REGISTERED NUMBER: |
Portia of Poole Limited |
Unaudited Financial Statements |
for the Year Ended 31st January 2023 |
REGISTERED NUMBER: |
Portia of Poole Limited |
Unaudited Financial Statements |
for the Year Ended 31st January 2023 |
Portia of Poole Limited (Registered number: 04635990) |
Contents of the Financial Statements |
for the year ended 31st January 2023 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 7 |
Portia of Poole Limited |
Company Information |
for the year ended 31st January 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Portia of Poole Limited (Registered number: 04635990) |
Balance Sheet |
31st January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 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 assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
Portia of Poole Limited (Registered number: 04635990) |
Balance Sheet - continued |
31st January 2023 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Portia of Poole Limited (Registered number: 04635990) |
Notes to the Financial Statements |
for the year ended 31st January 2023 |
1. | Statutory information |
Portia of Poole Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end. |
Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts. |
Fishing licence |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Boats | - |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank loans and directors' loans. |
Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at 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 Income and Retained Earnings. |
Portia of Poole Limited (Registered number: 04635990) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contract or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases re depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
Going concern |
The director has considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. |
Employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred. |
3. | Employees and directors |
The average number of employees during the year was |
Portia of Poole Limited (Registered number: 04635990) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2023 |
4. | Intangible fixed assets |
Fishing |
licence |
£ |
Cost |
At 1st February 2022 |
and 31st January 2023 |
Net book value |
At 31st January 2023 |
At 31st January 2022 |
5. | Tangible fixed assets |
Plant and | Motor | Office |
Boats | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1st February 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st January 2023 |
Depreciation |
At 1st February 2022 |
Charge for year |
At 31st January 2023 |
Net book value |
At 31st January 2023 |
At 31st January 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Other creditors |
Portia of Poole Limited (Registered number: 04635990) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2023 |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Bank loans |
Hire purchase contracts | 25,812 | 14,893 |
The bank loan is secured over the assets of the company. |
Hire purchase contracts are secured over the assets concerned. |
10. | Post balance sheet events |
Since the year end, on 15th February 2023, a dividend of £54 per share has been declared. |