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COMPANY REGISTRATION NUMBER: 11427445
Port Invest Limited
Filleted Unaudited Financial Statements
For the period ended
31 December 2023
Port Invest Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Port Invest Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Investments
5
461,700
461,700
Current assets
Debtors
6
170,900
295,500
Cash at bank and in hand
301,217
2,605
----------
----------
472,117
298,105
Creditors: amounts falling due within one year
7
( 190,227)
( 285,197)
----------
----------
Net current assets
281,890
12,908
----------
----------
Total assets less current liabilities
743,590
474,608
----------
----------
Net assets
743,590
474,608
----------
----------
Capital and reserves
Called up share capital
76,000
76,000
Profit and loss account
667,590
398,608
----------
----------
Shareholders funds
743,590
474,608
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Port Invest Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
P Aarosin M Kirby
Director Director
Company registration number: 11427445
Port Invest Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stone House, 56 North Street, Goole, DN14 5RA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(d) Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 2 .
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
461,700
----------
Impairment
At 1 January 2023 and 31 December 2023
----------
Carrying amount
At 31 December 2023
461,700
----------
At 31 December 2022
461,700
----------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings
170,500
295,500
Other debtors
400
----------
----------
170,900
295,500
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
19,044
19,044
Amounts owed to undertakings in which the company has a participating interest
124,181
176,735
Accruals
8,774
1,190
Director loan accounts
38,228
88,228
----------
----------
190,227
285,197
----------
----------
8. Related party transactions
The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group. During the year a director has made available a loan to the company . As at 31 December 2023 the balance on the loan account was £ 38,228 (2022: £ 88,228 ). No interest was charged on the loan in the year and the balance is repayable on demand. During the year an associated company made available loan finance to the company . As at 31 December 2023, the balance due to the associated company totalled £ 124,181 (2022: £ 176,735 ). No interest was charged on the loan in the year and the balance is repayable on demand. During the year a subsidiary company made available loan finance to the company . As at 31 December 2023, the balance due to the subsidiary company totalled £ 19,044 (2022: £ 19,044 ). No interest was charged on the loan in the year and the balance is repayable on demand. During the year the company made available loan finance to a subsidiary company . As at 31 December 2023, the balance due by the subsidiary company totalled £ 170,500 (2022: £ 295,500 ). No interest was charged on the loan in the year end the balance is repayable on demand.