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REGISTRAR OF COMPANIES

Registration number: 01318356

D & M Porter Limited

Unaudited Financial Statements

30 September 2023

image-name

 

D & M Porter Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D & M Porter Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D & M Porter Limited for the year ended 30 September 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of D & M Porter Limited, as a body, in accordance with the terms of our engagement letter dated 12 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of D & M Porter Limited and state those matters that we have agreed to state to the Board of Directors of D & M Porter Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D & M Porter Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D & M Porter Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D & M Porter Limited. You consider that D & M Porter Limited 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 accounts of D & M Porter Limited. 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

19 December 2023

 

D & M Porter Limited

(Registration number: 01318356)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

130,449

114,367

Current assets

 

Debtors

5

379,998

427,960

Cash at bank and in hand

 

229,455

262,750

 

609,453

690,710

Creditors: Amounts falling due within one year

6

(188,385)

(385,063)

Net current assets

 

421,068

305,647

Total assets less current liabilities

 

551,517

420,014

Creditors: Amounts falling due after more than one year

6

(62,719)

(82,720)

Provisions for liabilities

(22,971)

(18,162)

Net assets

 

465,827

319,132

Capital and reserves

 

Allotted, called up and fully paid share capital

60

60

Profit and loss account

465,767

319,072

Total equity

 

465,827

319,132

 

D & M Porter Limited

(Registration number: 01318356)
Balance Sheet as at 30 September 2023 (continued)

For the financial year ending 30 September 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 December 2023 and signed on its behalf by:
 

.........................................

A Porter

Director

 

D & M Porter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Field Head
Calthwaite
PENRITH
CA11 9PU

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

D & M Porter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

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

Land and buildings

2% straight line

Plant and equipment

15% reducing balance

Motor vehicles

15% reducing balance

Furniture, fittings and office equipment

25% 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 the sale of goods 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

 

D & M Porter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 5 (2022 - 5).

 

D & M Porter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 October 2022

78,350

244,518

26,129

13,363

362,360

Additions

-

19,680

-

14,290

33,970

Disposals

-

(2,120)

-

-

(2,120)

At 30 September 2023

78,350

262,078

26,129

27,653

394,210

Depreciation

At 1 October 2022

37,159

192,377

16,241

2,216

247,993

Charge for the year

1,567

8,122

1,483

4,755

15,927

Eliminated on disposal

-

(159)

-

-

(159)

At 30 September 2023

38,726

200,340

17,724

6,971

263,761

Carrying amount

At 30 September 2023

39,624

61,738

8,405

20,682

130,449

At 30 September 2022

41,191

52,141

9,888

11,147

114,367

5

Debtors

2023
£

2022
£

Trade debtors

115,290

145,474

Other debtors

264,708

282,486

379,998

427,960

 

D & M Porter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

8,603

13,707

Trade creditors

 

84,909

303,475

Taxation and social security

 

24,982

35,680

Corporation tax liability

 

60,090

26,402

Other creditors

 

9,801

5,799

 

188,385

385,063

Due after one year

 

Loans and borrowings

7

62,719

82,720

2023
£

2022
£

After more than five years by instalments

23,219

33,981

23,219

33,981

 

D & M Porter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,603

13,707

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

8,603

13,707

Bank borrowings are secured by fixed and floating charges over the company's assets.

 

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

62,719

82,720

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

62,719

82,720

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

 

D & M Porter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,062 (2022 - £13,090).

9

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 September 2023
£

A Porter

Directors Loan

17,278

62,005

(7,452)

-

(36,000)

377

36,208

               
         

J M Porter

Directors Loan

17,277

62,005

(7,451)

-

(36,000)

377

36,208

               
         

 

2022

At 1 October 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 September 2022
£

A Porter

Directors Loan

26,073

38,466

(6,483)

-

(41,000)

222

17,278

               
         

J M Porter

Directors Loan

26,072

31,278

(8,942)

-

(31,353)

222

17,277

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at 2%/2.25% on advances to directors.