Company Registration No. 05648696 (England and Wales)
COPHALL PARKING GATWICK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
COPHALL PARKING GATWICK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
COPHALL PARKING GATWICK LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
327,431
1,076,891
Creditors: amounts falling due within one year
5
(2,085,939)
(2,729,639)
Net current liabilities
(1,758,508)
(1,652,748)
Provisions for liabilities
(16,230,850)
(14,990,603)
Net liabilities
(17,989,358)
(16,643,351)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(17,989,458)
(16,643,451)
Total equity
(17,989,358)
(16,643,351)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 October 2021 and are signed on its behalf by:
Mrs R Almond
Director
Company Registration No. 05648696
COPHALL PARKING GATWICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
Cophall Parking Gatwick Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Group First House, 12a Mead Way, Burnley, BB12 7NG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Cophall Parking Gatwick Limited is a wholly owned subsidiary of Group First Global Limited and the results of Cophall Parking Gatwick Limited are included in the consolidated financial statements of Group First Global Limited which are available from its registered office at Group First House, Mead Way, Padiham, BB12 7NG. The ultimate controlling party is Toby Whittaker.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
As explained in the FCA provisions note, the FCA provisions have, since the year end, restructured as part of CVA. As part of the CVA they are fully funded and do not lead to a material uncertainty relating to Going Concern for 12 months from the date of approval of the accounts.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
COPHALL PARKING GATWICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
COPHALL PARKING GATWICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
Lifetime lease and buy-back provision
As disclosed in previous years, in 2017 the FCA reviewed the activities of the group entities airport car parking investment schemes and took the view that these were collective investment schemes.
Only FCA authorised firms and individuals can operate or promote these schemes.
As a result of discussions with the FCA, the group agreed to stop operating and promoting the original schemes. As part of corrective action agreed with the FCA, the group offered all investors in the schemes the choice of:
-
getting their initial investment back (a ‘Buy Back’)
-
moving into a new Lifetime Leaseback scheme whereby the investor would be entitled to a 2% coupon on the original investment value for 175 years
As 30 June 2020 the Lifetime Lease provision stood at £
11.7
m and the Buyback
, £4.6
.
The FCA provisions within this entity are owed to another entity with the Group First group which then in turn has the ‘external’ provision owed to the investor. The other group entities in question are in administration and since the year end a CVA has been voted through to restructure their liabilities, including the FCA provisions. As at the year end the CVA was in its infancy and the provision still fully due, therefore it was concluded that the full provision amount, not the restructured amount should be fully provided.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.7
This entity is a subsidiary of Group First Global Limited. Several subsidiaries of the group are in administration related to the previous airport car parking schemes. Since the year end a Company Voluntary Agreement (CVA) has been voted through for the entities in administration.
This company has ultimately been part of the airport car parking schemes and therefore has been included in the CVA. The only impact on this entity is to restructure the liabilities owed to group and connected companies.
The group and its controlling parties will be introducing funds by way of debt and realising assets, in addition to the funds raised from the sale of London Luton Airport Car Park’ in order to fund the CVA.
COPHALL PARKING GATWICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 5 -
1.8
The directors have considered the impact of Brexit on the company and have concluded that there are no impacts as a result of Brexit which require disclosure at the balance sheet date.
1.9
The directors have closely monitored the Government guidance in response to the Covid-19 Pandemic and conclude that there are no items resulting from the Covid-19 Pandemic
which require disclosure at the balance sheet date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
395
Corporation tax recoverable
100
Amounts owed by group undertakings
326,862
326,862
Other debtors
569
749,434
327,431
1,076,791
COPHALL PARKING GATWICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
8,032
Trade creditors
226,157
218,125
Amounts owed to group undertakings
1,424,794
1,424,794
Other creditors
434,988
1,078,688
2,085,939
2,729,639
The amounts within provisions held on the balance sheet includes an amount owed to other group companies.
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jonathan Brodie ACA and the auditor was Lopian Gross Barnett & Co.
8
Events after the reporting date
There were no events after the reporting period end which require disclosure at the balance sheet date.
9
Related party transactions
There were no related party transactions during the year outside the normal course of business.