Parkway Specialist Cars Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08402455

Parkway Specialist Cars Limited

Filleted Unaudited Abridged Financial Statements

31 March 2025

Parkway Specialist Cars Limited

Abridged Financial Statements

Year Ended 31 March 2025

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 5

Parkway Specialist Cars Limited

Abridged Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed Assets

Tangible assets	5	26,947	32,952

Current Assets

Stocks	1,717,888	1,705,824
Debtors	277,162	642,523
Cash at bank and in hand	146,860	26,624
	------------	------------
	2,141,910	2,374,971

Creditors: amounts falling due within one year	1,421,610	1,704,462
	------------	------------
Net Current Assets	720,300	670,509
	---------	---------
Total Assets Less Current Liabilities	747,247	703,461

Provisions

Taxation including deferred tax	1,623	5,415
	---------	---------
Net Assets	745,624	698,046
	---------	---------

Capital and Reserves

Called up share capital	7	100	100
Profit and loss account		745,524	697,946
		---------	---------
Shareholders Funds		745,624	698,046
		---------	---------

These abridged 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 abridged 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.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

Parkway Specialist Cars Limited

Abridged Statement of Financial Position (continued)

31 March 2025

These abridged financial statements were approved by the board of directors and authorised for issue on 2 January 2026 , and are signed on behalf of the board by:

Mr M Teale

Director

Company registration number: 08402455

Parkway Specialist Cars Limited

Notes to the Abridged 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 91-97 Saltergate, Chesterfield, Derbyshire, England, S40 1LA. The company's place of business is The Showroom, 345 Nottingham Road, Mansfield, Nottinghamshire, England, NG18 4SG.

2. Statement of compliance

These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Leasehold Property Improvements	-	Depreciated over the term of the lease
Plant & Machinery	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2024: 8 ).

5. Tangible assets

	£
Cost
At 1 April 2024	119,644
Additions	1,030
Disposals	( 1,167)
	---------
At 31 March 2025	119,507
	---------
Depreciation
At 1 April 2024	86,692
Charge for the year	6,860
Disposals	( 992)
	---------
At 31 March 2025	92,560
	---------
Carrying amount
At 31 March 2025	26,947
	---------
At 31 March 2024	32,952
	---------

6. Secured liabilities

The aggregate amount of secured liabilities of £937,284 (2024: £1,050,258) are secured against individual vehicles held in stock.

7. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	41,250	45,000
Later than 1 year and not later than 5 years	–	41,250
	--------	--------
	41,250	86,250
	--------	--------

9. Directors' advances, credits and guarantees

There are no directors' advances, credits or guaranteess that require disclosure.