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Registration number: 02732503

Portman Industries Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Portman Industries Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Portman Industries Limited

Company Information

Directors

C J Smythe

C A Smythe

Company secretary

C J Smythe

Registered office

Portman House
Tollgate Drive
Beaconside
Stafford
ST16 3HS

 

Portman Industries Limited

(Registration number: 02732503)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

16,028

20,271

Current assets

 

Stocks

6

76,879

80,029

Debtors

7

136,753

113,479

Cash at bank and in hand

 

50,986

39,350

 

264,618

232,858

Creditors: Amounts falling due within one year

8

(113,574)

(93,770)

Net current assets

 

151,044

139,088

Net assets

 

167,072

159,359

Capital and reserves

 

Called up share capital

9

20,000

20,000

Retained earnings

147,072

139,359

Shareholders' funds

 

167,072

159,359

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 11 September 2023 and signed on its behalf by:
 

.........................................
C J Smythe
Company secretary and director

 

Portman Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Portman House
Tollgate Drive
Beaconside
Stafford
ST16 3HS

These financial statements were authorised for issue by the Board on 11 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Portman Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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

Plant and machinery

15% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Portman Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,243

5,462

 

Portman Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

47,033

30,176

12,460

89,669

At 31 July 2023

47,033

30,176

12,460

89,669

Depreciation

At 1 August 2022

39,295

18,155

11,948

69,398

Charge for the year

1,161

3,005

77

4,243

At 31 July 2023

40,456

21,160

12,025

73,641

Carrying amount

At 31 July 2023

6,577

9,016

435

16,028

At 31 July 2022

7,738

12,021

512

20,271

6

Stocks

2023
£

2022
£

Other inventories

76,879

80,029

7

Debtors

Current

2023
£

2022
£

Trade debtors

132,492

108,034

Prepayments

4,261

3,945

Other debtors

-

1,500

 

136,753

113,479

8

Creditors

Creditors: amounts falling due within one year

 

Portman Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Due within one year

Trade creditors

69,824

50,510

Taxation and social security

24,714

23,270

Accruals and deferred income

10,238

10,790

Other creditors

8,798

9,200

113,574

93,770

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000

         

10

Related party transactions

 

Portman Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

C J Smythe

Director's loan account

9,200

(402)

8,798

-

-

-

 

9,200

(402)

8,798

     

 

2022

At 1 August 2021
£

At 31 July 2022
£

C J Smythe

Director's loan account

9,200

9,200

-

-

 

9,200

9,200