Company registration number 04978223 (England and Wales)
PORTOFINO'S BISTRO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PORTOFINO'S BISTRO LIMITED
COMPANY INFORMATION
Director
Mr MA Standley
Secretary
Mrs CA Standley
Company number
04978223
Registered office
28 Church Street
Maryport
Cumbria
CA15 6HA
Accountants
Gibbons
Lakeland Office
2 Europe Way
Cockermouth
Cumbria
CA13 0RJ
PORTOFINO'S BISTRO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PORTOFINO'S BISTRO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 November 2022
Notes
£
£
£
£
Current assets
Stocks
5
-
3,798
Debtors
6
-
0
180
Cash at bank and in hand
6,692
28,558
6,692
32,536
Creditors: amounts falling due within one year
7
(2,559)
(16,763)
Net current assets
4,133
15,773
Creditors: amounts falling due after more than one year
8
-
0
(7,200)
Net assets
4,133
8,573
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
4,132
8,572
Total equity
4,133
8,573

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 April 2024
Mr MA Standley
Director
Company registration number 04978223 (England and Wales)
PORTOFINO'S BISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Portofino's Bistro Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Church Street, Maryport, Cumbria, CA15 6HA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line basis
PORTOFINO'S BISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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 credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
3
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022
5,000
Disposals
(5,000)
At 31 December 2023
-
0
Amortisation and impairment
At 1 December 2022
5,000
Disposals
(5,000)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 30 November 2022
-
0
PORTOFINO'S BISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2022
27,654
Disposals
(27,654)
At 31 December 2023
-
0
Depreciation and impairment
At 1 December 2022
27,654
Eliminated in respect of disposals
(27,654)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 30 November 2022
-
0
5
Stocks
2023
2022
£
£
Stocks
-
3,798
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
0
180
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
2,400
Trade creditors
-
0
1,329
Taxation and social security
1,421
4,865
Other creditors
1,138
8,169
2,559
16,763
PORTOFINO'S BISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
7,200
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