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31/05/2023
2023-05-31
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No description of principal activities is disclosed
2022-06-01
Sage Accounts Production 21.0 - FRS102_2021
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xbrli:shares
iso4217:GBP
00748436
2022-06-01
2023-05-31
00748436
2023-05-31
00748436
2022-05-31
00748436
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2022-05-31
00748436
2022-05-31
00748436
2021-05-31
00748436
core:LandBuildings
core:ShortLeaseholdAssets
2022-06-01
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00748436
core:PlantMachinery
2022-06-01
2023-05-31
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2022-06-01
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2022-06-01
2023-05-31
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2023-05-31
00748436
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2022-05-31
00748436
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-05-31
00748436
core:LandBuildings
core:ShortLeaseholdAssets
2022-05-31
00748436
core:PlantMachinery
2022-05-31
00748436
core:FurnitureFittingsToolsEquipment
2022-05-31
00748436
core:MotorVehicles
2022-05-31
00748436
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-05-31
00748436
core:LandBuildings
core:ShortLeaseholdAssets
2023-05-31
00748436
core:PlantMachinery
2023-05-31
00748436
core:FurnitureFittingsToolsEquipment
2023-05-31
00748436
core:MotorVehicles
2023-05-31
00748436
core:RevaluationReserve
2021-06-01
2022-05-31
00748436
core:RetainedEarningsAccumulatedLosses
2021-06-01
2022-05-31
00748436
core:RetainedEarningsAccumulatedLosses
2022-06-01
2023-05-31
00748436
core:ShareCapital
2023-05-31
00748436
core:ShareCapital
2022-05-31
00748436
core:RevaluationReserve
2023-05-31
00748436
core:RevaluationReserve
2022-05-31
00748436
core:RetainedEarningsAccumulatedLosses
2023-05-31
00748436
core:RetainedEarningsAccumulatedLosses
2022-05-31
00748436
core:ShareCapital
2021-05-31
00748436
core:RevaluationReserve
2021-05-31
00748436
core:RetainedEarningsAccumulatedLosses
2021-05-31
00748436
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core:ShareCapital
2023-05-31
00748436
bus:OrdinaryShareClass1
core:ShareCapital
2022-05-31
00748436
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-05-31
00748436
core:LandBuildings
core:ShortLeaseholdAssets
2022-05-31
00748436
core:PlantMachinery
2022-05-31
00748436
core:FurnitureFittingsToolsEquipment
2022-05-31
00748436
core:MotorVehicles
2022-05-31
00748436
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2023-05-31
Company registration number:
00748436
Porten Holdings Ltd
Unaudited filleted financial statements
31 May 2023
Porten Holdings Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Porten Holdings Ltd
Directors and other information
|
|
|
|
Director |
Mr Robert Benjamin Cox |
|
|
|
|
|
|
|
Company number |
00748436 |
|
|
|
|
|
|
|
Registered office |
75 High Street |
|
|
Boston |
|
|
Lincs |
|
|
PE21 8SX |
|
|
|
|
|
|
|
Business address |
Moorside Farm |
|
|
Morley Lane |
|
|
Morley |
|
|
Derby |
|
|
DE7 6DL |
|
|
|
|
|
|
|
Accountants |
Lister & Co |
|
|
75 High Street |
|
|
BOSTON |
|
|
Lincs |
|
|
PE21 8SX |
|
|
|
Porten Holdings Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Porten Holdings Ltd
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Porten Holdings Ltd for the year ended 31 May 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Porten Holdings Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Porten Holdings Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Porten Holdings Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Porten Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Porten Holdings Ltd. You consider that Porten Holdings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Porten Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
BOSTON
Lincs
PE21 8SX
17 October 2023
Porten Holdings Ltd
Statement of financial position
31 May 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
4 |
122,896 |
|
|
|
128,807 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
122,896 |
|
|
|
128,807 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
241,602 |
|
|
|
242,385 |
|
|
Debtors |
|
5 |
15,306 |
|
|
|
4,767 |
|
|
Cash at bank and in hand |
|
|
73,707 |
|
|
|
137,904 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
330,615 |
|
|
|
385,056 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
564,386) |
|
|
|
(
622,461) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
233,771) |
|
|
|
(
237,405) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
110,875) |
|
|
|
(
108,598) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
68 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
110,807) |
|
|
|
(
108,530) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
7 |
|
|
1,000 |
|
|
|
1,000 |
Revaluation reserve |
|
|
|
|
12,998 |
|
|
|
12,998 |
Profit and loss account |
|
|
|
|
(
124,805) |
|
|
|
(
122,528) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
110,807) |
|
|
|
(
108,530) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 May 2023 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 financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 October 2023
, and are signed on behalf of the board by:
Mr Robert Benjamin Cox
Director
Company registration number:
00748436
Porten Holdings Ltd
Statement of changes in equity
Year ended 31 May 2023
|
|
Called up share capital |
|
Revaluation reserve |
|
Profit and loss account |
Total |
|
|
|
|
|
£ |
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 June 2021 |
|
1,000 |
|
1,000 |
|
(
113,480) |
(
111,480) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
|
|
(
9,048) |
(
9,048) |
|
|
|
Other comprehensive income for the year: |
|
|
|
|
|
|
|
|
|
|
Revaluation of tangible assets |
|
|
|
11,930 |
|
|
11,930 |
|
|
|
Tax relating to components of other comprehensive income |
|
|
|
68 |
|
- |
68 |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
Total comprehensive income for the year |
|
- |
|
11,998 |
|
(
9,048) |
2,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
At 31 May 2022 and 1 June 2022 |
|
1,000 |
|
12,998 |
|
(
122,528) |
(
108,530) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
|
|
(
2,277) |
(
2,277) |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
Total comprehensive income for the year |
|
- |
|
- |
|
(
2,277) |
(
2,277) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
At 31 May 2023 |
|
1,000 |
|
12,998 |
|
(
124,805) |
(
110,807) |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Porten Holdings Ltd
Notes to the financial statements
Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 75 High Street, Boston, Lincs, PE21 8SX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company continues to operate as a going concern due to the continued support of the director.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Vehicles etc operating leases |
- |
20 % |
straight line |
|
Plant and machinery |
- |
20 % |
straight line |
|
Office equipment |
- |
15 % |
straight line |
|
Motor vehicles |
- |
20 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4.
Tangible assets
|
|
Freehold property |
Vehicles,etc operating leases |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2022 |
110,000 |
14,620 |
34,626 |
5,479 |
17,520 |
182,245 |
|
|
Additions |
- |
- |
- |
1,248 |
- |
1,248 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 May 2023 |
110,000 |
14,620 |
34,626 |
6,727 |
17,520 |
183,493 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2022 |
- |
14,619 |
18,927 |
4,416 |
15,476 |
53,438 |
|
|
Charge for the year |
- |
- |
4,628 |
488 |
2,043 |
7,159 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 May 2023 |
- |
14,619 |
23,555 |
4,904 |
17,519 |
60,597 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 May 2023 |
110,000 |
1 |
11,071 |
1,823 |
1 |
122,896 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 May 2022 |
110,000 |
1 |
15,699 |
1,063 |
2,044 |
128,807 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
Investment property
In the opinion of the director the market value of the properties at the year end is £110,000.
5.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
14,500 |
4,000 |
|
Prepayments and accrued income |
|
806 |
767 |
|
|
|
_______ |
_______ |
|
|
|
15,306 |
4,767 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accruals and deferred income |
|
3,588 |
3,420 |
|
Other creditors |
|
560,798 |
619,041 |
|
|
|
_______ |
_______ |
|
|
|
564,386 |
622,461 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|