Parkland Hospitality 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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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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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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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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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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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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2 |
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3 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Bank loans and overdrafts |
16,167 |
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19,000 |
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Trade creditors |
- |
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11,565 |
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Corporation tax |
1,899 |
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3,788 |
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Accrued expenses |
- |
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- |
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18,066 |
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34,353 |
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4 |
Controlling party |
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The director, Jaswant Singh, held a 100% beneficial interest in the share capital of the company.
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5 |
Other information |
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Parkland Hospitality Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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560 Paisley Road West |
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Glasgow |
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G51 1RF |