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

Portal Training Ltd

Financial Statements for the Year Ended 31 July 2020

DIRECTORS:

G Booth

J A Hart

C E Jeffries

REGISTERED OFFICE:

Ocean Park House

East Tyndall Street

Cardiff

CF24 5ET

REGISTERED NUMBER:

07138718 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Portal Training Ltd for the year ended 31 July 2020 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Portal Training Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Portal Training Ltd and state those matters that we have agreed to state to the Board of Directors of Portal Training Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portal Training Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Portal Training Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Portal Training Ltd. You consider that Portal Training Ltd 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 financial statements of Portal Training Ltd. 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 financial statements.

BPU Limited

Chartered Accountants

17 December 2020

FIXED ASSETS

Intangible assets

3

2,247

-

Tangible assets

4

14,502

25,452

16,749

25,452

CURRENT ASSETS

Stocks

-

15,081

Debtors

5

240,926

259,098

Cash at bank and in hand

67,032

119,379

307,958

393,558

CREDITORS

Amounts falling due within one year

6

118,191

223,930

NET CURRENT ASSETS

189,767

169,628

TOTAL ASSETS LESS CURRENT LIABILITIES

206,516

195,080

CREDITORS

Amounts falling due after more than one year

7

3,480

23,359

NET ASSETS

203,036

171,721

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

202,936

171,621

SHAREHOLDERS' FUNDS

203,036

171,721

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2020 and were signed on its behalf by:

G Booth - Director

1.	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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Office equipment

-

25% straight line

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 Profit & Loss Account, 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 material 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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2019 - 40 ) .

3.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

2,325

At 31 July 2020

2,325

AMORTISATION

Amortisation for year

78

At 31 July 2020

78

NET BOOK VALUE

At 31 July 2020

2,247

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 August 2019

67,509

Additions

499

At 31 July 2020

68,008

DEPRECIATION

At 1 August 2019

42,057

Charge for year

11,449

At 31 July 2020

53,506

NET BOOK VALUE

At 31 July 2020

14,502

At 31 July 2019

25,452

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

174,523

255,916

Amounts owed by group undertakings

41,832

-

Other debtors & prepayments

10,511

3,182

Directors' loan accounts

14,060

-

240,926

259,098

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank overdraft

19,747

19,072

Trade creditors

5,620

69,436

Corporation tax

14,998

20,492

Social security & other taxes

21,823

27,090

VAT

22,140

45,534

Other creditors & accruals

33,863

38,882

Directors' loan accounts

-

3,424

118,191

223,930

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

3,480

23,359

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

23,227

42,431

Bank loans are secured via a fixed and floating charge over the assets of the company.

9.	OTHER FINANCIAL COMMITMENTS

The company is committed to expenditure totalling £62,210 (2019 - £124,304) in respect of its leasing agreements.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There was an overdrawn directors loan account of £14,060 at the year end, which was cleared by way of a dividend post year end.