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

REGISTERED NUMBER: 06536265 (England and Wales)

PORTAL47 LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Dell

Mrs L M Dell

C J 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

FIXED ASSETS

Tangible assets

4

17,838

15,757

CURRENT ASSETS

Debtors

5

291,402

362,090

Investments

6

16,700

18,608

Prepayments and accrued income

86,301

280,661

Cash at bank and in hand

1,505,055

756,744

1,899,458

1,418,103

CREDITORS

Amounts falling due within one year

7

838,613

880,859

NET CURRENT ASSETS

1,060,845

537,244

TOTAL ASSETS LESS CURRENT LIABILITIES

1,078,683

553,001

CAPITAL AND RESERVES

Called up share capital

949

949

Retained earnings

1,077,734

552,052

SHAREHOLDERS' FUNDS

1,078,683

553,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2020 and were signed on its behalf by:

M Dell - Director

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 Income Statement, 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 8 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

40,909

Additions

11,796

Disposals

(5,110

)

At 31 December 2019

47,595

DEPRECIATION

At 1 January 2019

25,152

Charge for year

8,386

Eliminated on disposal

(3,781

)

At 31 December 2019

29,757

NET BOOK VALUE

At 31 December 2019

17,838

At 31 December 2018

15,757

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

as restated

£

£

Trade debtors

137,500

128,331

Amounts owed by group undertakings

29,684

54,684

Other debtors

124,218

179,075

291,402

362,090

6.	CURRENT ASSET INVESTMENTS

31/12/19

31/12/18

as restated

£

£

Other

16,700

18,608

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

as restated

£

£

Trade creditors

13,173

91,516

Taxation and social security

(89,148

)

(50,966

)

Other creditors

914,588

840,309

838,613

880,859

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2019 and

31 December 2018:

31/12/19

31/12/18

as restated

£

£

M Dell and Mrs L M Dell

Balance outstanding at start of year

62,681

(633

)

Amounts advanced

970

64,946

Amounts repaid

(65,230

)

(1,632

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,579

)

62,681

9.	RELATED PARTY DISCLOSURES

Included in other debtors is a related party loan to Domodo Ltd.

Domodo Ltd: £29,684 (2018: £54,684)

The controlling party is Domodo Ltd.

The ultimate controlling party is the directors, Mr M Dell and Mrs LDell.

10.	POST BALANCE SHEET EVENTS

On 11 March 2020 the World Health Organisation declared a pandemic and the consequence of this on the

company has been a reduction in its income and action taken to reduce its costs. In order for the company to

fund the impact of Covid 19 it is likely that the company will need finance/shareholder support in 2021.

The shareholders legal dispute has now been resolved. As of 19 May 2020 Domodo Ltd owns 100% of the

shares in Portal47 Ltd.

On 16 April 2020 Companies House rectified the TM01 submission, relating to the removal of Mr Christopher

Dell as a director, and removed this from the public record as it was deemed void. Mr Christopher Dell has since

resigned as director on 19 May 2020.