Registered number
10400213
PORTUGAL ASSOCIATES LTD
Filleted Accounts
30 September 2023
PORTUGAL ASSOCIATES LTD
Registered number: 10400213
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,793 15,448
Investments 4 20,000 20,000
32,793 35,448
Current assets
Debtors 5 2,650 1,690
Cash at bank and in hand 1,734 7,458
4,384 9,148
Creditors: amounts falling due within one year 6 (10,865) (10,411)
Net current liabilities (6,481) (1,263)
Total assets less current liabilities 26,312 34,185
Creditors: amounts falling due after more than one year 7 (13,934) (17,515)
Net assets 12,378 16,670
Capital and reserves
Called up share capital 2 2
Profit and loss account 12,376 16,668
Shareholder's funds 12,378 16,670
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Y Marshall
Director
Approved by the board on 16 August 2024
PORTUGAL ASSOCIATES LTD
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 9,343 10,101 19,444
At 30 September 2023 9,343 10,101 19,444
Depreciation
At 1 October 2022 2,592 1,404 3,996
Charge for the year 1,350 1,305 2,655
At 30 September 2023 3,942 2,709 6,651
Net book value
At 30 September 2023 5,401 7,392 12,793
At 30 September 2022 6,751 8,697 15,448
4 Investments
Other
investments
£
Cost
At 1 October 2022 20,000
At 30 September 2023 20,000
5 Debtors 2023 2022
£ £
Trade debtors 2,150 1,190
Other debtors 500 500
2,650 1,690
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 400 400
Taxation and social security costs 1 647
Other creditors 10,464 9,364
10,865 10,411
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 13,934 17,515
8 Controlling party
Y Marshall is the controlling party by virtue of his directorship and shareholding in the company.
9 Other information
PORTUGAL ASSOCIATES LTD is a private company limited by shares and incorporated in England. Its registered office is:
158 Cromwell Road
Salford
M6 6DE
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