Acorah Software Products - Accounts Production 15.0.600 false true 31 May 2023 1 June 2022 false 1 June 2023 31 March 2024 31 March 2024 07628859 Mr James Page Mr Allan Mycroft Mr Paul Turner iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07628859 2023-05-31 07628859 2024-03-31 07628859 2023-06-01 2024-03-31 07628859 frs-core:CurrentFinancialInstruments 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 2024-03-31 07628859 frs-core:ComputerEquipment 2024-03-31 07628859 frs-core:ComputerEquipment 2023-06-01 2024-03-31 07628859 frs-core:ComputerEquipment 2023-05-31 07628859 frs-core:PlantMachinery 2024-03-31 07628859 frs-core:PlantMachinery 2023-06-01 2024-03-31 07628859 frs-core:PlantMachinery 2023-05-31 07628859 frs-core:ShareCapital 2024-03-31 07628859 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07628859 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-03-31 07628859 frs-bus:FilletedAccounts 2023-06-01 2024-03-31 07628859 frs-bus:SmallEntities 2023-06-01 2024-03-31 07628859 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-03-31 07628859 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-03-31 07628859 frs-core:CostValuation 2023-05-31 07628859 frs-core:CostValuation 2024-03-31 07628859 frs-core:ProvisionsForImpairmentInvestments 2023-05-31 07628859 frs-core:ProvisionsForImpairmentInvestments 2024-03-31 07628859 frs-bus:Director1 2023-06-01 2024-03-31 07628859 frs-bus:Director2 2023-06-01 2024-03-31 07628859 frs-bus:Director3 2023-06-01 2024-03-31 07628859 frs-core:CurrentFinancialInstruments 1 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 1 2024-03-31 07628859 frs-core:CurrentFinancialInstruments 2 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 2 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 3 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 4 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 5 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 6 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 7 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 8 2024-03-31 07628859 frs-core:Non-currentFinancialInstruments 9 2024-03-31 07628859 frs-countries:EnglandWales 2023-06-01 2024-03-31 07628859 2022-05-31 07628859 2023-05-31 07628859 2022-06-01 2023-05-31 07628859 frs-core:CurrentFinancialInstruments 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 2023-05-31 07628859 frs-core:ShareCapital 2023-05-31 07628859 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 07628859 frs-core:CurrentFinancialInstruments 1 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 1 2023-05-31 07628859 frs-core:CurrentFinancialInstruments 2 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 2 2023-05-31 07628859 frs-core:CurrentFinancialInstruments 3 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 3 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 4 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 5 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 6 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 7 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 8 2023-05-31 07628859 frs-core:Non-currentFinancialInstruments 9 2023-05-31
Registered number: 07628859
Portway Homes Limited
Unaudited Financial Statements
For the Period 1 June 2023 to 31 March 2024
Tasker Osman & Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07628859
31 March 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 86,945 102,386
Investments 5 250 250
87,195 102,636
CURRENT ASSETS
Stocks 6 400,000 2,350,000
Debtors 7 75,560 1,220,782
Cash at bank and in hand 208 2,040
475,768 3,572,822
Creditors: Amounts Falling Due Within One Year 8 (662,461 ) (928,897 )
NET CURRENT ASSETS (LIABILITIES) (186,693 ) 2,643,925
TOTAL ASSETS LESS CURRENT LIABILITIES (99,498 ) 2,746,561
Creditors: Amounts Falling Due After More Than One Year 9 (698,891 ) (2,690,319 )
NET (LIABILITIES)/ASSETS (798,389 ) 56,242
CAPITAL AND RESERVES
Called up share capital 10 6 6
Profit and Loss Account (798,395 ) 56,236
SHAREHOLDERS' FUNDS (798,389) 56,242
Page 1
Page 2
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Page
Director
26/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Portway Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07628859 . The registered office is 10 South Way, Newhaven, BN9 9LL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%
Computer Equipment 25%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 4 (2023: 5)
4 5
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 152,737 1,961 154,698
As at 31 March 2024 152,737 1,961 154,698
Depreciation
As at 1 June 2023 51,178 1,134 52,312
Provided during the period 15,234 207 15,441
As at 31 March 2024 66,412 1,341 67,753
Net Book Value
As at 31 March 2024 86,325 620 86,945
As at 1 June 2023 101,559 827 102,386
5. Investments
Other
£
Cost
As at 1 June 2023 250
As at 31 March 2024 250
Provision
As at 1 June 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 250
As at 1 June 2023 250
6. Stocks
31 March 2024 31 May 2023
£ £
Work in progress 400,000 2,350,000
7. Debtors
31 March 2024 31 May 2023
£ £
Due within one year
Trade debtors 70,560 1,216,882
Other debtors 5,000 3,900
75,560 1,220,782
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8. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 May 2023
£ £
Trade creditors 525,229 788,864
Other taxes and social security 45,780 19,111
VAT 90,043 88,057
Net wages - 4,689
Credit card 1,000 1,000
Pension creditor 409 356
Expenses account - 4,375
Directors' loan accounts - 22,445
662,461 928,897
9. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 May 2023
£ £
Bank loans 26,920 34,019
A Mycroft Loan Account - 327,783
N Troak Loan 188,000 1,000
M Troak Loan 23,000 850,000
S Rigden Loan - 5,000
TCG (UK) Loan 151,500 148,500
P Turner loan 57,000 -
JM Page Loan 104,000 120,000
Mycroft Development Loan 140,000 140,000
Atelier Loan - 1,064,017
City Building Expenes loan 5,671 -
City Building Services loan 2,800 -
698,891 2,690,319
10. Share Capital
31 March 2024 31 May 2023
£ £
Allotted, Called up and fully paid 6 6
Page 5