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Registration number: NI052031

Portsandel Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Portsandel Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Portsandel Limited

(Registration number: NI052031)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

64,756

64,756

Investments

5

857,058

857,058

 

921,814

921,814

Current assets

 

Debtors

6

17,878

20,844

Cash at bank and in hand

 

387,758

397,384

 

405,636

418,228

Creditors: Amounts falling due within one year

7

(86,523)

(85,017)

Net current assets

 

319,113

333,211

Net assets

 

1,240,927

1,255,025

Capital and reserves

 

Called up share capital

8

2

2

Capital redemption reserve

1

1

Retained earnings

1,240,924

1,255,022

Shareholders' funds

 

1,240,927

1,255,025

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Paul Rafferty
Director

 

Portsandel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland. Company registration number is NI052031.

The address of its registered office is:
6 Balloo Court
Bangor
Down
BT19 7AT
Northern Ireland

These financial statements were authorised for issue by the Board on 11 April 2025.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Portsandel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.


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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
 

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Portsandel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Ground Rents
 £

Total
£

Cost or valuation

At 1 November 2023

50,433

14,323

64,756

At 31 October 2024

50,433

14,323

64,756

Depreciation

Carrying amount

At 31 October 2024

50,433

14,323

64,756

At 31 October 2023

50,433

14,323

64,756

Included within the net book value of land and buildings above is £50,433 (2023 - £50,433) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

857,058

857,058

Subsidiaries

£

Cost or valuation

At 1 November 2023

857,058

Provision

Carrying amount

At 31 October 2024

857,058

At 31 October 2023

857,058

 

Portsandel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

17,875

17,414

Prepayments

-

2,500

Other debtors

3

930

 

17,878

20,844

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

7,017

4,209

Accruals and deferred income

17,161

17,007

Other creditors

62,345

63,801

86,523

85,017

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

       

9

Related party transactions

The directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.