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31/07/2023
2023-07-31
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No description of principal activities is disclosed
2022-08-01
Sage Accounts Production 23.0 - FRS102_2021
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03587167
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03587167
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03587167
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03587167
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03587167
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03587167
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03587167
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03587167
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2023-07-31
Company registration number:
03587167
Portfolio Design Consultancy Limited
Unaudited filleted financial statements
31 July 2023
PORTFOLIO DESIGN CONSULTANCY LIMITED
DIRECTORS AND OTHER INFORMATION
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Director |
Miss Helen Hible |
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Company number |
03587167 |
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Registered office |
Queens House |
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New Street |
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Honiton |
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Devon |
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EX14 1BJ |
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Business address |
Thresher's Barn |
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Garlandhayes Farm |
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Westcott |
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Devon |
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EX15 1SB |
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Accountants |
Westcotts |
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Queens House |
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42-44 New Street |
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Honiton |
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Devon |
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EX14 1BJ |
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PORTFOLIO DESIGN CONSULTANCY LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
|
£ |
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|
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|
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|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
790,000 |
|
|
|
825,000 |
|
|
Investments |
|
6 |
217,419 |
|
|
|
228,320 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,007,419 |
|
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|
1,053,320 |
|
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|
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Current assets |
|
|
|
|
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|
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Debtors |
|
7 |
1,489 |
|
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|
1,386 |
|
|
Cash at bank and in hand |
|
|
20,748 |
|
|
|
15,685 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
22,237 |
|
|
|
17,071 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
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|
within one year |
|
8 |
(
75,547) |
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|
|
(
28,752) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
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|
(
53,310) |
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|
(
11,681) |
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|
|
|
|
_______ |
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|
|
_______ |
Total assets less current liabilities |
|
|
|
|
954,109 |
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1,041,639 |
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|
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|
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Provisions for liabilities |
|
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|
(
6,608) |
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|
(
3,122) |
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|
|
|
|
|
|
|
|
|
_______ |
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|
_______ |
Net assets |
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|
|
|
947,501 |
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|
|
1,038,517 |
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|
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|
_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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|
1,000 |
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|
|
1,000 |
Profit and loss account |
|
9 |
|
|
946,501 |
|
|
|
1,037,517 |
|
|
|
|
|
_______ |
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|
_______ |
Shareholder funds |
|
|
|
|
947,501 |
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|
|
1,038,517 |
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|
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|
_______ |
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_______ |
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For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
08 March 2024
, and are signed on behalf of the board by:
Miss Helen Hible
Director
Company registration number:
03587167
PORTFOLIO DESIGN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queens House, New Street, Honiton, Devon, EX14 1BJ.
Principal activity
The principal activity of the company during the year was that of design consultancy and letting residential property.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery |
- |
25% straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Flat furniture |
Total |
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|
£ |
£ |
£ |
£ |
£ |
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|
Cost or valuation |
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|
|
|
|
|
|
|
At 1 August 2022 |
834,848 |
2,957 |
376 |
3,528 |
841,709 |
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|
Revaluation |
(
35,000) |
- |
- |
- |
(
35,000) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
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At 31 July 2023 |
799,848 |
2,957 |
376 |
3,528 |
806,709 |
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|
_______ |
_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 August 2022 and 31 July 2023 |
9,848 |
2,957 |
376 |
3,528 |
16,709 |
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_______ |
_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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At 31 July 2023 |
790,000 |
- |
- |
- |
790,000 |
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|
|
_______ |
_______ |
_______ |
_______ |
_______ |
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|
At 31 July 2022 |
825,000 |
- |
- |
- |
825,000 |
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|
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|
_______ |
_______ |
_______ |
_______ |
_______ |
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Investment property
Investment properties are held at fair value and not subject to depreciation. The investment properties were valued by the director as at 31 July 2023. The historic cost of investment properties is £606,848.If investment properties were to be sold at their fair values, the tax due on the disposals would be approximately £6,608 (2022: £3,122).
6.
Investments
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Other investments other than loans |
Total |
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|
£ |
£ |
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Cost |
|
|
|
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At 1 August 2022 |
228,320 |
228,320 |
|
|
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|
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Additions |
119,568 |
119,568 |
|
|
|
|
|
Disposals |
(
135,579) |
(
135,579) |
|
|
|
|
|
Fair value adjustment |
5,110 |
5,110 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 July 2023 |
217,419 |
217,419 |
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|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
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At 1 August 2022 and 31 July 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
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|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 July 2023 |
217,419 |
217,419 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 July 2022 |
228,320 |
228,320 |
|
|
|
|
|
|
_______ |
_______ |
|
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|
|
|
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|
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Other fixed asset investments are held at market value. The historical cost of other fixed asset investments is £221,789 (2022: £237,800).
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
1,489 |
1,386 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accruals and deferred income |
|
3,080 |
2,864 |
|
Social security and other taxes |
|
2,228 |
11,421 |
|
Other creditors |
|
70,239 |
14,467 |
|
|
|
_______ |
_______ |
|
|
|
75,547 |
28,752 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses. Accumulated undistributable reserves at 31 July 2023 amounted to £186,392.
10.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company: |
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2023 |
|
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|
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|
|
Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Director |
(
14,467) |
21,324 |
(
77,096) |
(
70,239) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
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|
|
|
|
|
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|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Director |
(
25,329) |
21,324 |
(
10,462) |
(
14,467) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
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|
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
11.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.