Park First Skyport 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.
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. The principal accounting policies adopted are set out below.
Park First Skyport Limited is a wholly owned subsidiary of Group First Global Limited and the results of Park First Skyport 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 directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.
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.
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, 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.
Lifetime lease and buy-back provision
The FCA have 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.
This entity is not authorised by FCA and is not permitted to provide regulated financial services.
As a result of discussion with the FCA, this entity has agreed to stop operating and promoting the original schemes. The entity is now offering the choice of:
getting their initial investment back (to original investors).
moving in to a new Lifetime Leaseback scheme (to original and new investors).
It was concluded that it is appropriate for a provision to be put in place the cover the cost of these transactions. This provision has been discounted to present value where necessary.
The average monthly number of persons (including directors) employed by the company during the period was 0 (2017 - 0).
The amounts held in provisions on the balance sheet includes £22.6m owed to other group companies.
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.
There were no related party transactions during the year outside normal course of business.