REGISTERED NUMBER: |
Portman Scott Ltd |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Bankers: |
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 |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) |
Creditors |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
Net (liabilities)/assets | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) |
Shareholders' funds | ( |
) |
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 |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of business and management consultancy services to customers. |
Tangible fixed assets |
Office equipment | - |
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 |
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 |
Depreciation |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 June 2022 |
Additions |
Disposals | ( |
) |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Social security and other taxes |
VAT | 7,872 | 17,645 |
Other creditors |
Directors' current accounts | 183,612 | 101,142 |
Accrued expenses |
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 |
Bank loans - 2-5 years |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
10. | Reserves |
Retained |
earnings |
£ |
At 1 June 2022 |
Deficit for the year | ( |
) |
At 31 May 2023 | ( |
) |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
12. | Ultimate controlling party |