I PARK SERVICES LIMITED


Directors	IDESON, William Leonard
	MORSE, Stephen Andrew


Company Secretary	MICHELMORES SECRETARIES LIMITED


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


Registered Number	11546290 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		125,645		103,418
			125,645		103,418
Current assets
Debtors	4	120,086		145,779
Cash at bank and on hand		98,161		34,991
		218,247		180,770
Creditors amounts falling due within one year	5	(154,525)		(108,978)
Net current assets (liabilities)			63,722		71,792
Total assets less current liabilities			189,367		175,210
Creditors amounts falling due after one year	6		(98,646)		(125,845)
Provisions for liabilities	8		(29,700)		(23,800)
Net assets			61,021		25,565
Capital and reserves
Called up share capital			100		100
Profit and loss account			60,921		25,465
Shareholders' funds			61,021		25,565

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. 11546290

I PARK SERVICES 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.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	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 (%)
	Land and buildings	20
	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.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	15		17

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 January 24	4,475	74,843	27,495	22,694	129,507
Additions	-	20,403	20,698	4,142	45,243
At 31 December 24	4,475	95,246	48,193	26,836	174,750
Depreciation and impairment
At 01 January 24	2,766	13,794	3,208	6,321	26,089
Charge for year	342	13,934	5,202	3,538	23,016
At 31 December 24	3,108	27,728	8,410	9,859	49,105
Net book value
At 31 December 24	1,367	67,518	39,783	16,977	125,645
At 31 December 23	1,709	61,049	24,287	16,373	103,418

4.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	1,335	-
Amounts owed by group undertakings	5,299	2,579
Other debtors	59,695	100,893
Prepayments and accrued income	53,757	42,307
Total	120,086	145,779

5.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	28,986	-
Bank borrowings and overdrafts	39,904	39,648
Taxation and social security	59,255	31,846
Finance lease and HP contracts	8,237	4,398
Other creditors	6,739	5,896
Accrued liabilities and deferred income	11,404	27,190
Total	154,525	108,978

6.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	70,809	110,713
Other creditors	27,837	15,132
Total	98,646	125,845

7.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	27,837		15,132

8.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	29,700	23,800
Total	29,700	23,800

9.	Off-balance sheet arrangements
	The total amount of financial commitments not included in the balance sheet is £177,917 (2023 - £133,833)

10.	Related party transactions
	On 1 January 2024 a Director owed the Company £97,488. During the period this director was advanced a further £78,070 and repaid £117,611. As at 31 December 2024 this Director owed the Company £57,947. The loan is unsecured and repayable upon demand. During the year a loan existed between I Park Services Limited and I Park Smart Limited. This loan is interest free and repayable on demand. The balance due to I Park Services Limited at 31 December 2024 is £5,299 (2023: £2,579).

10.

Related party transactions

On 1 January 2024 a Director owed the Company £97,488. During the period this director was advanced a further £78,070 and repaid £117,611. As at 31 December 2024 this Director owed the Company £57,947. The loan is unsecured and repayable upon demand.

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