Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr R Hurring 27/03/2012 Mr S W Vincent 02/04/2012 22 August 2024 The principal activity of the Company during the financial year was that of sheet metal fabrications. 08008485 2024-03-31 08008485 bus:Director1 2024-03-31 08008485 bus:Director2 2024-03-31 08008485 2023-03-31 08008485 core:CurrentFinancialInstruments 2024-03-31 08008485 core:CurrentFinancialInstruments 2023-03-31 08008485 core:Non-currentFinancialInstruments 2024-03-31 08008485 core:Non-currentFinancialInstruments 2023-03-31 08008485 core:ShareCapital 2024-03-31 08008485 core:ShareCapital 2023-03-31 08008485 core:RetainedEarningsAccumulatedLosses 2024-03-31 08008485 core:RetainedEarningsAccumulatedLosses 2023-03-31 08008485 core:PlantMachinery 2023-03-31 08008485 core:Vehicles 2023-03-31 08008485 core:OfficeEquipment 2023-03-31 08008485 core:PlantMachinery 2024-03-31 08008485 core:Vehicles 2024-03-31 08008485 core:OfficeEquipment 2024-03-31 08008485 2023-04-01 2024-03-31 08008485 bus:FilletedAccounts 2023-04-01 2024-03-31 08008485 bus:SmallEntities 2023-04-01 2024-03-31 08008485 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08008485 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08008485 bus:Director1 2023-04-01 2024-03-31 08008485 bus:Director2 2023-04-01 2024-03-31 08008485 core:PlantMachinery 2023-04-01 2024-03-31 08008485 core:Vehicles 2023-04-01 2024-03-31 08008485 core:OfficeEquipment 2023-04-01 2024-03-31 08008485 2022-04-01 2023-03-31 08008485 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 08008485 (England and Wales)

H/T PORTLAND LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

H/T PORTLAND LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

H/T PORTLAND LIMITED

BALANCE SHEET

As at 31 March 2024
H/T PORTLAND LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 32,770 35,356
32,770 35,356
Current assets
Stocks 4 11,831 19,832
Debtors 5 68,503 53,934
Cash at bank and in hand 96,992 42,546
177,326 116,312
Creditors: amounts falling due within one year 6 ( 95,481) ( 57,443)
Net current assets 81,845 58,869
Total assets less current liabilities 114,615 94,225
Creditors: amounts falling due after more than one year 7 ( 4,778) ( 8,879)
Provision for liabilities ( 8,193) ( 6,422)
Net assets 101,644 78,924
Capital and reserves
Called-up share capital 40,000 40,000
Profit and loss account 61,644 38,924
Total shareholders' funds 101,644 78,924

For the financial year ending 31 March 2024 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 H/T Portland Limited (registered number: 08008485) were approved and authorised for issue by the Board of Directors on 22 August 2024. They were signed on its behalf by:

Mr R Hurring
Director
Mr S W Vincent
Director
H/T PORTLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
H/T PORTLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

H/T Portland Limited (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 Leanne House, 6 Avon Close, Weymouth, DT4 9UX, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the production of sheet metal provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 includes materials and direct labour for the production of sheet metal. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 83,834 12,785 1,869 98,488
Additions 4,510 0 3,279 7,789
Disposals ( 5,299) ( 5,695) 0 ( 10,994)
At 31 March 2024 83,045 7,090 5,148 95,283
Accumulated depreciation
At 01 April 2023 57,960 5,125 47 63,132
Charge for the financial year 3,882 1,773 314 5,969
Disposals ( 1,463) ( 5,125) 0 ( 6,588)
At 31 March 2024 60,379 1,773 361 62,513
Net book value
At 31 March 2024 22,666 5,317 4,787 32,770
At 31 March 2023 25,874 7,660 1,822 35,356

4. Stocks

2024 2023
£ £
Stocks 710 975
Work in progress 11,121 18,857
11,831 19,832

5. Debtors

2024 2023
£ £
Trade debtors 67,617 53,028
Other debtors 886 906
68,503 53,934

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,222 4,122
Trade creditors 36,103 13,062
Taxation and social security 49,493 35,788
Other creditors 5,663 4,471
95,481 57,443

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

2024 2023
£ £
Bank loans 4,778 8,879

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2023 the balance owed to Mr R Hurring was £117. During the year £36,574 was advanced and £37,177 was repaid. The balance due to Mr R Hurring as at 31 March 2024 was £720.

At 1 April 2022 the balance owed by Mr R Hurring was £245. During the year £32,226 was advanced and £32,588 was repaid. The balance due to Mr R Hurring as at 31 March 2023 was £117.

At 1 April 2023 the balance owed to Mr S Vincent was £325. During the year £38,124 was advanced and £37,677 was repaid. The balance due from Mr S Vincent as at 31 March 2024 was £122.

At 1 April 2022 the balance owed by Mr S Vincent was £40. During the year £32,223 was advanced and £32,588 was repaid. The balance due to Mr S Vincent as at 31 March 2023 was £325.