Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-310true2023-04-01falseNo description of principal activity2424trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08401614 2023-04-01 2024-03-31 08401614 2022-04-01 2023-03-31 08401614 2024-03-31 08401614 2023-03-31 08401614 c:Director1 2023-04-01 2024-03-31 08401614 c:Director2 2023-04-01 2024-03-31 08401614 c:RegisteredOffice 2023-04-01 2024-03-31 08401614 d:Buildings 2023-04-01 2024-03-31 08401614 d:Buildings 2024-03-31 08401614 d:Buildings 2023-03-31 08401614 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08401614 d:PlantMachinery 2023-04-01 2024-03-31 08401614 d:PlantMachinery 2024-03-31 08401614 d:PlantMachinery 2023-03-31 08401614 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08401614 d:MotorVehicles 2023-04-01 2024-03-31 08401614 d:MotorVehicles 2024-03-31 08401614 d:MotorVehicles 2023-03-31 08401614 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08401614 d:FurnitureFittings 2023-04-01 2024-03-31 08401614 d:FurnitureFittings 2024-03-31 08401614 d:FurnitureFittings 2023-03-31 08401614 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08401614 d:OfficeEquipment 2023-04-01 2024-03-31 08401614 d:OfficeEquipment 2024-03-31 08401614 d:OfficeEquipment 2023-03-31 08401614 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08401614 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08401614 d:Goodwill 2023-04-01 2024-03-31 08401614 d:Goodwill 2024-03-31 08401614 d:Goodwill 2023-03-31 08401614 d:CurrentFinancialInstruments 2024-03-31 08401614 d:CurrentFinancialInstruments 2023-03-31 08401614 d:Non-currentFinancialInstruments 2024-03-31 08401614 d:Non-currentFinancialInstruments 2023-03-31 08401614 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08401614 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08401614 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08401614 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08401614 d:ShareCapital 2024-03-31 08401614 d:ShareCapital 2023-03-31 08401614 d:RetainedEarningsAccumulatedLosses 2024-03-31 08401614 d:RetainedEarningsAccumulatedLosses 2023-03-31 08401614 c:FRS102 2023-04-01 2024-03-31 08401614 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08401614 c:FullAccounts 2023-04-01 2024-03-31 08401614 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08401614 2 2023-04-01 2024-03-31 08401614 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: 08401614







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


PORTSMOUTH FIBREGLASS LIMITED






































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PORTSMOUTH FIBREGLASS LIMITED
 


 
COMPANY INFORMATION


Directors
N R Williams 
M K Williams 




Registered number
08401614



Registered office
Unit 3
Marshlands Road

Farlington

Portsmouth

Hampshire

PO6 1ST




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


PORTSMOUTH FIBREGLASS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


PORTSMOUTH FIBREGLASS LIMITED
REGISTERED NUMBER:08401614



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
232,683
250,696

  
232,683
250,696

Current assets
  

Stocks
  
13,500
13,500

Debtors: amounts falling due within one year
 6 
195,258
250,084

Cash at bank and in hand
  
412,149
416,940

  
620,907
680,524

Creditors: amounts falling due within one year
 7 
(149,110)
(311,792)

Net current assets
  
 
 
471,797
 
 
368,732

Total assets less current liabilities
  
704,480
619,428

Creditors: amounts falling due after more than one year
 8 
(13,260)
(23,193)

  

Net assets
  
691,220
596,235


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
691,120
596,135

  
691,220
596,235


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



N R Williams
Director
Page 1

 


PORTSMOUTH FIBREGLASS LIMITED
REGISTERED NUMBER:08401614


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


Date: 30 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


PORTSMOUTH FIBREGLASS LIMITED
 


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

1.


General information

Portsmouth Fibreglass Limited is a private company limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
straight line over 10 years

Page 3

 


PORTSMOUTH FIBREGLASS LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or reducing balance method..

Depreciation is provided on the following basis:

Freehold property
-
4%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 


PORTSMOUTH FIBREGLASS LIMITED
 


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

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 


PORTSMOUTH FIBREGLASS LIMITED
 


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

2.Accounting policies (continued)

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 24).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
110,000



At 31 March 2024

110,000



Amortisation


At 1 April 2023
110,000



At 31 March 2024

110,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 6


PORTSMOUTH FIBREGLASS LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024



5.


Tangible fixed assets






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
336,190
20,620
19,990
17,780
1,661
396,241



At 31 March 2024

336,190
20,620
19,990
17,780
1,661
396,241



Depreciation


At 1 April 2023
106,586
16,364
8,746
12,828
1,021
145,545


Charge for the year on owned assets
13,447
637
2,811
990
128
18,013



At 31 March 2024

120,033
17,001
11,557
13,818
1,149
163,558



Net book value



At 31 March 2024
216,157
3,619
8,433
3,962
512
232,683



At 31 March 2023
229,604
4,256
11,244
4,952
640
250,696

Page 7

 


PORTSMOUTH FIBREGLASS LIMITED
 


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

6.


Debtors

2024
2023
£
£


Trade debtors
42,866
72,997

Other debtors
152,392
177,087

195,258
250,084



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
11,375
169,014

Trade creditors
56,774
45,165

Corporation tax
69,261
69,713

Other taxation and social security
15,880
8,500

Other creditors
1,670
15,250

Accruals and deferred income
(5,850)
4,150

149,110
311,792



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,260
23,193

13,260
23,193


 
Page 8