Portbannis Ltd
Portbannis Ltd
Registered number: NI625769
Unaudited Financial Statements
For The Year Ended 30 June 2019
DNTCA Ltd
Chartered Accountants
Portbannis Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Portbannis Ltd
Balance Sheet
As at
30 June 2019
Balance Sheet
Registered number:
NI625769
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| Investments | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Revaluation reserve | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 4,292,082 | 3,515,129 | |||
Page 1
Portbannis Ltd
Balance Sheet (continued)
As at
30 June 2019
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Portbannis Ltd
Notes to the Financial Statements
For The Year Ended 30 June 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2018: 1)
Page 3
Portbannis Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
3.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| Additions |
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| As at |
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| Depreciation | ||||
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | ||||
| As at |
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| As at |
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4.
Investments
| Other | |
|---|---|
| £ | |
| Cost | |
| As at |
4,775,000 |
| Disposals | - |
| Revaluations | 1,000,000 |
| As at |
5,775,000 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
5,775,000 |
| As at |
4,775,000 |
Page 4
Portbannis Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
5.
Debtors
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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6.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Bank Loan - 4761 |
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| Bank Loan - 9352 |
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| Other creditors |
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| Rental deposits |
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| Northridge Finance |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Bank Loan - 6407 |
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| Bank Loan - 6804 |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans |
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Page 5
Portbannis Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
9.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at |
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| Surplus on revaluation |
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| As at |
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10.
General Information
Portbannis Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI625769 . The registered office is Bannisdale, 9 Bachelors Walk, Portadown, BT63 5BQ.
Page 6