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REGISTERED NUMBER: 06233353 (England and Wales)















Portman Scott Ltd

Unaudited Financial Statements for the Year Ended 31 May 2023






Portman Scott Ltd (Registered number: 06233353)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Portman Scott Ltd

Company Information
for the Year Ended 31 May 2023







Director: Mr B M Howard



Registered office: 37 Rudall Crescent
London
NW3 1RR



Registered number: 06233353 (England and Wales)



Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ



Bankers: Lloyds TSB Bank
802 Oxford Street
Swansea
SA1 3AF

Portman Scott Ltd (Registered number: 06233353)

Balance Sheet
31 May 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 4 1,473 1,841
Investments 5 93,487 74,495
94,960 76,336

Current assets
Debtors 6 48,111 28,899
Cash at bank 54,828 52,039
102,939 80,938
Creditors
Amounts falling due within one year 7 (203,681 ) (134,171 )
Net current liabilities (100,742 ) (53,233 )
Total assets less current liabilities (5,782 ) 23,103

Creditors
Amounts falling due after more than one year 8 (12,469 ) (18,703 )
Net (liabilities)/assets (18,251 ) 4,400

Capital and reserves
Called up share capital 9 1 1
Retained earnings 10 (18,252 ) 4,399
Shareholders' funds (18,251 ) 4,400

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Portman Scott Ltd (Registered number: 06233353)

Balance Sheet - continued
31 May 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2023 and were signed by:





Mr B M Howard - Director


Portman Scott Ltd (Registered number: 06233353)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. Statutory information

Portman Scott Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of business and management consultancy services to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Office equipment - 20% on reducing balance

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments have been classified as fixed assets investments and are measured to market value at the balance sheet date. Any gains and losses on re-measurement are recognised in the profit or loss for the period.

Portman Scott Ltd (Registered number: 06233353)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. Accounting policies - continued

Financial instruments
Financial instruments are recognised on the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset and 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 balance, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective rate of interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest are method.

Trade creditors are obligations to pay for goods are 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 initially at transaction price and subsequently measured at amortised cost using the effective rate of interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Going concern
At the time of approving the financial statements, the director has reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. In particular, the director reviewed the obligations under the company's finance documents and is satisfied that the company will continue to meet these obligations. Therefore the director continues to adopt the going concern basis of accounting in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

Portman Scott Ltd (Registered number: 06233353)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. Tangible fixed assets
Office
equipment
£   
Cost
At 1 June 2022
and 31 May 2023 4,628
Depreciation
At 1 June 2022 2,787
Charge for year 368
At 31 May 2023 3,155
Net book value
At 31 May 2023 1,473
At 31 May 2022 1,841

5. Fixed asset investments
Other
investments
£   
Cost
At 1 June 2022 74,495
Additions 75,444
Disposals (56,452 )
At 31 May 2023 93,487
Net book value
At 31 May 2023 93,487
At 31 May 2022 74,495

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 22,807 8,833
Other debtors 650 10,650
Prepayments and accrued income 24,654 9,416
48,111 28,899

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 6,234 6,234
Social security and other taxes 1,481 1,596
VAT 7,872 17,645
Other creditors 2,712 -
Directors' current accounts 183,612 101,142
Accrued expenses 1,770 7,554
203,681 134,171

Portman Scott Ltd (Registered number: 06233353)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 6,234 6,234
Bank loans - 2-5 years 6,235 12,469
12,469 18,703

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

10. Reserves
Retained
earnings
£   

At 1 June 2022 4,399
Deficit for the year (22,651 )
At 31 May 2023 (18,252 )

11. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr B M Howard
Balance outstanding at start of year (101,142 ) (123,984 )
Amounts advanced 80,000 30,108
Amounts repaid (162,470 ) (7,266 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (183,612 ) (101,142 )

12. Ultimate controlling party

The company is controlled by the director who owns 100% of the called up share capital.