Company Registration No. 02079874 (England and Wales)
PORTLAND MARITIME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
PORTLAND MARITIME LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PORTLAND MARITIME LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
3
67,980
67,981
Creditors: amounts falling due within one year
4
(9,991)
(7,992)
Net current assets
57,989
59,989
Capital and reserves
Called up share capital
5
300
300
Profit and loss reserves
57,689
59,689
Total equity
57,989
59,989

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 27 October 2025
Mr J D Kennett
Director
Company registration number 02079874 (England and Wales)
PORTLAND MARITIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Portland Maritime Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company took the decision to cease trading shortly after the year end. The financial statements include the actual and estimated effects of this decision.true

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and in view of the company's circumstances written down to the estimated recoverable value.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

PORTLAND MARITIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
0
0
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
67,980
67,981
PORTLAND MARITIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
6,991
5,992
Other creditors
3,000
2,000
9,991
7,992
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
6
Directors' transactions
Advances
% Rate
Opening balance
Closing balance
£
£
Mr J D Kennett
-
51,162
51,162
51,162
51,162
7
Ultimate controlling party

Mr J D Kennett is the ultimate controlling party.

PORTLAND MARITIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
8
Prior period adjustment
Reconciliation of changes in equity
1 June
31 May
2022
2023
£
£
Adjustments to prior year
Accountancy
-
(1,000)
Interest on overdrwan DLA
-
(1,044)
Interest on CT
-
(560)
Penalties on CT
-
(300)
Total adjustments
-
(2,904)
Equity as previously reported
61,949
62,893
Equity as adjusted
61,949
59,989
Analysis of the effect upon equity
Profit and loss reserves
-
(2,904)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Accountancy
(1,000)
Interest on overdrwan DLA
(1,044)
Interest on CT
(560)
Penalties on CT
(300)
Total adjustments
(2,904)
Profit as previously reported
944
Loss as adjusted
(1,960)
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