3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 300,000 147,500 15,000 162,500 137,500 152,500 1,625 1,213 137 1,350 275 412 xbrli:pure xbrli:shares iso4217:GBP 08707230 2023-04-01 2024-03-31 08707230 2024-03-31 08707230 2023-03-31 08707230 2022-04-01 2023-03-31 08707230 2023-03-31 08707230 2022-03-31 08707230 core:NetGoodwill 2023-04-01 2024-03-31 08707230 bus:Director1 2023-04-01 2024-03-31 08707230 core:NetGoodwill 2023-03-31 08707230 core:NetGoodwill 2024-03-31 08707230 core:WithinOneYear 2024-03-31 08707230 core:WithinOneYear 2023-03-31 08707230 core:ShareCapital 2024-03-31 08707230 core:ShareCapital 2023-03-31 08707230 core:RetainedEarningsAccumulatedLosses 2024-03-31 08707230 core:RetainedEarningsAccumulatedLosses 2023-03-31 08707230 core:NetGoodwill 2023-03-31 08707230 bus:Director1 2023-03-31 08707230 bus:Director1 2024-03-31 08707230 bus:Director1 2022-03-31 08707230 bus:Director1 2023-03-31 08707230 bus:Director1 2022-04-01 2023-03-31 08707230 bus:SmallEntities 2023-04-01 2024-03-31 08707230 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08707230 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08707230 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08707230 bus:FullAccounts 2023-04-01 2024-03-31 08707230 core:OfficeEquipment 2023-04-01 2024-03-31 08707230 core:OfficeEquipment 2024-03-31 08707230 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 08707230
Portuguese Vintage Tiles Ltd
Filleted Unaudited Financial Statements
31 March 2024
Portuguese Vintage Tiles Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
137,500
152,500
Tangible assets
6
275
412
---------
---------
137,775
152,912
Current assets
Debtors
7
782,445
655,210
Cash at bank and in hand
222,773
192,690
------------
---------
1,005,218
847,900
Creditors: amounts falling due within one year
8
674,902
629,986
------------
---------
Net current assets
330,316
217,914
---------
---------
Total assets less current liabilities
468,091
370,826
Provisions
Taxation including deferred tax
69
103
---------
---------
Net assets
468,022
370,723
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
467,922
370,623
---------
---------
Shareholders funds
468,022
370,723
---------
---------
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Portuguese Vintage Tiles Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr I H Bruce
Director
Company registration number: 08707230
Portuguese Vintage Tiles Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Carpenters Buildings, Carpenters Lane, Cirencester, Gloucestershire, GL7 1EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
300,000
---------
Amortisation
At 1 April 2023
147,500
Charge for the year
15,000
---------
At 31 March 2024
162,500
---------
Carrying amount
At 31 March 2024
137,500
---------
At 31 March 2023
152,500
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
1,625
1,625
-------
-------
Depreciation
At 1 April 2023
1,213
1,213
Charge for the year
137
137
-------
-------
At 31 March 2024
1,350
1,350
-------
-------
Carrying amount
At 31 March 2024
275
275
-------
-------
At 31 March 2023
412
412
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
781,615
652,392
Other debtors
830
2,818
---------
---------
782,445
655,210
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
429,516
279,432
Corporation tax
51,708
35,357
Social security and other taxes
143,632
191,716
Other creditors
50,046
123,481
---------
---------
674,902
629,986
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr I H Bruce
( 121,013)
73,580
( 47,433)
---------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr I H Bruce
( 154,973)
33,960
( 121,013)
---------
--------
---------