Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302No description of principal activitytrue2022-05-01false2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05262481 2022-05-01 2023-04-30 05262481 2021-05-01 2022-04-30 05262481 2023-04-30 05262481 2022-04-30 05262481 c:CompanySecretary1 2022-05-01 2023-04-30 05262481 c:Director1 2022-05-01 2023-04-30 05262481 c:Director2 2022-05-01 2023-04-30 05262481 c:RegisteredOffice 2022-05-01 2023-04-30 05262481 d:CurrentFinancialInstruments 2023-04-30 05262481 d:CurrentFinancialInstruments 2022-04-30 05262481 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 05262481 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 05262481 d:ShareCapital 2023-04-30 05262481 d:ShareCapital 2022-04-30 05262481 c:OrdinaryShareClass1 2022-05-01 2023-04-30 05262481 c:OrdinaryShareClass1 2023-04-30 05262481 c:OrdinaryShareClass1 2022-04-30 05262481 c:OrdinaryShareClass2 2022-05-01 2023-04-30 05262481 c:OrdinaryShareClass2 2023-04-30 05262481 c:OrdinaryShareClass2 2022-04-30 05262481 c:FRS102 2022-05-01 2023-04-30 05262481 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 05262481 c:FullAccounts 2022-05-01 2023-04-30 05262481 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 05262481 6 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05262481










PORTASA LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
PORTASA LIMITED
 
 
COMPANY INFORMATION


Directors
Mr D E J Hudson 
Mrs A J Hudson 




Company secretary
Mr D E J Hudson



Registered number
05262481



Registered office
2 Bolton Road

Bedfordshire

LU1 3HR




Accountants
MHA
Chartered Accountants

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
PORTASA LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 5


 
PORTASA LIMITED
REGISTERED NUMBER: 05262481

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
29,645
29,645

Current assets
  

Debtors: amounts falling due within one year
 5 
9,861
8,809

Creditors: amounts falling due within one year
 6 
(12,783)
(11,731)

Net current liabilities
  
 
 
(2,922)
 
 
(2,922)

  

Net assets
  
26,723
26,723


Capital and reserves
  

Called up share capital 
 7 
26,723
26,723


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf 




Mr D E J Hudson
Director

Date: 18 October 2023


The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
PORTASA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Portasa Limited is a private company limited by shares, incorporated in England and Wales within the United Kingdom. The registered office is included in the Company Information page. The principal activity is that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been prepared in £ sterling, the functional currency, rounded to the nearest £1.
The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present the information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the financial statements on a going concern basis as the shareholders have committed to providing financial support as required. The going concern basis is considered by the directors to be appropriate due to the willingness and ability of the Company's investors to continue to support the company for at least 12 months from the date of approval of the financial statements.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 2

 
PORTASA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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 other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 3

 
PORTASA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2022
29,645



At 30 April 2023
29,645





5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
6,131

Other debtors
9,861
2,678

9,861
8,809



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
7,452
-

Other creditors
5,331
11,731

12,783
11,731


Page 4

 
PORTASA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



24,045 (2022 - 24,045) Ordinary A shares shares of £1.00 each
24,045
24,045
2,678 (2022 - 2,678) Ordinary B shares shares of £1.00 each
2,678
2,678

26,723

26,723





8.


Related party transactions

During the year, the Company received dividends of £34,500 (2022: £130,800) from Whitehill Spindle Tools Limited, a wholly owned subsidiary.
Dividends of £30,000 (2022: £120,000) were paid to the directors who collectively own 100% of the Ordinary 'A' shares.
Dividends of £4,500 (2022: £10,800) were paid on the Ordinary 'B' shares.
Included in other debtors is £2,678 (2022: £2,678) due from The David Hudson Discretionary Settlement 2017, a trust in which the directors of Portasa Limited are Trustees.
Included in other debtors is £7,183 (2022: £Nil) due from the directors and shareholders of the Company. This loan is secured, interest free and repayable on demand.
Included in other creditors is £5,329 (2022: £11,731) due to the directors and shareholders of the Company. This loan is secured, interest free and repayable on demand


9.


Controlling party

The Company's ultimate controlling party is Mr D E J Hudson, by virtue of his 73% ownership of the shares in Portasa Limited.

 
Page 5