Company Registration No. 10938476 (England and Wales)
Portobello Builders Limited
Unaudited accounts
for the year ended 31 August 2023
Portobello Builders Limited
Unaudited accounts
Contents
Portobello Builders Limited
Company Information
for the year ended 31 August 2023
Directors
Peter Moroney
Lea Moroney
Company Number
10938476 (England and Wales)
Registered Office
73 Irchester Road
Rushden
Northants
NN10 9XG
Accountants
Tom McDonald Accounting Services
73 Irchester Road
Rushden
Northants
NN10 9XG
Portobello Builders Limited
Accountants' report
Accountants' report to the board of directors of Portobello Builders Limited on the preparation of the unaudited statutory accounts for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Portobello Builders Limited for the year ended
31 August 2023 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Portobello Builders Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Portobello Builders Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portobello Builders Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Portobello Builders Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Portobello Builders Limited. You consider that Portobello Builders Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Portobello Builders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Tom McDonald Accounting Services
73 Irchester Road
Rushden
Northants
NN10 9XG
29 March 2024
Portobello Builders Limited
Statement of financial position
as at 31 August 2023
Tangible assets
33,168
108,141
Cash at bank and in hand
159,123
123,887
Creditors: amounts falling due within one year
(71,173)
(74,476)
Net current assets
113,216
121,691
Total assets less current liabilities
146,384
229,832
Creditors: amounts falling due after more than one year
-
(46,830)
Provisions for liabilities
Deferred tax
(6,471)
(21,268)
Net assets
139,913
161,734
Called up share capital
100
100
Profit and loss account
139,813
161,634
Shareholders' funds
139,913
161,734
For the year ending 31 August 2023 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by
Lea Moroney
Director
Company Registration No. 10938476
Portobello Builders Limited
Notes to the Accounts
for the year ended 31 August 2023
Portobello Builders Limited is a private company, limited by shares, registered in England and Wales, registration number 10938476. The registered office is 73 Irchester Road, Rushden, Northants, NN10 9XG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
25% written down value
Fixtures & fittings
25% written down value
Computer equipment
33 1/3% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Portobello Builders Limited
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 September 2022
34,276
102,454
16,795
4,134
157,659
Additions
-
22,083
-
-
22,083
Disposals
-
(102,454)
-
-
(102,454)
At 31 August 2023
34,276
22,083
16,795
4,134
77,288
At 1 September 2022
20,803
16,953
8,581
3,181
49,518
Charge for the year
6,710
10,280
2,053
952
19,995
On disposals
-
(25,393)
-
-
(25,393)
At 31 August 2023
27,513
1,840
10,634
4,133
44,120
At 31 August 2023
6,763
20,243
6,161
1
33,168
At 31 August 2022
13,473
85,501
8,214
953
108,141
Amounts falling due within one year
Accrued income and prepayments
20,523
25,350
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
11,241
Trade creditors
16,279
25,602
Taxes and social security
44,085
20,548
Other creditors
5,044
3,810
Loans from directors
5,765
3,462
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
46,830
8
Average number of employees
During the year the average number of employees was 2 (2022: 3).