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REGISTERED NUMBER: 01237764 (England and Wales)












PORTMERE RUBBER LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






PORTMERE RUBBER LIMITED (REGISTERED NUMBER: 01237764)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTMERE RUBBER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: K D Fisher
Mrs P J Fisher





REGISTERED OFFICE: Victoria Street
Northam
Southampton
Hampshire
SO14 5QZ





REGISTERED NUMBER: 01237764 (England and Wales)

PORTMERE RUBBER LIMITED (REGISTERED NUMBER: 01237764)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 73,757 84,607

CURRENT ASSETS
Stocks 227,899 233,735
Debtors 5 142,477 162,273
Cash at bank and in hand 343,298 497,086
713,674 893,094
CREDITORS
Amounts falling due within one year 6 (117,987 ) (269,848 )
NET CURRENT ASSETS 595,687 623,246
TOTAL ASSETS LESS CURRENT
LIABILITIES

669,444

707,853

PROVISIONS FOR LIABILITIES (17,966 ) (19,858 )
NET ASSETS 651,478 687,995

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Profit and loss account:
non-distributable 10,098 11,220
Retained earnings 640,380 675,775
SHAREHOLDERS' FUNDS 651,478 687,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

PORTMERE RUBBER LIMITED (REGISTERED NUMBER: 01237764)

BALANCE SHEET - continued
30 SEPTEMBER 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 6 March 2024 and were signed on its behalf by:





K D Fisher - Director


PORTMERE RUBBER LIMITED (REGISTERED NUMBER: 01237764)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Portmere Rubber 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 FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax, for the provision of the wholesale and manufacture of rubber goods.

Turnover on long-term contracts is recognised according to the stage reached in the contract by reference to the value of work done. A prudent estimate of profit attributable to wok completed is recognised once the outcome of the contract can be assessed with reasonable certainty. The amount by which the turnover exceeds payments on account is shown under debtors as amounts recoverable on contracts. The amount paid on account which exceeds turnover is shown under creditors as payments received on account.

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.
Short leasehold - 10% Reducing balance
Plant and machinery - at variable rates on reducing balance
OD & ID cutters - 10% Reducing balance
Motor vehicles - Straight line over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

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


PORTMERE RUBBER LIMITED (REGISTERED NUMBER: 01237764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 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 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.

Research and development
Research expenditure is written off in the year in which it is incurred.

Development expenditure is written off in the same way unless the director is satisfied as to the technical, commercial and financial viability of individual projects. In which case expenditure is capitalised and amortised over the estimated useful economic life of the asset.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

PORTMERE RUBBER LIMITED (REGISTERED NUMBER: 01237764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Short Plant and OD & ID Motor
leasehold machinery cutters vehicles Totals
£ £ £ £ £
COST
At 1 October 2022 58,908 131,766 29,668 17,000 237,342
Additions - 10,572 - - 10,572
Disposals - (6,842 ) - - (6,842 )
At 30 September 2023 58,908 135,496 29,668 17,000 241,072
DEPRECIATION
At 1 October 2022 41,698 89,891 15,366 5,780 152,735
Charge for year 10,082 6,295 1,430 2,890 20,697
Eliminated on disposal - (6,117 ) - - (6,117 )
At 30 September 2023 51,780 90,069 16,796 8,670 167,315
NET BOOK VALUE
At 30 September 2023 7,128 45,427 12,872 8,330 73,757
At 30 September 2022 17,210 41,875 14,302 11,220 84,607

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 114,393 148,149
Amounts recoverable on contract 15,834 -
Prepayments and accrued income 12,250 14,124
142,477 162,273

PORTMERE RUBBER LIMITED (REGISTERED NUMBER: 01237764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 23,941 70,747
Tax 9,086 52,015
Social security and other taxes 7,983 7,141
VAT 22,701 29,288
Other creditors 25,312 1,302
Directors' current accounts 21,200 51,200
Accruals and deferred income 7,764 58,155
117,987 269,848

7. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had future commitments under operating leases which totalled £49,467 (2022: £78,117).