Portal47 Ltd - Accounts to registrar (filleted) - small 18.2

Portal47 Ltd - Accounts to registrar (filleted) - small 18.2

PORTAL47 LTD - Company Information

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DRAFT


REGISTERED NUMBER: 06536265 (England and Wales)















PORTAL47 LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018





Clear Vision Accountancy Limited
1 Abacus House
Newlands Road
Corsham
Wiltshire
SN13 0BH








PORTAL47 LTD (REGISTERED NUMBER: 06536265)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2018

DRAFT



Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PORTAL47 LTD

COMPANY INFORMATION
for the Year Ended 31 December 2018







DRAFT
DIRECTORS: M Dell
Mrs L M Dell





SECRETARY: Mrs L M Dell





REGISTERED OFFICE: 1 Abacus House
Newlands Road
Corsham
Wiltshire
SN13 0BH





REGISTERED NUMBER: 06536265 (England and Wales)





ACCOUNTANTS: Clear Vision Accountancy Limited
1 Abacus House
Newlands Road
Corsham
Wiltshire
SN13 0BH
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PORTAL47 LTD (REGISTERED NUMBER: 06536265)

BALANCE SHEET
31 December 2018

31/12/18 31/12/17
as restated
Notes £    £    £    £   
DRAFT
FIXED ASSETS
Tangible assets 4 15,757 21,043

CURRENT ASSETS
Debtors 5 317,694 198,099
Investments 6 18,608 -
Prepayments and accrued income 280,661 521
Cash at bank and in hand 756,744 369,512
1,373,707 568,132
CREDITORS
Amounts falling due within one year 7 251,387 179,552
NET CURRENT ASSETS 1,122,320 388,580
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,138,077
409,623

PROVISIONS FOR LIABILITIES 2,994 3,998
NET ASSETS 1,135,083 405,625

CAPITAL AND RESERVES
Called up share capital 949 949
Retained earnings 1,134,134 404,676
SHAREHOLDERS' FUNDS 1,135,083 405,625

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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.

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 Board of Directors on 24 October 2019 and were signed on its behalf by:





M Dell - Director


The notes form part of these financial statements

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PORTAL47 LTD (REGISTERED NUMBER: 06536265)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2018
DRAFT

1. STATUTORY INFORMATION

Portal47 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.

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 comprises revenue recognised by the company in respect of services supplied during the year,
exclusive of Value Added Tax.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful
lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Fixtures & Fittings- 15% reducing balance
Computer
Equipment
- 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if
appropriate, or if there is an indication of a significant change since the last reporting date.

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.

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.

Going concern
The directors have assessed whether the company is a going concern and have considered all available
information about the future and are confident of the company's ability to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 5 ) .

-3- continued...
PORTAL47 LTD (REGISTERED NUMBER: 06536265)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018
DRAFT

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2018 53,956
Additions 7,436
Disposals (20,483 )
At 31 December 2018 40,909
DEPRECIATION
At 1 January 2018 32,913
Charge for year 7,306
Eliminated on disposal (15,067 )
At 31 December 2018 25,152
NET BOOK VALUE
At 31 December 2018 15,757
At 31 December 2017 21,043

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/18 31/12/17
as restated
£    £   
Trade debtors 128,331 123,191
Amounts owed by group undertakings 54,684 3,247
Other debtors 134,679 71,661
317,694 198,099

6. CURRENT ASSET INVESTMENTS
31/12/18 31/12/17
as restated
£    £   
Other 18,608 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/18 31/12/17
as restated
£    £   
Trade creditors 91,516 27,000
Amounts owed to group undertakings - 10,365
Taxation and social security 38,182 64,325
Other creditors 121,689 77,862
251,387 179,552

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year amounts were advanced to the directors amounting to £62,681.

9. POST BALANCE SHEET EVENTS

The company is currently in a legal dispute, which is on-going and hasn't yet been resolved.

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PORTAL47 LTD (REGISTERED NUMBER: 06536265)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018
DRAFT

10. RELATED PARTY DISCLOSURE

Included in other debtors is a related party loan to Domodo Ltd, which is wholly owned by two of the directors.

Domodo Ltd: £54,684

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