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Registration number: 04929967

Calmac Portfolio Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Calmac Portfolio Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Calmac Portfolio Limited

Company Information

Directors

P Jeffery

C McKearney

D C Jeffery

K J G McLelland

Company secretary

C McKearney

Registered office

36 Wattleton Road
Beaconsfield
Bucks
HP9 1SE

Accountants

AIMS Accountants for Business
36 Wattleton Road
Beaconsfield
Bucks
HP9 1SE

 

Calmac Portfolio Limited

(Registration number: 04929967)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,618

1,808

Investment property

5

980,000

925,000

 

981,618

926,808

Current assets

 

Debtors

6

-

78

Cash at bank and in hand

 

13,847

23,154

 

13,847

23,232

Creditors: Amounts falling due within one year

7

(130,403)

(16,737)

Net current (liabilities)/assets

 

(116,556)

6,495

Total assets less current liabilities

 

865,062

933,303

Creditors: Amounts falling due after more than one year

7

(114,702)

(259,228)

Provisions for liabilities

(78,603)

(68,153)

Net assets

 

671,757

605,922

Capital and reserves

 

Called up share capital

8

144

144

Revaluation reserve

-

40,500

Retained earnings

671,613

565,278

Shareholders' funds

 

671,757

605,922

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

 

Calmac Portfolio Limited

(Registration number: 04929967)
Balance Sheet as at 31 March 2024

.........................................
C McKearney
Company secretary and director

 

Calmac Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
36 Wattleton Road
Beaconsfield
Bucks
HP9 1SE
United Kingdom

These financial statements were authorised for issue by the Board on 1 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Calmac Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Calmac Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Calmac Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

11,251

11,251

Additions

349

349

At 31 March 2024

11,600

11,600

Depreciation

At 1 April 2023

9,443

9,443

Charge for the year

539

539

At 31 March 2024

9,982

9,982

Carrying amount

At 31 March 2024

1,618

1,618

At 31 March 2023

1,808

1,808

5

Investment properties

2024
£

At 1 April

925,000

Fair value adjustments

55,000

At 31 March

980,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Other debtors

-

78

 

-

78

 

Calmac Portfolio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

5,037

5,681

Accruals and deferred income

480

1,056

Other creditors

124,886

10,000

130,403

16,737

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

109,497

253,435

Other non-current financial liabilities

 

5,205

5,793

 

114,702

259,228

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

144

144

144

144

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

55,000

55,000

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

109,497

253,435