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Registration number: 03587167

Portfolio Design Consultancy Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Portfolio Design Consultancy Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Portfolio Design Consultancy Limited

(Registration number: 03587167)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

850,667

790,000

Other financial assets

6

222,791

217,419

 

1,073,458

1,007,419

Current assets

 

Debtors

7

1,549

1,489

Cash at bank and in hand

 

17,165

20,748

 

18,714

22,237

Creditors: Amounts falling due within one year

8

(61,442)

(75,547)

Net current liabilities

 

(42,728)

(53,310)

Total assets less current liabilities

 

1,030,730

954,109

Creditors: Amounts falling due after more than one year

8

(222)

-

Provisions for liabilities

(11,319)

(6,608)

Net assets

 

1,019,189

947,501

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

1,018,189

946,501

Shareholders' funds

 

1,019,189

947,501

For the financial year ending 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:

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 director acknowledges her 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 29 April 2025
 


Miss Helen Barbara Hible
Director

 

Portfolio Design Consultancy Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ

Principal activity

The principal activity of the company is of letting residential property and investments

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Tax

The tax expense for the period comprises deferred 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.

 

Portfolio Design Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Fixtures and fittings

25% straight line

Flat furniture

25% straight line

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Portfolio Design Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Portfolio Design Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Flat furniture
£

Total
£

Cost or valuation

At 1 August 2023

799,848

376

2,957

3,528

806,709

Revaluations

60,000

-

-

-

60,000

Additions

-

-

889

-

889

At 31 July 2024

859,848

376

3,846

3,528

867,598

Depreciation

At 1 August 2023

9,848

376

2,957

3,528

16,709

Charge for the year

-

-

222

-

222

At 31 July 2024

9,848

376

3,179

3,528

16,931

Carrying amount

At 31 July 2024

850,000

-

667

-

850,667

At 31 July 2023

790,000

-

-

-

790,000

5

Investment properties

Investment properties are held at fair value and not subject to depreciation. The investment properties were valued by the director as at 31 July 2024. The historic cost of investment properties is £606,848.

If investment properties were to be sold at their fair values, the tax due on the disposals would be approximately £9,108 (2023: £6,608).

 

Portfolio Design Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2023

217,419

217,419

Revaluations

18,162

18,162

Additions

4,905

4,905

Disposals

(17,695)

(17,695)

At 31 July 2024

222,791

222,791

Impairment

Carrying amount

At 31 July 2024

222,791

222,791

Other fixed asset investments are held at market value. The historical cost of other fixed asset investments is £209,015 (2023: £221,789).

7

Debtors

2024
£

2023
£

Other debtors

1,050

950

Prepayments

499

539

1,549

1,489

 

Portfolio Design Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

444

-

Taxation and social security

 

-

2,228

Accruals and deferred income

 

3,228

3,080

Other creditors

 

57,770

70,239

 

61,442

75,547


Within loans and borrowings are amounts due under hire purchase contracts totalling £444 (2023: £nil). Balances due under hire purchase contracts are secured on the assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

222

-


Within loans and borrowings are amounts due under hire purchase contracts totalling £222 (2023: £nil). Balances due under hire purchase contracts are secured on the assets to which they relate.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Accumulated undistributable reserves at 31 July 2024 amounted to £255,584.

 

Portfolio Design Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

222

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

444

-

11

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Director

(70,239)

21,611

(9,104)

(57,732)

         
       

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Director

(14,467)

21,324

(77,096)

(70,239)

 


Directors’ loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

12

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.