I PARK SMART LIMITED


Directors	IDESON, William Leonard
	MORSE, Stephen Andrew


Company Secretary	MEDALLE, Rachel Marie


Registered Address	2 Europe Way
	Marvejols Business Park
	Cockermouth
	CA13 0RJ


Registered Number	09730299 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		112,873		106,387
			112,873		106,387
Current assets
Debtors	4	203,197		131,991
Cash at bank and on hand		54,337		9,905
		257,534		141,896
Creditors amounts falling due within one year	5	(209,687)		(185,994)
Net current assets (liabilities)			47,847		(44,098)
Total assets less current liabilities			160,720		62,289
Creditors amounts falling due after one year	6		(65,562)		(12,460)
Provisions for liabilities	8		(23,600)		(21,300)
Net assets			71,558		28,529
Capital and reserves
Called up share capital			2		2
Profit and loss account			71,556		28,527
Shareholders' funds			71,558		28,529

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 1 September 2025, and are signed on its behalf by:

IDESON, William Leonard
Director
Registered Company No. 09730299

I PARK SMART LIMITED

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

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

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.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	20
	Vehicles	20
	Office Equipment	20

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	4		5

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 January 24	9,946	172,790	23,694	11,629	218,059
Additions	-	4,473	25,095	-	29,568
At 31 December 24	9,946	177,263	48,789	11,629	247,627
Depreciation and impairment
At 01 January 24	6,464	86,704	11,276	7,228	111,672
Charge for year	1,838	17,880	2,484	880	23,082
At 31 December 24	8,302	104,584	13,760	8,108	134,754
Net book value
At 31 December 24	1,644	72,679	35,029	3,521	112,873
At 31 December 23	3,482	86,086	12,418	4,401	106,387

4.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	72,774	65,994
Amounts owed by group undertakings	73,412	5,412
Other debtors	2,057	2,061
Prepayments and accrued income	54,954	58,524
Total	203,197	131,991

5.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	96,344	69,251
Bank borrowings and overdrafts	28,909	30,556
Amounts owed to related parties	5,299	2,579
Taxation and social security	45,474	66,433
Finance lease and HP contracts	17,523	2,753
Accrued liabilities and deferred income	16,138	14,422
Total	209,687	185,994

6.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	45,310	-
Other creditors	20,252	12,460
Total	65,562	12,460

7.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	20,252		12,460

8.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	23,600	21,300
Total	23,600	21,300

9.	Off-balance sheet arrangements
	The total amount of financial commitments not included in the balance sheet is £952,136 (2023 - £736,458)

10.	Related party transactions
	On 1 January 2024 a Director owed the company £5,412. During the period this director was advanced a further £108,000 and repaid £40,000. As at 31 December 2024 this director owed the company £73,412. The loan is unsecured and repayable upon demand. During the year a loan existed between I park Smart Limited and I Park Services Limited. This Loan is interest dree and repayable on demand. The balance due to I Park Services at 31 December 2024 is £5,299 (2023: £2,579).

10.

Related party transactions

On 1 January 2024 a Director owed the company £5,412. During the period this director was advanced a further £108,000 and repaid £40,000. As at 31 December 2024 this director owed the company £73,412. The loan is unsecured and repayable upon demand.

During the year a loan existed between I park Smart Limited and I Park Services Limited. This Loan is interest dree and repayable on demand. The balance due to I Park Services at 31 December 2024 is £5,299 (2023: £2,579).