Registration number:
P1 Airport Parking Limited
for the Year Ended 31 December 2024
P1 Airport Parking Limited
(Registration number: 12536592)
Balance Sheet as at 31 December 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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 (liabilities)/assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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P1 Airport Parking 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
P1 Airport Parking Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Audit report
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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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Short leasehold improvements |
Straight line over the remaining term of the lease |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Other intangible assets |
No amortisation |
P1 Airport Parking Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
P1 Airport Parking Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Auditors' remuneration |
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2024 |
2023 |
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Audit of the financial statements |
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Intangible assets |
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Other intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 December 2024 |
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Amortisation |
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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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Tangible assets |
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Short leasehold |
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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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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P1 Airport Parking Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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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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P1 Airport Parking Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Related party transactions |
Summary of transactions with other related parties
During the year the company received income for services rendered totalling £441,062 (2023: £379,388) from Parking Investor Holding Company Ltd, a company in which Chris Parkinson is a director. The company also transferred their net annual operating profits to Parking Investor Holding Company amounting to £1,530,431 (2023: £1,115,102) in accordance with the signed operating service agreement. The trading activity has been conducted on an arm's length basis. At 31 December 2024 the company has an outstanding intercompany balance owing to Parking Investor Holding Company Ltd of £1,060,453 (2023: £1,383,102) that is included within other creditors.
During the year the company recharged expenditure totalling £nil (2023: £95,314) to Group First Global Ltd, a company in which Toby Whittaker (the husband of Jennifer Whittaker) is the sole shareholder and director. The company also purchased services from Group First Global Ltd amounting to £1,041062 (2023: £702,796). The trading activity has been conducted on an arm's length basis. At 31December 2024 the company has an outstanding balance owing to Group First Global Ltd of £59,889 (2023: £33) that is included within trade creditors, an outstanding balance owing from Group First Global Ltd of £nil (2023: £39,217) that is included within trade debtors and an outstanding intercompany balance owing from Group First Global Ltd of £42,937 (2023: £270,380) that is included within other debtors.
During the year the company purchased services amounting to £345,722 (2023: £72,292) from Store First Self Storage Ltd, a company in which John Turner is a director and Jennifer Whittaker is the sole shareholder. The company also received loans totalling £nil from Store First Self Storage Ltd (2023:£3,285). The purchasing activity has been conducted on an arm's length basis, the loan is provided interest- free and is repayable upon demand. At 31 December 2024 the company has an outstanding intercompany balance owing to Store First Self Storage Ltd of £2,294 (2023: £3,285) that is included within other creditors.
During the year the company purchased services amounting to £nil (2023: £4,794) from Supashed Simonstone Ltd, a company in which Chris Parkinson is a director and Jennifer Whittaker is the sole shareholder. The purchasing activity has been conducted on an arm's length basis, At 31 December 2024 the company has an outstanding balance owing from Supashed Simonstone Ltd of £2,892 (2023: £2,892) that is included within trade debtors.
During the year the company recharged services amounting to £nil (2023: £2,943) to Paypark Ltd, a company in which Chris Parkinson is a director. The sales activity has been conducted on an arm's length basis. At 31 December 2024 the company has an outstanding balance owing from Paypark Ltd of £14,088 (2023: £3,532) that is included within trade debtors.
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Parent and ultimate parent undertaking |
The ultimate controlling party is
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Off-balance sheet arrangements |
Rental income
Not included in the balance sheet is contractually agreed operating lease income receivable within 12 months of the balance sheet date amounting to £1,689,167 (2023: £12,833) and £3,840,000 receivable between two to five years of the balance sheet date.