REGISTERED NUMBER: |
Portal Foods Ltd |
Financial Statements |
for the Year Ended 31 October 2023 |
REGISTERED NUMBER: |
Portal Foods Ltd |
Financial Statements |
for the Year Ended 31 October 2023 |
Portal Foods Ltd (Registered number: 02274691) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Portal Foods Ltd |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Sterling House |
97 Lichfield Street |
Tamworth |
Staffordshire |
B79 7QF |
Portal Foods Ltd (Registered number: 02274691) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Portal Foods Ltd (Registered number: 02274691) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Portal Foods Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Portal Foods Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgement, estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
In preparing these financial statements the directors have made judgements including: |
- Unlisted investments. Management place reliance upon the underlying assumptions applied by professional valuers appointed at points in time deemed relevant by management. Thereafter consideration is given to any adjusting events as a result of known market conditions and performance of the unlisted entity where the impact can be measured reliably. |
Tangible fixed assets |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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. |
Portal Foods Ltd (Registered number: 02274691) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
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. |
Investments |
Investments are recognised initially at cost. Subsequently they are measured at fair value through statement of comprehensive income if the shares are publicly traded or can otherwise be measured reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
and 31 October 2023 | 1,196,622 |
PROVISIONS |
At 1 November 2022 |
and 31 October 2023 | 2 | - | 2 |
NET BOOK VALUE |
At 31 October 2023 | 1,196,620 |
At 31 October 2022 | 1,196,620 |
Portal Foods Ltd (Registered number: 02274691) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 October 2023 is represented by: |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2016 | - | 634,521 | 634,521 |
Valuation in 2021 | - | (6,614 | ) | (6,614 | ) |
Valuation in 2022 | - | (92,528 | ) | (92,528 | ) |
Cost | 2 | 661,241 | 661,243 |
2 | 1,196,620 | 1,196,622 |
The 2021 revaluation of the unlisted investment, held in euros, arises upon translation of it's component parts into the functional currency at the exchange rate prevailing at the current year end date. |
The 2022 revaluation of the unlisted investment, held in euros, follows the independent valuation by accountants and business advisory group, Azets, as at 31 December 2021. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Silbury Marketing Limited, a company incorporated in England & Wales. Group financial statements are prepared by the parent company and copies may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ. |