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COMPANY REGISTRATION NUMBER: 06006613
The Portington Trading Company Limited
Filleted Unaudited Financial Statements
Year ended
24 June 2024
The Portington Trading Company Limited
Financial Statements
Year ended 24 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Portington Trading Company Limited
Statement of Financial Position
24 June 2024
2024
2023
Note
£
£
£
£
Current assets
Stocks
178,628
147,245
Debtors
4
6,360
335
Cash at bank and in hand
400
2
----------
----------
185,388
147,582
Creditors: amounts falling due within one year
5
151,447
115,265
----------
----------
Net current assets
33,941
32,317
--------
--------
Total assets less current liabilities
33,941
32,317
Creditors: amounts falling due after more than one year
6
45,500
49,500
--------
--------
Net liabilities
( 11,559)
( 17,183)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 11,561)
( 17,185)
--------
--------
Shareholders funds
( 11,559)
( 17,183)
--------
--------
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 income statement has not been delivered.
For the year ending 24 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Portington Trading Company Limited
Statement of Financial Position (continued)
24 June 2024
These financial statements were approved by the board of directors and authorised for issue on 10 April 2025 , and are signed on behalf of the board by:
T E Leighton
Director
Company registration number: 06006613
The Portington Trading Company Limited
Notes to the Financial Statements
Year ended 24 June 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 Pippin House, High Street, Barmby on the Marsh, Goole, East Yorkshire, DN14 7HU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The balance sheet at 24 June 2024 shows that liabilities exceed assets by £11,559, including liabilities to the director of £66,552. It has been agreed that this loan will not be repaid in the foreseeable future.
The company relies on the continued support of the director to enable it to continue normal trading activities, which the director confirms will be made available for the foreseeable future. The accounts are therefore prepared on a going concern basis.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the land sold and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of land is recognised by reference to the contract date.
(d) Current & deferred 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 be paid or recovered 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.
(e) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(f) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Debtors
2024
2023
£
£
Other debtors
6,360
335
-------
----
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,800
16,090
Corporation tax
2,793
4,856
Social security and other taxes
21,268
13,662
Director's Loan Account
66,552
72,446
Other creditors
48,034
8,211
----------
----------
151,447
115,265
----------
----------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
45,500
49,500
--------
--------
7. Related party transactions
The sole director and shareholder had a loan account with the company during the period and the balance due to him at 24 June 2024 was £ 66,552 , (25 June 2023 £72,446).