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Registered Number: 10518981
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 July 2024

for

HONEST PORTFOLIO LTD

 
 
Notes
 
2024
£
  2023
£
Fixed assets
Financial assets 2 226,000    226,000 
226,000    226,000 
Current assets
Debtors 3 203    203 
Cash at bank and in hand 1,490    3,225 
1,693    3,428 
Creditors: amount falling due within one year 4 (95,546)   (84,228)
Net current assets/(liabilities) (93,853)   (80,800)
 
Total assets less current liabilities 132,147    145,200 
Creditors: amount falling due after more than one year 5 (260,848)   (262,212)
Provisions for liabilities 6 (8,813)   (8,813)
Net assets/(liabilities) (137,514)   (125,825)
 

Capital and reserves
Called up share capital 5,000    5,000 
Reserves 7 39,499    39,499 
Profit and loss account 8 (182,013)   (170,324)
Shareholders fund (137,514)   (125,825)
 
For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of Part 15 of the Companies Act 2006.
Signed on behalf of the board of directors:


----------------------------------
David Thomas Leighton
Director

Date approved: 21 April 2025
1
Statutory Information
HONEST PORTFOLIO LTD is a private limited company, limited by shares, domiciled in England and Wales, registration number 10518981, registration address 158 Bassett Avenue, Southampton, Hampshire, SO16 7FD, England.

The presentation currency is £ sterling.
1.

Accounting Policies

Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
Going Concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Investment properties
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Fixed asset investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are
initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity
shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less
impairment.
 
Interest income on debt securities, where applicable, is recognised in income using the effective interest method.
Dividends on equity securities are recognised in income when receivable.
2.

Financial assets

Cost or Valuation   Shares in group undertakings   Investment in property   Total
    £   £   £
At 01 August 2023   1,000    225,000    226,000 
Additions      
At 31 July 2024   1,000    225,000    226,000 
Depreciation
At 01 August 2023      
At 31 July 2024      
Net book values
At 31 July 2024   1,000    225,000    226,000 
At 01 August 2023   1,000    225,000    226,000 
3.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments 203    203 
203    203 
4.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade creditors 320    760 
Amounts owed to group undertakings 37,291    27,562 
Accruals & deferred income 1,484    1,484 
Accrued expenses 478   
Other creditors   (1)
Directors' current account 55,973    54,423 
95,546    84,228 
5.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bounce back loan 3,242    4,678 
Other loans 257,606    257,534 
260,848    262,212 
6.

Provisions for liabilities

2024
£
  2023
£
Deferred tax 8,813    8,813 
8,813    8,813 
7.

Reserves

2024
£
  2023
£
Revaluation reserves 39,499    39,499 
39,499    39,499 
8.

Profit and loss account

  2024
£
Balance at 01 August 2023 (170,323)
Loss for the year (11,690)
Balance at 31 July 2024 (182,013)

9.

Average number of employees

Average number of employees during the year were 2 (2023: 2).
2