Registration number:
Park Side Offices Limited
for the Year Ended 31 December 2024
Park Side Offices Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Park Side Offices Limited
Company Information
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Director |
Mr Nigel Patrick Fleming |
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Registered office |
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Accountants |
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Auditors |
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Park Side Offices Limited
(Registration number: 11736963)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(9,483,874) |
(3,679,862) |
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Shareholders' deficit |
(9,483,873) |
(3,679,861) |
Approved and authorised by the
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Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of these financial statements is Sterling (£) being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless otherwise stated.
Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgments and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The items in the financial statements where these judgments and estimates have been made include: |
Valuation of Investment Property
A key accounting estimate in preparing these financial statements relates to the carrying value of the investment property which is currently stated at fair value. Any valuation of investment property is inherently subjective, as it is on the basis of market assumptions which may in future not prove to be accurate. The carrying amount is £88,596,919 (2023 -£87,147,333).
Revenue recognition
Turnover represents the fair value of rents and recharged property related expenses which are recognised on an accruals basis and shown net of value added tax.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant & Machinery |
10% straight line |
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Fixtures & fittings |
25% reducing balance |
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Office equipment |
33% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Audit report information |
The Independent Auditor's Report was unqualified.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Investment properties |
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2024 |
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At 1 January |
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Additions |
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Fair value adjustments |
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At 31 December |
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The investment property has been provided at fair value.
The Investment property has been assessed by the director and management within the wider related party group (having sight to available to reports prepared by MRICs registered members including a valuation report dated 31 March 2025 issued by Cushman & Wakefield, 125 Broad Street London EC2N 1AR) and having consideration as to current prices in an active market for similar property and using readily available public data and net rental yield calculations factoring in the geographic location in which the property is situated and the relative condition of the property.
The definition of "Market Value" is the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
The historical cost value of the investment property is £76,859,435 (2023: £75,728,006).
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Debtors |
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Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Accrued income |
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Included in trade debtors is £195,816 (2023 - £190,278) owed by related parties
Included in accrued income is £78,180 (2023 - £266,297) in relation to related parties
Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Included in trade creditors is £404,577 (2023 - £20,907) owed to related parties
Included in accruals and deferred income is £88,262 (2023 - £69,069) in relation to related parties
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other financial liabilities |
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Creditors include bank loans which are secured of £56,872,688 (2023 - £52,806,004). This loan is secured on the freehold property at 185 Park Street London SE1 9DY.
Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Related party transactions |
Summary of transactions with other related parties
Triptych Offices Limited - the parent company
Park Side London Limited - a company under common control
JTRE London Limited - a company under common control
Amounts receivable from related parties
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2024 |
£ |
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Amounts receivable from related party |
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2023 |
£ |
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Amounts receivable from related party |
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Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Amounts payable to related party
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2024 |
Parent |
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Amounts payable to related party |
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2023 |
Parent |
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Amounts payable to related party |
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Loans from related parties
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2024 |
Parent |
Total |
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At start of period |
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Cash advanced |
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Interest transactions |
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At end of period |
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2023 |
Parent |
Total |
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At start of period |
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Cash advanced |
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Cash repaid |
( |
( |
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Interest transactions |
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At end of period |
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Parent and ultimate parent undertaking |
JTRE Holding Ltd (formerly J&T Real Estate Holding Plc), prepare consolidated financial statements, however, these are not publicly available.
The company's immediate parent is
Park Side Offices Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Security |
On the 1 June 2020 a registered charge was levied on Park Side Offices Limited in favour of ICG Longbow Investment No.5 S.A.R.L which contains a fixed and floating charge over the company’s assets. This charge was satisfied on 30 January 2024.
On the 4 July 2023 a registered charge was levied on Park Side Offices Limited in favour of ABC International Bank Plc, which contains a fixed and floating charge over the company’s assets.