| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| PARKLIFE TRADING LIMITED |
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| PARKLIFE TRADING LIMITED |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Contents of the Financial Statements |
| for the year ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Chartered Accountants' Report | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 7 |
| PARKLIFE TRADING LIMITED |
| Company Information |
| for the year ended 31 March 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 11 Laura Place |
| Bath |
| BA2 4BL |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Report of the Directors |
| for the year ended 31 March 2025 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2025. |
| REVIEW OF BUSINESS |
| The Directors are pleased to present the accounts for the year to 31st March 2025 |
| . |
| Our FY25 focus continued to be on developing and managing the Company activities to drive operating cashflow amidst the continuing turbulent operating environment. This was achieved through a multitude of positive changes to the how we go about our business of running park cafés. |
| This has and continues to cover all aspects of what we do, developing product, marketing, equipment, process and in particular, training and development of our people. |
| We made further progress in mitigating operating cost inflation and moving to a more productive staffing model, both through the development of our own staff capability, and further investment in management controls over staff cost. |
| Parklife also successfully piloted several technology projects to improve administrative productivity and reduce operating costs through automation. Whilst these projects required investment, these have already proven successful with reducing organisational complexity and reducing costs. The Company continued to raise and refinance debt facilities to fund this investment and development. |
| During the year, Parklife took the decision to not renew leases on two smaller sites, as commercially acceptable new lease terms were unable to be agreed with the respective landlords. |
| The Company remains focussed on operating with financial discipline both at the macro and micro level in its business and driving financial yield and community value from its sites, based on excellent customer service, focus on the quality of our food and drinks, and a continuing commitment to supporting our communities in and around each café. |
| The Directors are satisfied with the Parklife's development in the year. |
| The Directors would like to sincerely thank all the staff of Parklife for their continued commitment to the Company and the communities in which we operate. It requires resilience, patience and positive belief to work in hospitality, and our team demonstrate these qualities day in and day out. |
| Subsequent to the year end, the Company has continued to pursue its objective of operating leading park cafés within the London market, winning the tender for a major new café in a larger park and expects to continue to make further progress in FY26. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report. |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Report of the Directors |
| for the year ended 31 March 2025 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Parklife Trading Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parklife Trading Limited for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Parklife Trading Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parklife Trading Limited and state those matters that we have agreed to state to the Board of Directors of Parklife Trading Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parklife Trading Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Parklife Trading Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Parklife Trading Limited. You consider that Parklife Trading Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Parklife Trading Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| 11 Laura Place |
| Bath |
| BA2 4BL |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Goodwill and intangibles | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Share premium |
| Other reserves |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Balance Sheet - continued |
| 31 March 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Notes to the Financial Statements |
| for the year ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Parklife Trading Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared on the going concern basis as the Directors are confident the company will continue to trade for the next 12 months. |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax, recognised when goods are exchanged. |
| Intangible assets and goodwill |
| Intangible assets are initially measured at cost. After initial recognition, Intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. It is to be written off evenly over the estimated life of the associated asset, which is 12 years or 15 years dependent on the estimated life of the specific associated asset. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| Catering equipment | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date. |
| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| and |
| intangibles |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| AMORTISATION |
| At 1 April 2024 |
| Amortisation for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Catering | Computer |
| property | fittings | equipment | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| PARKLIFE TRADING LIMITED (REGISTERED NUMBER: 08813967) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Within loans, a balance of £48,000 (2024: £84,000) relates to a government backed business interruption loan. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Other creditors |
| 9. | SECURED DEBTS |
| HSBC Bank PLC holds a fixed and floating charge over all assets of the company. |
| 10. | DEFERRED TAX |
| £ |
| Balance at 1 April 2024 | ( |
) |
| Balance at 31 March 2025 | ( |
) |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| A Ordinary | £1 | 857,143 | 857,143 |
| B Ordinary | £1 | 200,111 | 100,000 |
| C Ordinary | £1 | 10,000 | - |
| 1,067,254 | 957,143 |
| Each A Ordinary and B Ordinary shares have the right for one vote and the rights to dividends. |
| A Ordinary and B Ordinary shares are ranked as if they constituted one and the same class on liquidation. |
| In the year 120,111 shares were issued at a value of £1.40, as part of the exercise of EMI share scheme options. The remaining options under the scheme are represented by the other reserve. |
| 12. | LEASING AGREEMENTS |
| At the year end the company was committed to making operating lease payments totalling £1,197,472 (2024: £1,405,032). |