Portobello Designs Ltd 06203115 false 2022-05-01 2022-11-30 2022-11-30 The principal activity of the company is development of building projects Digita Accounts Production Advanced 6.30.9574.0 true true 06203115 2022-05-01 2022-11-30 06203115 2022-11-30 06203115 core:CurrentFinancialInstruments 2022-11-30 06203115 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 06203115 bus:SmallEntities 2022-05-01 2022-11-30 06203115 bus:AuditExemptWithAccountantsReport 2022-05-01 2022-11-30 06203115 bus:FullAccounts 2022-05-01 2022-11-30 06203115 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2022-11-30 06203115 bus:RegisteredOffice 2022-05-01 2022-11-30 06203115 bus:Director1 2022-05-01 2022-11-30 06203115 bus:PrivateLimitedCompanyLtd 2022-05-01 2022-11-30 06203115 countries:EnglandWales 2022-05-01 2022-11-30 06203115 2021-05-01 2022-04-30 06203115 2022-04-30 06203115 core:CurrentFinancialInstruments 2022-04-30 06203115 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 06203115

Prepared for the registrar

Portobello Designs Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2022 to 30 November 2022

 

Portobello Designs Ltd

(Registration number: 06203115)
Balance Sheet as at 30 November 2022

Note

30 November
2022
£

30 April
2022
£

Current assets

 

Stocks

4

994,316

994,316

Cash at bank and in hand

 

1,264

1,220

 

995,580

995,536

Creditors: Amounts falling due within one year

5

(1,346,906)

(1,306,824)

Net liabilities

 

(351,326)

(311,288)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(351,426)

(311,388)

Shareholders' deficit

 

(351,326)

(311,288)

For the financial period ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 March 2024
 


J M Dunkerton
Director

 

Portobello Designs Ltd

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 30 November 2022

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dowdeswell Park
London Road
Charlton Kings
Cheltenham
GL52 6UT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Portobello Designs Ltd

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 30 November 2022

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

4

Stocks

30 November
2022
£

30 April
2022
£

Work in progress

994,316

994,316

 

5

Creditors

Note

30 November
2022

 £

30 April
2022

 £

Due within one year

 

Loans and borrowings

6

1,247,301

1,208,419

Other creditors

 

97,225

97,225

Accrued expenses

 

2,380

1,180

 

1,346,906

1,306,824

 

Portobello Designs Ltd

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 30 November 2022

 

6

Loans and borrowings

30 November
2022
£

30 April
2022
£

Current loans and borrowings

Other borrowings (unsecured)

1,247,301

1,208,419

 

7

Related party transactions

At 30 November 2022, the company owed £1,186,281 (30 April 2022 - £1,148,963 ) to Cult Clothing Cheltenham Limited, a company under common control. Interest of £37,318 was added to the loan during the year.

At 30 November 2022, the company owed £61,020 (30 April 2022 - £59,456) to Dowdeswell Park (Estates) LLP, a company under common control.

Unless specified, no interest was charged on any of the balances during the period and and there are no fixed repayment terms.