COMPANY REGISTRATION NUMBER:
NI625006
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF
PORTLEE LIMITED |
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YEAR ENDED 31 MAY 2025
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2025, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & COMPANY LTD.
Chartered Accountants
23 Church Place,
Lurgan,
Co. Armagh.
N. Ireland
BT66 6EY
11 November 2025
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STATEMENT OF FINANCIAL POSITION |
|
31 May 2025
FIXED ASSETS
|
Tangible assets |
4 |
|
95,649 |
95,649 |
|
|
|
|
|
CURRENT ASSETS
|
Cash at bank and in hand |
119,943 |
|
122,090 |
|
|
|
|
|
CREDITORS: amounts falling due within one year |
5 |
209,938 |
|
190,389 |
|
--------- |
|
--------- |
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NET CURRENT LIABILITIES |
|
89,995 |
68,299 |
|
|
-------- |
-------- |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
|
5,654 |
27,350 |
|
|
------- |
-------- |
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NET ASSETS |
|
5,654 |
27,350 |
|
|
------- |
-------- |
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|
|
|
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CAPITAL AND RESERVES
|
Called up share capital |
8 |
|
100 |
100 |
|
Profit and loss account |
|
5,554 |
27,250 |
|
|
------- |
-------- |
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SHAREHOLDERS FUNDS |
|
5,654 |
27,350 |
|
|
------- |
-------- |
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|
|
|
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
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STATEMENT OF FINANCIAL POSITION (continued) |
|
31 May 2025
These financial statements were approved by the
board of directors
and authorised for issue on
11 November 2025
, and are signed on behalf of the board by:
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Mr J Lavery |
Mrs P McManus |
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Director |
Director |
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Company registration number:
NI625006
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NOTES TO THE FINANCIAL STATEMENTS |
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YEAR ENDED 31 MAY 2025
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Parkside Industrial Estate, Victoria Street, Lurgan, Co. Armagh, BT67 9DH.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
TANGIBLE ASSETS
|
Land and buildings |
|
£ |
|
Cost |
|
|
At 1 June 2024 and 31 May 2025 |
95,649 |
|
-------- |
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Depreciation |
|
|
At 1 June 2024 and 31 May 2025 |
– |
|
-------- |
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Carrying amount |
|
|
At 31 May 2025 |
95,649 |
|
-------- |
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At 31 May 2024 |
95,649 |
|
-------- |
|
|
5.
CREDITORS:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Other creditors |
209,938 |
190,389 |
|
--------- |
--------- |
|
|
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6.
BANKING SECURITY
Banking facilities are secured by the following:
- Legal mortgage/charge over premises situated at 134A Victoria Street, Lurgan, Co. Armagh
7.
FINANCIAL INSTRUMENTS
A loan facility was set up by the company in April 2015 for a term of 10 years at a rate of 5.25%. The loan is repayable on demand, so as such is recognised at the undiscounted amount payable with interest being recognised as it accrues.
8.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2025 |
2024 |
|
No. |
£ |
No. |
£ |
|
Ordinary - A shares of £ 1 each |
50 |
50 |
50 |
50 |
|
Ordinary - B shares of £ 1 each |
50 |
50 |
50 |
50 |
|
---- |
---- |
---- |
---- |
|
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
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