------ |
------------ |
|
|
|
Capital and reserves
|
Called up share capital |
2,500,000 |
2,500,000 |
|
Profit and loss account |
(
1,308,278) |
(
917,059) |
|
------------ |
------------ |
|
Shareholders funds |
1,191,722 |
1,582,941 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
23 April 2025
, and are signed on behalf of the board by:
|
R M Spaar |
T Srichawla |
|
Director |
Director |
|
|
Company registration number:
10594732
|
B & G Park Company Limited |
|
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA. The principal place of business is A45 London Rd, Ryton on Dunsmore,Warwickshire, Coventry CV8 3DY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Companies Act 2006 as applicable to companies subject the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show true and fair view.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no significant judgements,(apart from those involving estimations) that management has made in the process of applying the entity's accounting policies, that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Sales are recognised by reference to the occupancy date of the rooms let and all deposits received in advance are treated as deposits held on behalf of customers.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
2% straight line |
|
Fixtures and fittings |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
16
(2023:
16
).
5.
Intangible assets
|
Goodwill |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
774,793 |
|
--------- |
|
Amortisation |
|
|
At 1 January 2024 and 31 December 2024 |
774,793 |
|
--------- |
|
Carrying amount |
|
|
At 31 December 2024 |
– |
|
--------- |
|
At 31 December 2023 |
– |
|
--------- |
|
|
6.
Tangible assets
|
Freehold property |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 January 2024 |
2,300,000 |
453,609 |
2,753,609 |
|
Additions |
– |
19,154 |
19,154 |
|
------------ |
--------- |
------------ |
|
At 31 December 2024 |
2,300,000 |
472,763 |
2,772,763 |
|
------------ |
--------- |
------------ |
|
Depreciation |
|
|
|
|
At 1 January 2024 |
56,161 |
341,815 |
397,976 |
|
Charge for the year |
56,016 |
13,601 |
69,617 |
|
------------ |
--------- |
------------ |
|
At 31 December 2024 |
112,177 |
355,416 |
467,593 |
|
------------ |
--------- |
------------ |
|
Carrying amount |
|
|
|
|
At 31 December 2024 |
2,187,823 |
117,347 |
2,305,170 |
|
------------ |
--------- |
------------ |
|
At 31 December 2023 |
2,243,839 |
111,794 |
2,355,633 |
|
------------ |
--------- |
------------ |
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
1,482 |
139 |
|
Prepayments and accrued income |
22,462 |
11,713 |
|
Other debtors |
– |
12,862 |
|
-------- |
-------- |
|
23,944 |
24,714 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
60,031 |
19,859 |
|
Amounts owed to group undertakings |
958,725 |
958,725 |
|
Accruals and deferred income |
177,179 |
33,468 |
|
Corporation tax |
– |
44,922 |
|
Social security and other taxes |
26,996 |
7,256 |
|
Other creditors |
|
|
|
------------ |
------------ |
|
1,227,770 |
1,066,428 |
|
------------ |
------------ |
|
|
|
9.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Included in provisions |
– |
24,252 |
|
---- |
-------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
|
Accelerated capital allowances |
– |
24,252 |
|
---- |
-------- |
|
|
|
10.
Summary audit opinion
The auditor's report dated
23 April 2025
was
unqualified
.
The senior statutory auditor was
Andrew Wadsworth FCCA
, for and on behalf of
Edwards Veeder (UK) Limited
.
11.
Related party transactions
At the year-end the company owed £958,725 (2023: £958,725) to B&G Park Co. Limited. The balance was repayable on demand and interest is being accrued at 4% on this balance.
12.
Controlling party
The company is a 100% subsidiary of B&G Park Co. Limited, a company incorporated in Thailand.