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Registered number: 04517785
Portishead Engineering and Construction Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Portishead Taxsavers
72 High Street
Portishead
BS20 6EH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04517785
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 388,079 426,912
388,079 426,912
CURRENT ASSETS
Stocks 6 130,204 197,124
Debtors 7 485,629 371,698
Cash at bank and in hand 155,041 40,363
770,874 609,185
Creditors: Amounts Falling Due Within One Year 8 (311,807 ) (233,254 )
NET CURRENT ASSETS (LIABILITIES) 459,067 375,931
TOTAL ASSETS LESS CURRENT LIABILITIES 847,146 802,843
Creditors: Amounts Falling Due After More Than One Year 9 (266,157 ) (229,594 )
NET ASSETS 580,989 573,249
CAPITAL AND RESERVES
Called up share capital 10 200 200
Profit and Loss Account 580,789 573,049
SHAREHOLDERS' FUNDS 580,989 573,249
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 David Eaton
Director
19/09/2024
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
Portishead Engineering and Construction Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04517785 . The registered office is 72 High Street, Portishead, North Somerset, BS20 6EH.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 25)
25 25
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 95,900
As at 31 March 2024 95,900
Amortisation
As at 1 April 2023 95,900
As at 31 March 2024 95,900
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 406,045 342,123 4,844 95,819 848,831
Additions 6,231 65,909 - 2,055 74,195
Disposals - (9,844 ) - - (9,844 )
As at 31 March 2024 412,276 398,188 4,844 97,874 913,182
Depreciation
As at 1 April 2023 264,183 103,753 2,790 51,193 421,919
Provided during the period 36,388 61,597 513 11,480 109,978
Disposals - (6,794 ) - - (6,794 )
As at 31 March 2024 300,571 158,556 3,303 62,673 525,103
Net Book Value
As at 31 March 2024 111,705 239,632 1,541 35,201 388,079
As at 1 April 2023 141,862 238,370 2,054 44,626 426,912
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 36,571 19,924
Work in progress 93,633 177,200
130,204 197,124
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 383,873 285,814
Other debtors 37,000 37,000
Sundry Debtor 3,651 9,833
VAT 61,105 39,051
485,629 371,698
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 220,017 158,245
Bank loans and overdrafts 17,512 17,499
Other loans 4,000 4,000
Corporation tax 12,899 8,516
Other taxes and social security 26,421 21,210
Other creditors 29,154 22,195
Accruals and deferred income 1,804 1,589
311,807 233,254
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 18,984 36,497
Other loans 11,667 15,667
Directors loan account 235,506 177,430
266,157 229,594
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
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