REGISTERED NUMBER: |
PORTSMOUTH STUDENTS' UNION TRADING |
COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
REGISTERED NUMBER: |
PORTSMOUTH STUDENTS' UNION TRADING |
COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
PORTSMOUTH STUDENTS' UNION TRADING |
COMPANY LIMITED (REGISTERED NUMBER: 06320382) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PORTSMOUTH STUDENTS' UNION TRADING |
COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Station House |
North Street |
Havant |
Hampshire |
PO9 1QU |
PORTSMOUTH STUDENTS' UNION TRADING |
COMPANY LIMITED (REGISTERED NUMBER: 06320382) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
The financial statements were approved by the Board of Directors and authorised for issue on |
PORTSMOUTH STUDENTS' UNION TRADING |
COMPANY LIMITED (REGISTERED NUMBER: 06320382) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Portsmouth Students' Union Trading Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are recognised in the statement of financial activities when the charity becomes a party to the contractual provisions of the instruments. Financial instruments are initially measured at transaction price and subsequently accounted for as set out below. |
Financial instruments are classified as 'basic' in accordance with Chapter 11 of FRS 102. |
At the end of each reporting period, basic financial instruments are measured at amortised cost using the effective interest rate method. |
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire, or when the charity has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
PORTSMOUTH STUDENTS' UNION TRADING |
COMPANY LIMITED (REGISTERED NUMBER: 06320382) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | RELATED PARTY DISCLOSURES |
During the year ended 31 July 2024, Portsmouth Students' Union Trading Company Limited made a profit of £79,429 (2023: £74,380) and this will be distributed to its parent charity The University of Portsmouth Students' Union under gift aid by 30 April 2025. |