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Company No: 11513335 (England and Wales)

LUXURY PORTAL LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

LUXURY PORTAL LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

LUXURY PORTAL LTD

BALANCE SHEET

As at 30 November 2023
LUXURY PORTAL LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 19,366 25,056
19,366 25,056
Current assets
Stocks 4 0 59,631
Debtors 5 200 77,551
Cash at bank and in hand 515 1,030
715 138,212
Creditors: amounts falling due within one year 6 ( 27,597) ( 128,899)
Net current (liabilities)/assets (26,882) 9,313
Total assets less current liabilities (7,516) 34,369
Creditors: amounts falling due after more than one year 7 ( 23,436) ( 98,674)
Net liabilities ( 30,952) ( 64,305)
Capital and reserves
Called-up share capital 200 200
Profit and loss account ( 31,152 ) ( 64,505 )
Total shareholders' deficit ( 30,952) ( 64,305)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Luxury Portal Ltd (registered number: 11513335) were approved and authorised for issue by the Board of Directors on 30 April 2024. They were signed on its behalf by:

D Grimes
Director
LUXURY PORTAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
LUXURY PORTAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Luxury Portal Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
And turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Plant and machinery 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

The directors acknowledge dividends were declared and paid in contravention of section 830 of the Companies Act 2006, however at the time that the dividend was paid the directors were not aware that there were insufficient profits available for distribution. The directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 8,665 7,251 15,191 5,616 36,723
Additions 0 0 544 0 544
At 30 November 2023 8,665 7,251 15,735 5,616 37,267
Accumulated depreciation
At 01 December 2022 4,229 567 3,896 2,975 11,667
Charge for the financial year 887 1,337 2,358 1,652 6,234
At 30 November 2023 5,116 1,904 6,254 4,627 17,901
Net book value
At 30 November 2023 3,549 5,347 9,481 989 19,366
At 30 November 2022 4,436 6,684 11,295 2,641 25,056

4. Stocks

2023 2022
£ £
Stocks 0 59,631

5. Debtors

2023 2022
£ £
Corporation tax 0 14,970
Other debtors 200 62,581
200 77,551

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,600 9,600
Trade creditors 0 4,971
Other taxation and social security 608 22,386
Other creditors 17,389 91,942
27,597 128,899

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,436 33,085
Other creditors 0 65,589
23,436 98,674