Portico Products Limited - Period Ending 2015-03-31

Registration number: 02702674

Portico Products Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

R & A Burns Limited
Chartered Certified Accountants
181-183 Summer Road
Erdington
Birmingham
B23 6DX

Portico Products Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Portico Products Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Portico Products Limited for the year ended 31 March 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/rules-standards/acca-rulebook.html .

This report is made solely to the Board of Directors of Portico Products Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Portico Products Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portico Products Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Portico Products Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Portico Products Limited. You consider that Portico Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Portico Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

R & A Burns Limited
Chartered Certified Accountants
181-183 Summer Road
Erdington
Birmingham
B23 6DX

23 April 2015

Page 1

Portico Products Limited
(Registration number: 02702674)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					10,272			11,849
Current assets
Stocks					73,702			73,445
Debtors					79,713			77,432
Cash at bank and in hand					18,526			19,041
					171,941			169,918
Creditors: Amounts falling due within one year					(71,953)			(60,373)
Net current assets					99,988			109,545
Total assets less current liabilities					110,260			121,394
Creditors: Amounts falling due after more than one year					(206,250)			(209,000)
Net liabilities					(95,990)			(87,606)
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(95,992)			(87,608)
Shareholders' deficit					(95,990)			(87,606)

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 23 April 2015 and signed on its behalf by:

.........................................
Mr K.A. Williams
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Portico Products Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor Vehicles	25% Straight Line
Plant and Machinery	10% Straight Line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Portico Products Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		70,171			70,171
At 31 March 2015		70,171			70,171
Depreciation
At 1 April 2014		58,322			58,322
Charge for the year		1,577			1,577
At 31 March 2015		59,899			59,899
Net book value
At 31 March 2015		10,272			10,272
At 31 March 2014		11,849			11,849

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

4

Control

The company is controlled by the holding company Advanex Europe Limited.

Page 4