Anna Park Ltd
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Notes to the Accounts |
for the year ended 31 January 2022
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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Goodwill represent the difference between amounts paid on the cost of a business combination and the aquirier's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a reducing balance basis, as follows:
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Fixtures, fittings, tools and equipment |
25% reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
42 |
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42 |
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3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 February 2021 |
30,000 |
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Disposals |
(30,000) |
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At 31 January 2022 |
- |
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Amortisation |
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At 1 February 2021 |
29,999 |
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Provided during the year |
1 |
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On disposals |
(30,000) |
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At 31 January 2022 |
- |
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Net book value |
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At 31 January 2022 |
- |
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At 31 January 2021 |
1 |
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4 |
Tangible fixed assets |
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Land and buildings |
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Fixtures and fittings |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 February 2021 |
775,228 |
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169,181 |
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944,409 |
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At 31 January 2022 |
775,228 |
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169,181 |
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944,409 |
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Depreciation |
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At 1 February 2021 |
- |
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156,989 |
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156,989 |
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Charge for the year |
- |
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3,048 |
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3,048 |
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At 31 January 2022 |
- |
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160,037 |
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160,037 |
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Net book value |
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At 31 January 2022 |
775,228 |
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9,144 |
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784,372 |
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At 31 January 2021 |
775,228 |
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12,192 |
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787,420 |
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The net book value of Land and buildings may be further analysed as follows: |
2022 |
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2021 |
£ |
£ |
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Long leasehold |
775,228 |
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775,228 |
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Cumulative depreciation based on historical cost |
- |
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- |
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775,228 |
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775,228 |
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On 1st February 2018, a fixed asset long term leasehold property and short term leasehold improvements were redesignated as investment properties at a net book value of £241,299. |
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The investment property was revalued by directors to its market value of £750,000 on 31st January 2019, producing a fair value gain on revaluation of £508,701. The directors believe that this is a prudent estimatae of the current market value of the property, following a valuation conducted on th property by Lambers Chartered Surveyors on 10th August 2018. |
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5 |
Debtors |
2022 |
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2021 |
£ |
£ |
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Trade debtors |
- |
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2,546 |
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Other debtors |
35,769 |
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56,168 |
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35,769 |
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58,714 |
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6 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Bank loans and overdrafts |
- |
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1,489 |
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Taxation and social security costs |
104,303 |
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119,837 |
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Other creditors |
300,064 |
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235,742 |
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404,367 |
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357,068 |
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7 |
Deferred taxation |
2022 |
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2021 |
£ |
£ |
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At beginning of year |
(86,479) |
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(86,479) |
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At 31 January 2022 |
(86,479) |
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(86,479) |
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The provision for deferred taxation is made up as follows: |
2022 |
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2021 |
£ |
£ |
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Deferred tax charge on revaluation surplus of investment property |
(86,479) |
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(86,479) |
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(86,479) |
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(86,479) |
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8 |
Reserves |
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Other Reserves |
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Non-distributable reserves comprise of the cumulative annual revalutaion gains/losses of the investment properties net/groos of any deferred tax movements in relataion to those revaluation surpluses/(deficits). |
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Profit and loss account |
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Profit and loss reserves comprise of the cumulative trading profits/(losses) after tax net of any dividends and reserves transfers accounted for in the year.
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9 |
Pension commitments |
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The company operates a defined contrubution pension scheme for the directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £9,078 (2021: £7,919). |
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10 |
Related party transactions |
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Included within other creditors in as amount of £48,088 (2021: £8,564) owed to a director of the company
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Included within other creditors is an amount of £78,487 (2021: £98,957) owed to a company under common control. |
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11 |
Controlling party |
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The company is controlled by A Park, who is a director and 100% shareholder of the company.
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12 |
Other information |
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Anna Park Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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126 Regents Park Road |
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London |
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NW1 8XL |