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Registration number: 12912221

Portobello Legal Media Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Portobello Legal Media Limited

Contents
for the Year Ended 31 December 2023

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Portobello Legal Media Limited

Company Information
for the Year Ended 31 December 2023

Directors

D White

N O'Callaghan

Registered office

Suite 405 Bentinck House
3-8 Bolsover Street
London
W1W 6AB

Registered number

12912221 ( England and Wales )

Accountants

Windsor Accountancy Limited
Chartered Certified Accountants
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

 

Portobello Legal Media Limited

(Registration number: 12912221)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,310

1,607

Current assets

 

Debtors

6

187,381

92,621

Cash at bank and in hand

 

103,285

21,186

 

290,666

113,807

Creditors: Amounts falling due within one year

7

(280,364)

(139,850)

Net current assets/(liabilities)

 

10,302

(26,043)

Total assets less current liabilities

 

11,612

(24,436)

Creditors: Amounts falling due after more than one year

7

(155,437)

(25,177)

Net liabilities

 

(143,825)

(49,613)

Capital and reserves

 

Called up share capital

10

10

Share premium reserve

149,998

149,998

Retained earnings

(293,833)

(199,621)

Shareholders' deficit

 

(143,825)

(49,613)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

 

Portobello Legal Media Limited

(Registration number: 12912221)
Balance Sheet as at 31 December 2023

.........................................
D White
Director

 

Portobello Legal Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 405 Bentinck House
3-8 Bolsover Street
London
W1W 6AB

These financial statements were authorised for issue by the Board on 2 August 2024.

2

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Portobello Legal Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current income tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line 33%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Portobello Legal Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Amounts classified as receivable within one year are not amortised.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 5).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

927

734

 

Portobello Legal Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

2,480

2,480

Additions

631

631

At 31 December 2023

3,111

3,111

Depreciation

At 1 January 2023

873

873

Charge for the year

928

928

At 31 December 2023

1,801

1,801

Carrying amount

At 31 December 2023

1,310

1,310

At 31 December 2022

1,607

1,607

6

Debtors

Current

2023
£

2022
£

Trade debtors

107,539

44,867

Prepayments

7,389

1,388

Other debtors

72,453

46,366

 

187,381

92,621

 

Portobello Legal Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

26,609

-

Taxation and social security

 

16,543

4,398

Accruals and deferred income

 

157,260

64,768

Other creditors

 

79,952

70,684

 

280,364

139,850

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

155,437

25,177

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

155,437

-

Other borrowings

-

25,177

155,437

25,177

Current loans and borrowings

2023
£

2022
£

Other borrowings

26,609

-

 

Portobello Legal Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Advances and credits

(60,928)

(632)

(61,560)

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Advances and credits

(60,304)

1,474

(2,098)

(60,928)

 

Other transactions with directors

The balance due to the directors at the year end date was free of interest and deemed repayable on demand.