Registration number:
Prepared for the registrar
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 |
30 April |
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Current assets |
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Stocks |
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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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 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
Portobello Designs Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 30 November 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Stocks |
30 November |
30 April |
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Work in progress |
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Creditors |
Note |
30 November |
30 April |
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Due within one year |
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Loans and borrowings |
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Other creditors |
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Accrued expenses |
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Portobello Designs Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 30 November 2022
Loans and borrowings |
30 November |
30 April |
|
Current loans and borrowings |
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Other borrowings (unsecured) |
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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.