The company Parking Investor Holding Company Limited issue shares once confirmed by Evelyn Partners. PIHCL have currently issued 19,172 shares which is approximately 90% of the expected total shareholder population.
Parking Investor Holding Company Limited are in receipt of a block licence agreement that allows the company use of all spaces at all sites for both Glasgow and Gatwick.
All profits generated from the rent of any site / space is held by PIHCL on behalf of the shareholders; the company currently has £1.1m cash at bank. The board of directors have not declared any dividend from the company for two reasons;
Dividends are declared by the board of directors and can be declared at any point in a financial year so long as the majority vote in favour of. The board of directors have not declared any dividend from the company for two reasons;
As a board we are hoping to have the final batch of shares issued as soon as possible but require EP to confirm the details, to conclude the 2024 audit, receipt the funds of the 2024 financial year and then take a view on whether to declare a dividend to all shareholders.
PIHCL have currently issued 19,172 shares. In the process of issuing shares there is no legal requirement to send physical shares to shareholders. The board decided to focus on ensuring that there was a maximum number of shareholders over the issuance of shares. Shares can be requested from info@pihcl.co.uk. Not all carparks have been operational for 2 years but there have been a good level of profitability achieved from those car parks that have been open and these profits are held in the value of the company PIHCL and therefore the shares held.
PPOA are submitted to the administrators Evelyn Partners
Evelyn Partners are continuing to receive PPOA and work through the process of updating PIHCL on LLI’s who can be issued shares.
External accountants and auditors are required to follow strict reporting procedures as per accounting and auditing standards. As professional firm regulated by the ICAEW they are bound by the code of conduct that requires them to adhere to the standards.
External accountants and auditors are required to follow strict reporting procedures as per accounting and auditing standards. As professional firm regulated by the ICAEW they are bound by the code of conduct that requires them to adhere to the standards.
External accountants and auditors are required to follow strict reporting procedures as per accounting and auditing standards. As professional firm regulated by the ICAEW they are bound by the code of conduct that requires them to adhere to the standards.
PIHCL have only interaction with P1 Airport Parking Limited under the terms of the OSA and so any amounts receivable will be funds owed by P1 Airport Parking Limited. The monies owed for a financial year are paid post year end on the conclusion of the audit and are therefore shown as outstanding at year end.
Amounts owed by PIHCL are amounts under the OSA and so will be management fees payable paid post year end.
See financial statements. Represents monies received from P1; increased year on year.
See financial statements. Profit after costs; increased year on year.
External accountants and auditors are required to follow strict reporting procedures under the Institute of Accountants of England and Wales in accordance with accounting standards.
The number of shares owned correlates with the number of spaces owned, for each parking space at Glasgow it is 4 shares and for each parking space at Gatwick it is 5 shares.
The shares and spaces that are a legal title and registered at land registry are stapled and therefore should you wish to make a transfer then both are required to be transferred, one cannot be transferred without the other.
The companies articles state:
Article 38 provides that the Company’s shares are not freely marketable or transferable, except in certain circumstances (i.e. permitted transfers). These permitted transfers include:
Any such permitted transfer must include the transfer of a shareholder’s entire holding (and not part only) and the shares may be transferred by means of an instrument of transfer in any usual form (this would usually be a stock transfer form).
In any event, legal advice should be taken for any individual looking to make a sale / transfer of any shares and space.
An independent valuation would need to be sought by a qualified RICS surveyor to place a value on any UK property. Parking Investor Holding Company Limited cannot advice on property valuation.
This question would need to be answered by the CVA Supervisors
All of the Gatwick sites are occupied. Glasgow has two operational airport carparking sites plus one tenanted. A further site we are looking to tenant and achieve a rental income stream early next year leaving all other sites unused but continue to review for purpose. Note that no empty sites have a business rates liability.
The HMRC claim has now been withdrawn.
COMPANY No: 13799931
REGISTERED OFFICE:
C/O Macmahon Leggate First Floor,
Kingsway House,
Kingsway,
Burnley,
Lancashire,
England,
BB11 1BJ
