| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Portrack Trading Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Portrack Trading Limited |
| Portrack Trading Limited (Registered number: 06795616) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Portrack Trading Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| SECRETARIES: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| Portrack Trading Limited (Registered number: 06795616) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| Portrack Trading Limited (Registered number: 06795616) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Portrack Trading Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company has ceased trading. As required by the Financial Reporting Standard 102 Section 1A, the financial statements have been prepared on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.The financial statements do not include any provision for the future costs of terminating the business of the company. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Owing from associated undertakings | 140,488 | 140,488 |
| Portrack Trading Limited (Registered number: 06795616) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| As shown above, debtors include £140,488 (2023: £140,488) owing from associated undertakings. Due to liquidity concerns within the property sector generally, and therefore within the associated debtor undertakings, the timescale for recovery of these debtor balances is unknown, but considered by the director to be greater than one year for a significant proportion of this amount. There are no formal terms of repayment for these balances. |
| There are a number of associated undertaking creditor balances (as disclosed below), the timing of the payment of which is dependent upon the timing of the receipt of amounts due from associated debtor undertakings. |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Owing to associated undertakings | 9,208 | 9,208 |
| Accrued expenses |
| As shown above, creditors include £9,208 ( 2023 : £9,208 ) owing to associated undertakings. The company is dependent upon the support of its associated companies with regard to the timing of the payment of these associated company creditors. Given the liquidity concerns within the property sector generally, and therefore within the associated companies, the timescale for payment of these balances is unknown. The director considers that this will be more than one year from the balance sheet date for a significant proportion of these balances. There are no formal terms of payment for these associated company balances. |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 7. | RELATED PARTY DISCLOSURES |
| There has been no movement during the year in the related party balances. |
| Other related parties - common control |
| 2024 | 2023 |
| £ | £ |
| Balance at year end - debtor | 140,488 | 140,488 |
| Balance at year end - creditor | (9,208 | ) | (9,208 | ) |
| The above debtor balance at the year end is net of a bad debt provision of £9,078 (2023 : £9,078). |