Company registration number 10063097 (England and Wales)
GOOD VALUE PARKING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GOOD VALUE PARKING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GOOD VALUE PARKING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,596
6,111
Current assets
Debtors
4
38,059
45,618
Cash at bank and in hand
1,284,796
550,304
1,322,855
595,922
Creditors: amounts falling due within one year
5
(1,267,611)
(569,592)
Net current assets
55,244
26,330
Net assets
60,840
32,441
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
60,838
32,439
Total equity
60,840
32,441
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 2 November 2023 and are signed on its behalf by:
Mr P T Garry MRICS
Managing Director
Company Registration No. 10063097
GOOD VALUE PARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Good Value Parking Limited is a private company limited by shares incorporated in England and Wales. The registered office is George Nott House, 3rd Floor, 119 Holloway Head, Birmingham, B1 1QP.
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 amounts 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.
1.2
Turnover
Turnover represents amounts receivable from car parking services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
Any gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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 measured at transaction price including transaction costs.
GOOD VALUE PARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and related parties that are classified as debt, are initially recognised at transaction cost.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 at transaction cost.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
2
2
Employees
1
1
Total
3
3
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2022
8,296
Additions
2,117
At 31 March 2023
10,413
Depreciation and impairment
At 1 April 2022
2,185
Depreciation charged in the year
2,632
At 31 March 2023
4,817
Carrying amount
At 31 March 2023
5,596
At 31 March 2022
6,111
GOOD VALUE PARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
333
420
Prepayments and accrued income
37,726
45,198
38,059
45,618
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
63,266
39,981
Corporation tax
6,379
6,744
VAT and social security
15,488
10,752
Amounts owed to related parties
1,162,079
482,079
Accruals and deferred income
20,399
30,036
1,267,611
569,592
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary share of £1 each
1
1
1
1
B Ordinary share of £1 each
1
1
1
1
2
2
2
2
The rights attached to each category of shares can be found in the company's articles of association.
7
Related party transactions
The directors Mr M J Gallagher and Mr P T Garry are also directors/shareholders of several related parties.
During the year, the company was charged management charges of £689,675 (2022 - £412,166) from these related parties. At 31 March 2023, included within creditors is an amount of £1,162,079 (2022 - £482,079) due to these companies.
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