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No description of principal activity
2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
02859063
2020-04-01
2021-03-31
02859063
2021-03-31
02859063
2020-03-31
02859063
2020-03-31
02859063
bus:OrdinaryShareClass1
2020-04-01
2021-03-31
02859063
bus:Director2
2020-04-01
2021-03-31
02859063
core:PlantMachinery
2020-03-31
02859063
core:MotorVehicles
2020-03-31
02859063
core:PlantMachinery
2021-03-31
02859063
core:MotorVehicles
2021-03-31
02859063
core:WithinOneYear
2021-03-31
02859063
core:WithinOneYear
2020-03-31
02859063
core:AfterOneYear
2020-03-31
02859063
core:PlantMachinery
2020-04-01
2021-03-31
02859063
core:MotorVehicles
2020-04-01
2021-03-31
02859063
core:ShareCapital
2021-03-31
02859063
core:ShareCapital
2020-03-31
02859063
core:RetainedEarningsAccumulatedLosses
2021-03-31
02859063
core:RetainedEarningsAccumulatedLosses
2020-03-31
02859063
core:BetweenOneFiveYears
2020-03-31
02859063
core:PlantMachinery
2020-03-31
02859063
bus:SmallEntities
2020-04-01
2021-03-31
02859063
bus:Audited
2020-04-01
2021-03-31
02859063
bus:FullAccounts
2020-04-01
2021-03-31
02859063
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
02859063
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
02859063
bus:OrdinaryShareClass1
2021-03-31
02859063
bus:OrdinaryShareClass1
2020-03-31
02859063
1
2020-04-01
2021-03-31
COMPANY REGISTRATION NUMBER:
02859063
Filleted Financial Statements
|
|
Statement of Financial Position
|
|
31 March 2021
Fixed assets
Tangible assets
|
4
|
4,806
|
22,709
|
|
|
|
|
Current assets
Debtors
|
5
|
1,772,576
|
1,805,596
|
Cash at bank and in hand
|
24,249
|
25,624
|
|
------------
|
------------
|
|
1,796,825
|
1,831,220
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
26,402
|
69,603
|
|
------------
|
------------
|
Net current assets
|
1,770,423
|
1,761,617
|
|
------------
|
------------
|
Total assets less current liabilities
|
1,775,229
|
1,784,326
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
7
|
–
|
260
|
|
------------
|
------------
|
Net assets
|
1,775,229
|
1,784,066
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
8
|
120
|
120
|
Profit and loss account
|
1,775,109
|
1,783,946
|
|
------------
|
------------
|
Shareholders funds
|
1,775,229
|
1,784,066
|
|
------------
|
------------
|
|
|
|
|
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
21 October 2021
, and are signed on behalf of the board by:
Company registration number:
02859063
Notes to the Financial Statements
|
|
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fernhill Estate Office, Fernhill Road, Sutton, Newport, TF10 8DJ.
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. The financial statements have been rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised upon completion of the services, the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Plant and machinery
|
-
|
20 - 25% Straight line
|
|
Motor vehicles
|
-
|
33.3% Straight line
|
|
|
|
|
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Plant and machinery
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2020
|
358,396
|
2,200
|
360,596
|
Disposals
|
(
65,265)
|
–
|
(
65,265)
|
|
---------
|
-------
|
---------
|
At 31 March 2021
|
293,131
|
2,200
|
295,331
|
|
---------
|
-------
|
---------
|
Depreciation
|
|
|
|
At 1 April 2020
|
335,687
|
2,200
|
337,887
|
Charge for the year
|
17,262
|
–
|
17,262
|
Disposals
|
(
64,624)
|
–
|
(
64,624)
|
|
---------
|
-------
|
---------
|
At 31 March 2021
|
288,325
|
2,200
|
290,525
|
|
---------
|
-------
|
---------
|
Carrying amount
|
|
|
|
At 31 March 2021
|
4,806
|
–
|
4,806
|
|
---------
|
-------
|
---------
|
At 31 March 2020
|
22,709
|
–
|
22,709
|
|
---------
|
-------
|
---------
|
|
|
|
|
5.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
21,706
|
12,826
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
1,730,790
|
1,768,392
|
Other debtors
|
20,080
|
24,378
|
|
------------
|
------------
|
|
1,772,576
|
1,805,596
|
|
------------
|
------------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
21,617
|
42,527
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
–
|
12,640
|
Other creditors
|
4,785
|
14,436
|
|
--------
|
--------
|
|
26,402
|
69,603
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Other creditors
|
–
|
260
|
|
----
|
----
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2021
|
2020
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
120
|
120
|
120
|
120
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
9.
Consolidated accounts
The ultimate parent company that produces consolidated accounts is Parkhill 2000 Limited whose registered office is Fernhill Estate Office, Fernhill Road, Sutton, Newport, TF10 8DJ.
10.
Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019 - 2).
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2021
|
2020
|
|
£
|
£
|
Not later than 1 year
|
11,045
|
21,510
|
Later than 1 year and not later than 5 years
|
–
|
11,045
|
|
--------
|
--------
|
|
11,045
|
32,555
|
|
--------
|
--------
|
|
|
|
12.
Charges on assets
Lloyds Bank PLC has a fixed and floating charge over company assets.
13.
Other financial commitments
The company is party to an omnibus guarantee agreement dated 10 October 2013, between the bank, Fernhill Estates Ltd, Parkhill Estates Ltd, Ketley Business Park Ltd, Brymbo Development Ltd and I'll be in the Countess Arms by Seven Ltd.
14.
Summary audit opinion
The auditor's report for the year dated 21 October 2021 was unqualified.
The senior statutory auditor was
Penelope Bowden ACA
, for and on behalf of
Riverside Accountancy Lancaster Limited
.
15.
Related party transactions
Included within creditors at the year end is a balance owed to connected parties totalling £0 (2020: £12,640). Included within debtors at the year end is a balance owed from connected parties totalling £1,730,790 (2020: £1,771,817). During the year, the company paid management fees to a connected company totalling £39,450 (2020: £34,450).
16.
Controlling party
The company is owned 100% by Parkhill 2000 Limited, its immediate parent. The ultimate controlling party is the
C Cornes Discretionary Trust.