Park and Lace Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12494878

PARK AND LACE PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2025

PARK AND LACE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	24,515	39,999
Investment property	6	930,100	1,330,000
		----------	-------------
		954,615	1,369,999

Current assets

Debtors	7	115,115	11,808
Cash at bank and in hand		5,996	305,505
		----------	----------
		121,111	317,313

Creditors: amounts falling due within one year	8	106,510	719,718
		----------	----------
Net current assets/(liabilities)		14,601	( 402,405)
		----------	-------------
Total assets less current liabilities		969,216	967,594

Creditors: amounts falling due after more than one year	9	629,815	642,371

Provisions	21,606	26,689
	----------	----------
Net assets	317,795	298,534
	----------	----------

PARK AND LACE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

	2025	2024
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	317,695	298,434
	----------	----------
Shareholders funds	317,795	298,534
	----------	----------

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.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act 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 15 December 2025 , and are signed on behalf of the board by:

T D Carr
Director

Company registration number: 12494878

PARK AND LACE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Apartment 3 Hamilton Court, Hamilton Drive, The Park, Nottingham, NG7 1DF, England.

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.

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.

Revenue recognition

The turnover shown in the statement of comprehensive income represents rental income due for the period, net of any VAT due and recognised on an accruals basis. Included within other operating income is licence fee income which relates to software developed and owned by the company.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

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.

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:

Motor vehicles	-	20% straight line
Equipment	-	20% straight line

Investments

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued by the directors to its fair value periodically.

No depreciation is charged on investment property.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	75,890	1,529	77,419
	---------	-------	---------
Depreciation
At 1 April 2024	37,012	408	37,420
Charge for the year	15,178	306	15,484
	---------	-------	---------
At 31 March 2025	52,190	714	52,904
	---------	-------	---------
Carrying amount
At 31 March 2025	23,700	815	24,515
	---------	-------	---------
At 31 March 2024	38,878	1,121	39,999
	---------	-------	---------

6. Investment property

	Shares in group undertakings	Investment property	Total
	£	£	£
Cost
At 1 April 2024	–	1,330,000	1,330,000
Additions	100	–	100
Disposals	–	( 400,000)	( 400,000)
	----	-------------	-------------
At 31 March 2025	100	930,000	930,100
	----	-------------	-------------
Impairment
At 1 April 2024 and 31 March 2025	–	–	–
	----	-------------	-------------

Carrying amount
At 31 March 2025	100	930,000	930,100
	----	-------------	-------------
At 31 March 2024	–	1,330,000	1,330,000
	----	-------------	-------------

7. Debtors

	2025	2024
	£	£
Trade debtors	25,723	–
Other debtors	89,392	11,808
	----------	---------
	115,115	11,808
	----------	---------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	3,133	3,482
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,050	–
Corporation tax	44,215	34,716
Social security and other taxes	410	3,951
Other creditors	56,702	677,569
	----------	----------
	106,510	719,718
	----------	----------

Included within creditors under 1 year is an amount totalling £12,514 (2024: £12,514) held under Hire Purchase agreements. These are secured creditors.

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	620,729	620,729
Other creditors	9,086	21,642
	----------	----------
	629,815	642,371
	----------	----------

Included within creditors more than 1 year is an amount totalling £9,086 (2024: £21,642) held under Hire Purchase agreements. These are secured creditors.

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
T D Carr	( 662,480)	785,849	( 50,000)	73,369
	----------	----------	---------	---------

	2024
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
T D Carr	( 527,553)	112,073	( 247,000)	( 662,480)
	----------	----------	----------	----------

Interest is charged at 2.25% per annum on the overdrawn loan account balances. Advances are unsecured and repayable on demand.

11. Controlling party

The company was under the control of the director throughout the current and previous year.