Palace Court Car Parks Limited - Period Ending 2019-03-31

Registration number: 04663670

Palace Court Car Parks Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

Palace Court Car Parks Limited

Contents

Company Information	1
Statement of Director's Responsibilities	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

Palace Court Car Parks Limited

Company Information

Director

Mr M Wrennall

Company secretary

Mr G C Wrennall

Registered office

27 Saxon Hall 16 Palace Court London W2 4JA

Accountants

Michaelides Warner & Co 102 Fulham Palace Road London W6 9PL

Page 1

Palace Court Car Parks Limited

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' . Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Palace Court Car Parks Limited

(Registration number: 04663670)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	450,000	450,000
Creditors: Amounts falling due within one year	4	(16,808)	(15,529)
Net assets		433,192	434,471
Capital and reserves
Called up share capital	5	65,838	65,838
Other reserves		397,580	397,580
Profit and loss account		(30,226)	(28,947)
Total equity		433,192	434,471

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 December 2019
 

.........................................

Mr M Wrennall
Director

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Palace Court Car Parks Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
27 Saxon Hall
16 Palace Court
London
W2 4JA
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Not depreciated

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 4

Palace Court Car Parks Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables,cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.
 
 

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 April 2018	450,000	450,000
At 31 March 2019	450,000	450,000
Depreciation
Carrying amount
At 31 March 2019	450,000	450,000
At 31 March 2018	450,000	450,000

Included within the net book value of land and buildings above is £450,000 (2018 - £450,000) in respect of freehold land and buildings.
 

Page 5

Palace Court Car Parks Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6	15,808	14,679
Accruals and deferred income		1,000	850
		16,808	15,529

5	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	65,838	65,838	65,838	65,838

6	Related party transactions

Loans from related parties

2019	Parent £
At start of period	14,679
Advanced	1,129
At end of period	15,808

2018	Parent £
At start of period	13,411
Advanced	1,268
At end of period	14,679

7	Parent and ultimate parent undertaking

The company's immediate parent is Palace Court Properties Limited, incorporated in England.

 

Page 6