Portal Foods Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02274691 (England and Wales)

Portal Foods Ltd

Financial Statements

for the Year Ended 31 October 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J A Hall

D Savage

D Page

REGISTERED OFFICE:

9 Manor Park

Banbury

Oxfordshire

OX16 3TB

REGISTERED NUMBER:

02274691 (England and Wales)

AUDITORS:

Haines Watts

Chartered Accountants and Statutory Auditors

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

FIXED ASSETS

Tangible assets

4

-

4,167

Investments

5

1,295,762

1,295,762

1,295,762

1,299,929

CURRENT ASSETS

Cash at bank

170,126

173,471

CREDITORS

Amounts falling due within one year

6

1,100

687

NET CURRENT ASSETS

169,026

172,784

TOTAL ASSETS LESS CURRENT LIABILITIES

1,464,788

1,472,713

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

1,463,788

1,471,713

SHAREHOLDERS' FUNDS

1,464,788

1,472,713

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 2 April 2020 and were signed on its behalf by:

D Page - Director

1.	STATUTORY INFORMATION

Portal Foods 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgement,

estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from

other sources. The estimates and associated assumptions are based on historical experience and other factors

that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of revision and future periods where the revision affects both current and future periods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

50% on cost

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.

Investments

Investments are recognised initially at cost. Subsequently they are measured at fair value through statement of

comprehensive income if the shares are publicly traded or can otherwise be measured reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

and 31 October 2019

17,281

DEPRECIATION

At 1 November 2018

13,114

Charge for year

4,167

At 31 October 2019

17,281

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

4,167

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 November 2018

and 31 October 2019

1,295,762

NET BOOK VALUE

At 31 October 2019

1,295,762

At 31 October 2018

1,295,762

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

-

687

Other creditors

1,100

-

1,100

687

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

23,000

23,000

Between one and five years

92,000

92,000

In more than five years

32,583

55,583

147,583

170,583

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts

10.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Silbury Marketing Limited, a company incorporated in England &

Wales. Group financial statements are prepared by the parent company and copies may be obtained from the

Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ.