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REGISTERED NUMBER: 03558920 (England and Wales)













Financial Statements

for the Year Ended 31 May 2023

for

Portland Tools (1998) Limited

Portland Tools (1998) Limited (Registered number: 03558920)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Portland Tools (1998) Limited

Company Information
for the year ended 31 May 2023







DIRECTORS: Mr D R Carter
Mr A Scott



SECRETARY: Mr D R Carter



REGISTERED OFFICE: Unit 1 Pelham Centre
Canwick Road
LINCOLN
Lincolnshire
LN5 8HG



REGISTERED NUMBER: 03558920 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Lloyds Bank Plc
202 High Street
LINCOLN
Lincolnshire
LN5 7AP

Portland Tools (1998) Limited (Registered number: 03558920)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,161 -
Tangible assets 5 5,540 5,377
6,701 5,377

CURRENT ASSETS
Stocks 104,770 119,700
Debtors 6 71,779 55,694
Cash at bank and in hand 83,948 122,508
260,497 297,902
CREDITORS
Amounts falling due within one year 7 79,905 98,729
NET CURRENT ASSETS 180,592 199,173
TOTAL ASSETS LESS CURRENT
LIABILITIES

187,293

204,550

PROVISIONS FOR LIABILITIES 1,053 1,022
NET ASSETS 186,240 203,528

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 185,240 202,528
SHAREHOLDERS' FUNDS 186,240 203,528

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 directors acknowledge their 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.

Portland Tools (1998) Limited (Registered number: 03558920)

Statement of Financial Position - 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 Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:





Mr D R Carter - Director


Portland Tools (1998) Limited (Registered number: 03558920)

Notes to the Financial Statements
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Portland Tools (1998) Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.


Portland Tools (1998) Limited (Registered number: 03558920)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

Portland Tools (1998) Limited (Registered number: 03558920)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. INTANGIBLE FIXED ASSETS
Developme
costs
£   
COST
At 1 June 2022
and 31 May 2023 1,200
AMORTISATION
Amortisation for year 39
At 31 May 2023 39
NET BOOK VALUE
At 31 May 2023 1,161
At 31 May 2022 1,200

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 7,398 1,845 9,932 6,908 26,083
Additions 1,142 - - - 1,142
At 31 May 2023 8,540 1,845 9,932 6,908 27,225
DEPRECIATION
At 1 June 2022 7,398 1,410 5,012 6,886 20,706
Charge for year 170 65 738 6 979
At 31 May 2023 7,568 1,475 5,750 6,892 21,685
NET BOOK VALUE
At 31 May 2023 972 370 4,182 16 5,540
At 31 May 2022 - 435 4,920 22 5,377

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 69,424 51,930
Other debtors 200 200
Prepayments and accrued income 2,155 3,564
71,779 55,694

Portland Tools (1998) Limited (Registered number: 03558920)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 62,917 45,055
Tax 2,377 3,844
Social security and other taxes 1,384 501
VAT 11,527 9,363
Accruals and deferred income 1,700 39,966
79,905 98,729

8. LEASING AGREEMENTS
The total minimum lease payments under non-cancellable operating leases are £30,833 (2022: £49,333).