Parkin Estates Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

Parkin Estates Limited

Balance Sheet

31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	3,337,564	1,163,828
Current assets
Stocks		3,324	3,324
Debtors	5	137,526	93,151
Cash at bank and in hand		331,857	1,659,641
		472,707	1,756,116
Creditors: Amounts falling due within one year	6	(460,769)	(246,472)
Net current assets		11,938	1,509,644
Total assets less current liabilities		3,349,502	2,673,472
Creditors: Amounts falling due after more than one year	6	(766,095)	(178,286)
Provisions for liabilities		(35,000)	(37,000)
Deferred income - capital grants		(15,000)	(15,600)
Net assets		2,533,407	2,442,586
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		2,533,307	2,442,486
Shareholders' funds		2,533,407	2,442,586

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 July 2026 and signed on its behalf by:
 

......................................... Mr C P Chandler Director

Company Registration Number: 00370383

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
South Street
Woolacombe
Devon
EX34 7BG

2	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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The directors have considered the expected future car park, consumables and franchise income and have reviewed the level of core overheads of the business, to determine if there is sufficient working capital to meet the company's liabilities for a period of at least twelve months from the date of approval of these financial statements. In addition, the directors have considered the adequacy of the bank loan facilities taken out to help fund the assets under construction. The loans will be renegotiated in summer 2027 following completion of the construction that is expected in autumn 2026. The directors are confident that sufficient facilities are in place to cover the remaining build costs, with construction now almost complete, and have considered contingency measures that would be taken should any further finance be required. Any cash constraints would arise over the winter months when cash receipts from trading are at their lowest. The bank has been very supportive and have indicated further support is available and directors could inject cash if needed. Following their review, based on all available information to date, the directors are satisfied that the company has sufficient cash balances to meet its obligations and that there are no material uncertainties with regard to the going concern status of the company. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Revenue recognition

The turnover shown in the Profit and Loss Account represents sales made during the year, exclusive of Value Added Tax. Franchise income and beach hut hire are recognised over the rental period. Car parking and consumables are recognised when provided to customers.

Deferred capital grants

Grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Asset class	Depreciation method and rate
Freehold buildings	2% straight line
Plant & machinery	20% reducing balance
Fixtures & fittings	20% reducing balance
Motor vehicles	20% reducing balance

Assets in the course of construction are not depreciated until brought into use.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents purchase price.

Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Leases - as lessor

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The company holds the following financial instruments, all of which meet the conditions to be classified as basic financial instruments:

• Short term trade and other debtors and creditors;
• Loans from related parties; and
• Bank loans.
 
Short term trade and other balances
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans from related parties
Loans from related parties are initially recorded at transaction price, including transaction costs. Interest-bearing loans where the returns are a combination of positive fixed and variable rates over the life of the instrument are subsequently measured at amortised cost using the effective interest method.

Bank loans
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently measured at amortised cost using the effective interest method.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2024 - 34).

Parkin Estates Limited

Notes to the Financial Statements

Year Ended 31 December 2025

4	Tangible assets

	Freehold land and buildings £	Plant and machinery  £	Fixtures and fittings  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	1,447,930	502,103	45,250	102,403	2,097,686
Additions	2,184,107	51,177	-	-	2,235,284
At 31 December 2025	3,632,037	553,280	45,250	102,403	4,332,970
Depreciation
At 1 January 2025	461,494	381,072	45,250	46,042	933,858
Charge for the year	19,883	30,394	-	11,271	61,548
At 31 December 2025	481,377	411,466	45,250	57,313	995,406
Carrying amount
At 31 December 2025	3,150,660	141,814	-	45,090	3,337,564
At 31 December 2024	986,436	121,031	-	56,361	1,163,828