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COMPANY REGISTRATION NUMBER: 11481393
Portlight Limited
Filleted Unaudited Financial Statements
31 March 2024
Portlight Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Portlight Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Current assets
Debtors
5
716,252
653,350
Cash at bank and in hand
6,593
33,460
---------
---------
722,845
686,810
Creditors: amounts falling due within one year
6
713,877
684,969
---------
---------
Net current assets
8,968
1,841
-------
-------
Total assets less current liabilities
8,968
1,841
-------
-------
Net assets
8,968
1,841
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
8,868
1,741
-------
-------
Shareholders funds
8,968
1,841
-------
-------
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.
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 .
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr J Cornish
Mr L Reeves
Director
Director
Company registration number: 11481393
Portlight Limited
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 10 Throgmorton Avenue, London, EC2N 2DL, England.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2).
5. Debtors
2024
2023
£
£
Trade debtors
716,252
653,350
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
285,835
285,714
Amounts owed to group undertakings and undertakings in which the company has a participating interest
332,810
316,242
Corporation tax
78,089
72,995
Other creditors
17,143
10,018
---------
---------
713,877
684,969
---------
---------
7. Related party transactions
At the year end the company owed £250,613 (2023: £240,971) to its parent company. At the year end the company owed £82,197 (2023: £75,271) to a company with a participating interest.
8. Controlling party
At the balance sheet the company's immediate and ultimate parent company was LGBR Capital London Limited , a company registered in the United Kingdom. The registered office address of the parent company is 10 Throgmorton Avenue, London, United Kingdom, EC2N 2DL .