Registered number
02751347
Portotech Limited
Unaudited Filleted Accounts
31 December 2023
Portotech Limited
Registered number: 02751347
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,816 12,865
Current assets
Debtors 4 5,889 2,873
Cash at bank and in hand 17,588 20,772
23,477 23,645
Creditors: amounts falling due within one year 5 (16,897) (9,408)
Net current assets 6,580 14,237
Total assets less current liabilities 16,396 27,102
Provisions for liabilities (1,865) (2,444)
Net assets 14,531 24,658
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 9,531 19,658
Shareholders' funds 14,531 24,658
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R J Farrant
Director
Approved by the board on 22 March 2024
Portotech Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 37,686 20,500 58,186
Additions 224 - 224
At 31 December 2023 37,910 20,500 58,410
Depreciation
At 1 January 2023 36,352 8,969 45,321
Charge for the year 390 2,883 3,273
At 31 December 2023 36,742 11,852 48,594
Net book value
At 31 December 2023 1,168 8,648 9,816
At 31 December 2022 1,334 11,531 12,865
4 Debtors 2023 2022
£ £
Trade debtors 5,064 1,874
Other debtors 825 999
5,889 2,873
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,324 871
Taxation and social security costs 1,075 1,107
Other creditors 14,498 7,430
16,897 9,408
6 Transactions with Directors
During the year Mr R Farrant, director, used a current account with the company to record amounts due to him and amounts drawn by him. The amount owed to the director and included in other creditors as at 31st December 2023 was £13,098.46 (2022: £6,096.46). The amount is repayable on demand and carries interest.
7 Related party transactions
Ann Margaret Farrant is a 50% shareholder and employee of Portotech Limited and is also the wife of the Company Director Ray Farrant. During the year the gross wages costs totalling £14,400.00 (2022: £13,900.00) were incurred in relation to Ann Margaret Farrant.
8 Controlling party
Mr R J Farrant, who together with his wife owns 100% of the share capital of the company, is the company's ultimate controlling party.
9 Other information
Portotech Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
8 The Courtyard
Plas Derwen
Abergavenny
Monmouthshire
NP7 9SZ
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