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COMPANY REGISTRATION NUMBER: 01698062
Portrest Limited
Filleted Unaudited Financial Statements
30 April 2024
Portrest Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Portrest Limited
Balance Sheet
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,704,717
1,993,569
Current assets
Stocks
33,000
27,900
Debtors
6
440,072
477,825
Cash at bank and in hand
401,328
195,885
---------
---------
874,400
701,610
Creditors: amounts falling due within one year
7
715,845
722,082
---------
---------
Net current assets/(liabilities)
158,555
( 20,472)
------------
------------
Total assets less current liabilities
2,863,272
1,973,097
Creditors: amounts falling due after more than one year
8
614,410
467,467
Provisions
Taxation including deferred tax
531,187
334,736
------------
------------
Net assets
1,717,675
1,170,894
------------
------------
Portrest Limited
Balance Sheet (continued)
30 April 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,717,673
1,170,892
------------
------------
Shareholders funds
1,717,675
1,170,894
------------
------------
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 profit and loss account has not been delivered.
For the year ending 30 April 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 29 January 2025 , and are signed on behalf of the board by:
Mr P R Catterall
Director
Company registration number: 01698062
Portrest Limited
Notes to the Financial Statements
Year ended 30 April 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 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
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 and 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant & Machinery
-
10% reducing balance
Motor Vehicles
-
10-20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 41 (2023: 41 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
344,669
27,348
3,371,450
3,743,467
Additions
659,150
659,150
---------
--------
------------
------------
At 30 April 2024
344,669
27,348
4,030,600
4,402,617
---------
--------
------------
------------
Depreciation
At 1 May 2023
22,448
1,727,450
1,749,898
Charge for the year
490
( 52,488)
( 51,998)
---------
--------
------------
------------
At 30 April 2024
22,938
1,674,962
1,697,900
---------
--------
------------
------------
Carrying amount
At 30 April 2024
344,669
4,410
2,355,638
2,704,717
---------
--------
------------
------------
At 30 April 2023
344,669
4,900
1,644,000
1,993,569
---------
--------
------------
------------
Freehold property is reported at cost value and relates to a property purchased in 2018.
6. Debtors
2024
2023
£
£
Trade debtors
136,656
281,944
Amounts owed by group undertakings and undertakings in which the company has a participating interest
239,296
146,105
Other debtors
64,120
49,776
---------
---------
440,072
477,825
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,791
73,772
Trade creditors
107,957
100,690
Amounts owed to group undertakings and undertakings in which the company has a participating interest
18,571
Corporation tax
158
16,805
Social security and other taxes
34,739
27,642
Other creditors
550,200
484,602
---------
---------
715,845
722,082
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
66,143
88,934
Other creditors
548,267
378,533
---------
---------
614,410
467,467
---------
---------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
921,939
738,773
---------
---------
Financial instruments relate to liabilities under hire purchase and finance lease agreements.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
147,491
51,151
Later than 1 year and not later than 5 years
419,193
---------
--------
566,684
51,151
---------
--------
11. Directors' advances, credits and guarantees
A director had an interest free, repayable on demand loan with the company during the year. At the start of the year, the company owed him £55 and at the end of the year, the company owed him £176 .
12. Related party transactions
During the year the company received charges from and made recharges of costs to a company controlled by two of the directors. At the beginning of the year Portrest Limited owed this company £18,571 and at the end of the year were owed £82,819, repayable on demand. A company controlled by two directors is guarantor to a number of hire purchase and finance lease contracts on behalf of Portrest Limited . The company guarantees the future payments on the contracts. During the year the company provided an interest free, repayable on demand loan to a company a director controls. At the year end the company was owed £156,477 (2023: £146,105) from this related party.