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COMPANY REGISTRATION NUMBER: 13813577
Porcellum Limited
Filleted Unaudited Financial Statements
31 May 2024
Porcellum Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Porcellum Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Porcellum Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Porcellum Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
20 January 2025
Porcellum Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
453,433
450,000
Creditors: amounts falling due within one year
6
2,180
960
-------
----
Net current liabilities
2,180
960
---------
---------
Total assets less current liabilities
451,253
449,040
Creditors: amounts falling due after more than one year
7
577,374
452,844
Provisions
15,970
---------
---------
Net liabilities
( 142,091)
( 3,804)
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
( 152,091)
( 13,804)
---------
--------
Shareholders deficit
( 142,091)
( 3,804)
---------
--------
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 comprehensive income has not been delivered.
For the year ending 31 May 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 .
Porcellum Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
B J Newton
Director
Company registration number: 13813577
Porcellum Limited
Notes to the Financial Statements
Year ended 31 May 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 YVHQ, Rhodyate, Blagdon, North Somerset, BS40 7YE.
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.
Going concern
The company is reliant on the continued support of its directors and shareholders. The directors have a reasonable expectation that with the support of its shareholders the company has adequate resources to continue to adopt the going concern basis in preparing the financial statements.
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.
Investments
Investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Investments
Other investments other than loans
£
Cost
At 1 June 2023
450,000
Additions
99,974
Revaluations
( 96,541)
---------
At 31 May 2024
453,433
---------
Impairment
At 1 June 2023 and 31 May 2024
---------
Carrying amount
At 31 May 2024
453,433
---------
At 31 May 2023
450,000
---------
The basis for the valuation of the company's investment at 31st May 2024 is a revenue multiple basis using a discounted multiple from a share subscription offer.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to related parties
980
Other creditors
1,200
960
-------
----
2,180
960
-------
----
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to related party
577,374
452,844
---------
---------