Registered number
08201276
Portman Square Partners Limited
Filleted Accounts
30 September 2023
Portman Square Partners Limited
Registered number: 08201276
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 591 1,033
Current assets
Debtors 4 - 4,426
Cash at bank and in hand 215 24,068
215 28,494
Creditors: amounts falling due within one year 5 2,000 (17,236)
Net current assets 2,215 11,258
Net assets 2,806 12,291
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,804 12,289
Shareholders' funds 2,806 12,291
The directors are 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 directors acknowledge their 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.
Neil McKay
Director
Approved by the board on 17 January 2024
Portman Square Partners Limited
Notes to the Accounts
for the year ended 30 September 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 rendering of services. 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:
Fixtures, fittings, tools and equipment over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office equipmnent
£
Cost
At 1 October 2022 2,207
At 30 September 2023 2,207
Depreciation
At 1 October 2022 1,174
Charge for the year 442
At 30 September 2023 1,616
Net book value
At 30 September 2023 591
At 30 September 2022 1,033
4 Debtors 2023 2022
£ £
Other debtors - 4,426
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 12,504
Taxation and social security costs 4,148 3,957
Directors' loan account (7,984) 25
Other creditors 1,836 750
(2,000) 17,236
6 Related party transactions
During the year the directors received salaries of £8,966 (2021: £17,628) and the company paid them dividends of £40,000 (2021: £nil). At the year end the company owed the director £25 (2021: £7,087).
7 Controlling party
The company is under the joint control of Neil and Lucy McKay, shareholders and directors of the company.
8 Other information
Portman Square Partners Limited is a private company limited by shares and incorporated in England. Its registered office is:
28 Caldecott Road
Great Easton
Market Harborough
Leicestershire
LE16 8TB
Portman Square Partners Limited 08201276 false 2022-10-01 2023-09-30 2023-09-30 VT Final Accounts October 2023 release 2 Neil McKay No description of principal activity 08201276 2021-10-01 2022-09-30 08201276 core:WithinOneYear 2022-09-30 08201276 core:ShareCapital 2022-09-30 08201276 core:RetainedEarningsAccumulatedLosses 2022-09-30 08201276 2022-10-01 2023-09-30 08201276 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08201276 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 08201276 bus:Director40 2022-10-01 2023-09-30 08201276 core:PlantMachinery 2022-10-01 2023-09-30 08201276 countries:England 2022-10-01 2023-09-30 08201276 bus:FRS102 2022-10-01 2023-09-30 08201276 bus:FullAccounts 2022-10-01 2023-09-30 08201276 2023-09-30 08201276 core:WithinOneYear 2023-09-30 08201276 core:ShareCapital 2023-09-30 08201276 core:RetainedEarningsAccumulatedLosses 2023-09-30 08201276 core:PlantMachinery 2023-09-30 08201276 2022-09-30 08201276 core:PlantMachinery 2022-09-30 iso4217:GBP xbrli:pure