REGISTERED NUMBER: 04635990 (England and Wales)

Portia of Poole Limited

Unaudited Financial Statements

for the Year Ended 31st January 2025

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Director:

N Priestley

Registered office:

22 Main Street

Seahouses

Northumberland

NE68 7RQ

Registered number:

04635990 (England and Wales)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

50,000

50,000

Tangible assets

5

328,106

358,977

378,106

408,977

Current assets

Debtors

6

21,121

6,467

Cash at bank

46,372

6,934

67,493

13,401

Creditors

Amounts falling due within one year

7

159,839

196,559

Net current liabilities

(92,346

)

(183,158

)

Total assets less current liabilities

285,760

225,819

Creditors

Amounts falling due after more than one year

8

(34,886

)

(84,230

)

Provisions for liabilities

(22,647

)

-

Net assets

228,227

141,589

Capital and reserves

Called up share capital

100

100

Retained earnings

228,127

141,489

Shareholders' funds

228,227

141,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2025 in accordance with Section 476 of the Companies Act 2006.

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 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24th June 2025 and were signed by:

N Priestley - Director

1.	Statutory information

Portia of Poole Limited 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.

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 represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

Fishing licence

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Property improvements

-

Nil

Boats

-

Nil

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

15% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank loans, other loans and directors' loans.

Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors, other loans and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Assets obtained under hire purchase contract or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases re depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Going concern

The director has considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

3.	Employees and directors

The average number of employees during the year was 1 (2024 - 1 ) .

4.	Intangible fixed assets

Fishing

licence

£

Cost

At 1st February 2024

and 31st January 2025

50,000

Net book value

At 31st January 2025

50,000

At 31st January 2024

50,000

5.	Tangible fixed assets

Property

Plant and

improvements

Boats

machinery

£

£

£

Cost

At 1st February 2024

-

300,000

306,536

Additions

9,087

-

4,456

Disposals

-

-

-

At 31st January 2025

9,087

300,000

310,992

Depreciation

At 1st February 2024

-

-

285,974

Charge for year

-

-

15,252

Eliminated on disposal

-

-

-

At 31st January 2025

-

-

301,226

Net book value

At 31st January 2025

9,087

300,000

9,766

At 31st January 2024

-

300,000

20,562

Motor

Office

vehicles

equipment

Totals

£

£

£

Cost

At 1st February 2024

55,667

2,567

664,770

Additions

-

-

13,543

Disposals

(34,667

)

-

(34,667

)

At 31st January 2025

21,000

2,567

643,646

Depreciation

At 1st February 2024

17,855

1,964

305,793

Charge for year

2,953

209

18,414

Eliminated on disposal

(8,667

)

-

(8,667

)

At 31st January 2025

12,141

2,173

315,540

Net book value

At 31st January 2025

8,859

394

328,106

At 31st January 2024

37,812

603

358,977

6.

Debtors: amounts falling due within one year

2025

2024

£

£

Other debtors

21,121

6,467

7.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

24,690

24,968

Hire purchase contracts

4,936

10,015

Trade creditors

9,345

12,574

Other creditors

120,868

149,002

159,839

196,559

8.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans

30,948

54,095

Hire purchase contracts

3,938

30,135

34,886

84,230

9.	Secured debts

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

55,638

79,063

Hire purchase contracts

8,874

40,150

64,512

119,213

The bank loan is secured over the assets of the company.

Hire purchase contracts are secured over the assets concerned.

10.	Post balance sheet events

Since the year end, on 31 March 2025, a final dividend for the year ended 31 January 2025 of £400 per share has been declared.