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REGISTERED NUMBER: 11595741 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Portree Ltd

Portree Ltd (Registered number: 11595741)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Portree Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTORS: C R Main
A Wheatley





REGISTERED OFFICE: 20 High Street
Lutterworth
Leicestershire
LE17 4AD





REGISTERED NUMBER: 11595741 (England and Wales)





ACCOUNTANTS: Gopsall Services Limited
4 HRFC Business Centre
Leicester Road
Hinckley
Leicestershire
LE10 3DR

Portree Ltd (Registered number: 11595741)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 8,905 11,645
Tangible assets 5 84,426 108,062
93,331 119,707

CURRENT ASSETS
Stocks - 10,580
Debtors 6 127,764 63,533
Cash at bank 21,441 77,127
149,205 151,240
CREDITORS
Amounts falling due within one year 7 180,459 184,950
NET CURRENT LIABILITIES (31,254 ) (33,710 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,077

85,997

CREDITORS
Amounts falling due after more than one year 8 60,852 88,201
NET ASSETS/(LIABILITIES) 1,225 (2,204 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,223 (2,206 )
1,225 (2,204 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Portree Ltd (Registered number: 11595741)

Balance Sheet - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:




A Wheatley - Director



C R Main - Director


Portree Ltd (Registered number: 11595741)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Portree Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Portree Ltd (Registered number: 11595741)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 8 ).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 October 2023
and 30 September 2024 13,700
AMORTISATION
At 1 October 2023 2,055
Charge for year 2,740
At 30 September 2024 4,795
NET BOOK VALUE
At 30 September 2024 8,905
At 30 September 2023 11,645

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 18,983 106,257 70,150 9,796 205,186
Additions 1,591 12,217 - 401 14,209
Disposals - (8,225 ) (4,000 ) (106 ) (12,331 )
At 30 September 2024 20,574 110,249 66,150 10,091 207,064
DEPRECIATION
At 1 October 2023 12,644 48,891 29,305 6,284 97,124
Charge for year 5,143 16,370 9,975 1,284 32,772
Eliminated on disposal - (4,123 ) (3,051 ) (84 ) (7,258 )
At 30 September 2024 17,787 61,138 36,229 7,484 122,638
NET BOOK VALUE
At 30 September 2024 2,787 49,111 29,921 2,607 84,426
At 30 September 2023 6,339 57,366 40,845 3,512 108,062

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 49,746 44,059
Other debtors 15,524 -
Directors' current accounts 45,997 -
Prepayments 16,497 19,474
127,764 63,533

Portree Ltd (Registered number: 11595741)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 19,501 21,940
Hire purchase contracts (see note 9) 6,186 6,986
Trade creditors 116,416 106,592
Tax 15,531 -
Social security and other taxes 4,933 43,709
VAT 16,706 -
Directors' current accounts - 5,021
Accrued expenses 1,186 702
180,459 184,950

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans - 2-5 years 33,957 55,120
Hire purchase contracts (see note 9) 26,895 33,081
60,852 88,201

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 6,186 6,986
Between one and five years 26,895 33,081
33,081 40,067

Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 5,638 -
Between one and five years 15,036 -
20,674 -

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
A Wheatley
Balance outstanding at start of year (3,296 ) 20,315
Amounts advanced 61,358 -
Amounts repaid (26,297 ) (23,611 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,765 (3,296 )

Portree Ltd (Registered number: 11595741)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

C R Main
Balance outstanding at start of year (1,724 ) 10,650
Amounts advanced 42,698 -
Amounts repaid (26,741 ) (12,374 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,233 (1,724 )

11. GOING CONCERN

The accounts have been prepared on the basis that the company is a going concern which is dependent on the continuing support of the director and related parties.