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Registration number: 06203115

Prepared for the registrar

Portobello Designs Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Portobello Designs Ltd

(Registration number: 06203115)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

-

994,316

Cash at bank and in hand

 

697,325

1,264

 

697,325

995,580

Creditors: Amounts falling due within one year

5

(238,607)

(1,346,906)

Net assets/(liabilities)

 

458,718

(351,326)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

458,618

(351,426)

Shareholders' funds/(deficit)

 

458,718

(351,326)

For the financial year ending 30 November 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 members have not required the company to obtain an audit of its accounts for the year 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 Year Ended 30 November 2023

 

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.

Judgements

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Stocks

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

 

Portobello Designs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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 year, was 1 (2022 - 1).

 

4

Stocks

2023
£

2022
£

Work in progress

-

994,316

 

Portobello Designs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

5

Creditors

Note

2023

 £

2022

 £

Due within one year

 

Loans and borrowings

6

-

1,247,301

Other creditors

 

97,225

97,225

Accrued expenses

 

4,408

2,380

Corporation tax liability

136,974

-

 

238,607

1,346,906

 

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings (unsecured)

-

1,247,301

 

7

Related party transactions

At 30 November 2023, the company owed £nil (2022 - £1,186,281 ) to Cult Clothing Cheltenham Limited, a company under common control. Interest of £188,104 was added to the loan before being settled in full during the year.

At 30 November 2023, the company owed £nil (2022 - £61,020) to Dowdeswell Park (Estates) LLP, a company under common control.

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