0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,749 1,749 87 87 1,662 xbrli:pure xbrli:shares iso4217:GBP 12489145 2023-03-01 2024-02-29 12489145 2024-02-29 12489145 2023-02-28 12489145 2022-03-01 2023-02-28 12489145 2023-02-28 12489145 2022-02-28 12489145 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 12489145 bus:Director2 2023-03-01 2024-02-29 12489145 core:WithinOneYear 2024-02-29 12489145 core:WithinOneYear 2023-02-28 12489145 core:AfterOneYear 2024-02-29 12489145 core:AfterOneYear 2023-02-28 12489145 core:ShareCapital 2024-02-29 12489145 core:ShareCapital 2023-02-28 12489145 core:RetainedEarningsAccumulatedLosses 2024-02-29 12489145 core:RetainedEarningsAccumulatedLosses 2023-02-28 12489145 bus:SmallEntities 2023-03-01 2024-02-29 12489145 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12489145 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12489145 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12489145 bus:FullAccounts 2023-03-01 2024-02-29 12489145 bus:OrdinaryShareClass1 2024-02-29 12489145 bus:OrdinaryShareClass1 2023-02-28 12489145 core:OfficeEquipment 2023-03-01 2024-02-29 12489145 core:OfficeEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 12489145
Port Meadow Estates Limited
Filleted Unaudited Financial Statements
29 February 2024
Port Meadow Estates Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Port Meadow Estates Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
1,662
Current assets
Stocks
2,120,552
1,922,929
Debtors
5
13,993
Cash at bank and in hand
27,755
4,167
------------
------------
2,162,300
1,927,096
Creditors: amounts falling due within one year
6
2,031,441
1,868,304
------------
------------
Net current assets
130,859
58,792
----------
--------
Total assets less current liabilities
132,521
58,792
Creditors: amounts falling due after more than one year
7
14,812
24,952
----------
--------
Net assets
117,709
33,840
----------
--------
Capital and reserves
Called up share capital
8
1,006
1,006
Profit and loss account
116,703
32,834
----------
--------
Shareholders funds
117,709
33,840
----------
--------
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 29 February 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 .
Port Meadow Estates Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr D W Clarkson
Director
Company registration number: 12489145
Port Meadow Estates Limited
Notes to the Financial Statements
Year ended 29 February 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 Printing House, 66 Lower Road, Harrow, HA2 0DH.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Equipment
£
Cost
At 1 March 2023
Additions
1,749
-------
At 29 February 2024
1,749
-------
Depreciation
At 1 March 2023
Charge for the year
87
-------
At 29 February 2024
87
-------
Carrying amount
At 29 February 2024
1,662
-------
At 28 February 2023
-------
5. Debtors
2024
2023
£
£
Trade debtors
13,993
--------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,140
9,891
Accruals and deferred income
2,000
2,000
Corporation tax
24,021
7,703
Social security and other taxes
13,462
719
Director loan accounts
1,981,818
1,847,991
------------
------------
2,031,441
1,868,304
------------
------------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,812
24,952
--------
--------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.10 each
10,064
1,006
10,064
1,006
--------
-------
--------
-------