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REGISTERED NUMBER: 12777810 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

PORTER WARD DEVELOPMENTS LTD

PORTER WARD DEVELOPMENTS LTD (REGISTERED NUMBER: 12777810)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Balance sheet 1

Notes to the financial statements 2


PORTER WARD DEVELOPMENTS LTD (REGISTERED NUMBER: 12777810)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 649 865

Current assets
Stocks 368,838 337,568
Debtors 5 196 1,759
Cash at bank 1,236 8,234
370,270 347,561
Creditors
Amounts falling due within one year 6 393,878 363,977
Net current liabilities (23,608 ) (16,416 )
Total assets less current liabilities (22,959 ) (15,551 )

Capital and reserves
Called up share capital 7 4 4
Retained earnings (22,963 ) (15,555 )
Shareholders' funds (22,959 ) (15,551 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





Mr M Porter - Director


PORTER WARD DEVELOPMENTS LTD (REGISTERED NUMBER: 12777810)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. Statutory information

Porter Ward Developments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12777810. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is 1 The Barns, Higher Hollacombe, Crediton, Devon, EX17 5BW.

The companies comparative period end was extended to the 31 January 2023 to aide business reporting moving forward and therefore the comparative period is not entirely comparable.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company has made a loss during the period and has a deficiency of assets at the period end of £22,959 (2022: £15,551). The Company is dependent upon the continued support of its directors. The directors have confirmed their support of the Company over the next 12 months, in order that it can meet its day to day working capital requirements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

PORTER WARD DEVELOPMENTS LTD (REGISTERED NUMBER: 12777810)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. Tangible fixed assets
Computer
equipment
£   
Cost
At 1 February 2023
and 31 January 2024 1,153
Depreciation
At 1 February 2023 288
Charge for year 216
At 31 January 2024 504
Net book value
At 31 January 2024 649
At 31 January 2023 865

5. Debtors: amounts falling due within one year
2024 2023
£    £   
VAT 196 1,759

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 5,038 331
Directors' current accounts 387,740 362,596
Accruals and deferred income 1,100 1,050
393,878 363,977

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
1 Ordinary D £1 1 1
4 4

8. Ultimate controlling party

The company is controlled by the directors and their wives, Mr and Mrs M Porter and Mr and Mrs C Ward, who between them own 100% of the issued share capital.