Portalway LLP

trading as Portal Powered Blinds

(Registration number: OC329863)
Balance Sheet as at 31 March 2024

......................................... Mr P Bate Designated member

Portalway LLP

trading as Portal Powered Blinds

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

1	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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 functional currency of Portalway LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Portalway LLP

trading as Portal Powered Blinds

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

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 limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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 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 limited liability partnership 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.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 3 (2023 - 3).

Portalway LLP

trading as Portal Powered Blinds

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

3

Debtors

	2024 £	2023 £
Trade debtors	2,516	4,016
Total current trade and other debtors	2,516	4,016

4	Creditors: Amounts falling due within one year

	2024 £	2023 £
Bank loans and overdrafts	917	1,000
Trade creditors	6,627	4,496
Other creditors	18,174	57,062
Accruals and deferred income	1,720	1,921
	27,438	64,479

5	Creditors: Amounts falling due after more than one year

	2024 £	2023 £
Bank loans and overdrafts	1,250	2,083

Portalway LLP

trading as Portal Powered Blinds

Notes to the Financial Statements for the Period from 1 May 2023 to 31 March 2024

6	Related party transactions

Summary of transactions with other related parties

At the year end there was a balance of £14,979 (2023 - £23,407) owed from The Portal Co (NE) Limited, a company in which Mr P Bate and Mrs S Bate are shareholders. This arose due to expenses paid, which were recharged at no profit or loss.

At the year end there was a balance of £33,154 (2023 - £33,654) owed to Nortech Garage Doors Limited, a company in which Mr P Bate, Mrs S Bate and Mr S Bate are shareholders. This arose due to expenses paid, which were recharged at no profit or loss.

Within trade debtors there is an amount owed from Nortech Garage Doors Limited of £2,516, a company in which Mr P Bate, Mrs S Bate and Mr S Bate are shareholders.