PORTABLES DIRECT LIMITED

Company Registration Number:
02944195 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2023

Period of accounts

Start date: 01 July 2022

End date: 30 June 2023

PORTABLES DIRECT LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2023

Balance sheet
Notes

PORTABLES DIRECT LIMITED

Balance sheet

As at 30 June 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 3,585,708 3,597,546
Total fixed assets: 3,585,708 3,597,546
Current assets
Stocks: 148,064 144,337
Debtors:   609,905 627,491
Cash at bank and in hand: 1,289,968 1,029,611
Total current assets: 2,047,937 1,801,439
Creditors: amounts falling due within one year: 4 (528,900) (573,881)
Net current assets (liabilities): 1,519,037 1,227,558
Total assets less current liabilities: 5,104,745 4,825,104
Total net assets (liabilities): 5,104,745 4,825,104
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 5,104,743 4,825,102
Shareholders funds: 5,104,745 4,825,104

The notes form part of these financial statements

PORTABLES DIRECT LIMITED

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 05 March 2024
and signed on behalf of the board by:

Name: Sunil Patel
Status: Director

The notes form part of these financial statements

PORTABLES DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net ofdiscount and Value Added Tax. Turnover includes revenue earned from the sale of goods.Turnover from the sale of goods is recognised when the significant risks and rewards ofownership of the goods has transferred to the buyer. This is usually at the point that thecustomer has signed for the delivery of the goods.

Tangible fixed assets and depreciation policy

Tangible fixed assetsTangible fixed assets are initially measured at cost and subsequently measured at cost orvaluation, net of depreciation and any impairment losses.Depreciation is recognised so as to write cost or valuation of assets less their residual valuesover their useful lives on the following bases:Land and buildings freehold 2% straight line basis on building elementFixtures, fittings & equipment 20% straight line basisThe gain or loss arising on the disposal of an asset is determined as the difference betweenthe sale proceeds and the carrying value of the asset, and is credited or charged to profit orloss.

Valuation and information policy

Investment property, which is property held to earn rentals and/or for capital appreciation,is initially recognised at cost, which includes the purchase cost and any directly attributableexpenditure. Subsequently it is measured at fair value at the reporting end date. The surplusor deficit on revaluation is recognised in the profit and loss account.Where fair value cannot be achieved without undue cost or effort, investment property isaccounted for as tangible fixed assets.Stocks have been valued at the lower of cost and estimated selling price less cost tosell. Cost includes all costs of purchase, costs of conversion and other costs incurred inbringing stock to its present location and condition. Cost is calculated using the first-infirst-out basis. Provision is made for damaged, obsolete and slow-moving stock whereappropriate.

Other accounting policies

Deferred tax is recognised on all timing differences between the carrying amounts of assetsand liabilities in the financial statements and the corresponding tax bases used in thecomputation of taxable profit. The carrying amount of deferred tax assets is reviewed at theend of each reporting period and reduced to the extent that it is no longer probable thatsufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply inthe period in which the liability is settled or the asset realised, based on tax rates (and taxlaws) that have been enacted or substantively enacted by the end of the reporting period.The company operates a defined contribution pension scheme for the benefit of itsemployees. Contributions payable are charged to the profit and loss account in the year theyare payable.Rentals payable under operating leases are charged against income on a straight line basisover the lease term.Transactions denominated in foreign currencies are translated into sterling and recorded atthe rate of exchange ruling at the date of the transaction.

PORTABLES DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

2. Employees

2023 2022
Average number of employees during the period 7 8

PORTABLES DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Tangible Assets

Total
Cost £
At 01 July 2022 3,684,509
At 30 June 2023 3,684,509
Depreciation
At 01 July 2022 86,963
Charge for year 11,838
At 30 June 2023 98,801
Net book value
At 30 June 2023 3,585,708
At 30 June 2022 3,597,546

PORTABLES DIRECT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Creditors: amounts falling due within one year note

Trade creditors £225,557Taxation and social security £99,768Other creditors £203,575