Porter & Daughter Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08128572 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2019

for

Porter & Daughter Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

903,532

1,039,307

CURRENT ASSETS

Stocks

2,401,977

2,446,537

Debtors

5

38,163

32,866

Cash at bank

11,946

63,934

2,452,086

2,543,337

CREDITORS

Amounts falling due within one year

6

(3,252,142

)

(3,490,331

)

NET CURRENT LIABILITIES

(800,056

)

(946,994

)

TOTAL ASSETS LESS CURRENT LIABILITIES

103,476

92,313

CREDITORS

Amounts falling due after more than one year

7

(353,485

)

(425,143

)

PROVISIONS FOR LIABILITIES

(52,062

)

(61,012

)

NET LIABILITIES

(302,071

)

(393,842

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(302,171

)

(393,942

)

SHAREHOLDERS' FUNDS

(302,071

)

(393,842

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 28 August 2020 and were signed by:

Mr N Porter - Director

1.	STATUTORY INFORMATION

Porter & Daughter Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address are as below:

Registered number:

08128572

Registered office:

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

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 as modified by the revaluation of certain assets.

Turnover

Turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

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

Freehold property

-

5% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Motor

property

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 September 2018

1,090,300

30,500

1,120,800

Disposals

(185,000

)

-

(185,000

)

At 31 August 2019

905,300

30,500

935,800

DEPRECIATION

At 1 September 2018

60,041

21,452

81,493

Charge for year

(51,487

)

2,262

(49,225

)

At 31 August 2019

8,554

23,714

32,268

NET BOOK VALUE

At 31 August 2019

896,746

6,786

903,532

At 31 August 2018

1,030,259

9,048

1,039,307

Cost or valuation at 31 August 2019 is represented by:

Freehold

Motor

property

vehicles

Totals

£

£

£

Valuation in 2019

311,898

-

311,898

Cost

593,402

30,500

623,902

905,300

30,500

935,800

If the freehold property had not been revalued they would have been included at the following historical cost:

31.8.19

31.8.18

£

£

Cost

593,402

593,402

Freehold property were valued on an open market basis on 31 August 2019 by the Directors .

Professional valuations were not undertaken due to the cost that would have been incurred, however due to the level

of value and type of Property the valuation was considered to be straight forward with little volatility in the market.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Other debtors

38,163

32,866

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans and overdrafts

1,968,405

1,723,397

Trade creditors

69,093

193,882

Taxation and social security

32,039

1,260

Other creditors

1,182,605

1,571,792

3,252,142

3,490,331

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans

353,485

425,143

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.19

31.8.18

£

£

Bank loans

2,321,890

2,148,540

Bank loans are secured by way of a charge on the properties.