Porto Pi Limited - Period Ending 2020-02-29
Porto Pi Limited - Period Ending 2020-02-29
Registration number:
for the Year Ended
Porto Pi Limited
(Registration number: 08876831)
Balance Sheet as at 29 February 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
32,876 |
14,335 |
|
Shareholders' funds |
32,877 |
14,336 |
Porto Pi Limited
(Registration number: 08876831)
Balance Sheet as at 29 February 2020
For the financial year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Company secretary and director
Porto Pi Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of telecommunications consultancy services and the sale of alcoholic beverages in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Porto Pi Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line basis |
Plant and machinery |
10% and 33% straight line basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for services performed and sales made in the ordinary course of business.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Porto Pi Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 29 February 2020 |
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Amortisation |
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Amortisation charge |
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At 29 February 2020 |
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Carrying amount |
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At 29 February 2020 |
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Porto Pi Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2019 |
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- |
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Additions |
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At 29 February 2020 |
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Depreciation |
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At 1 March 2019 |
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- |
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Charge for the year |
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At 29 February 2020 |
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Carrying amount |
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At 29 February 2020 |
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At 28 February 2019 |
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- |
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Stocks |
2020 |
2019 |
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Other inventories |
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- |
Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Porto Pi Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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- |
Trade creditors |
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- |
Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
2020 |
2019 |
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Due after one year |
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Other non-current financial liabilities |
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- |
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Porto Pi Limited
Notes to the Financial Statements for the Year Ended 29 February 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 March 2019 |
Advances to directors |
Repayments by director |
At 29 February 2020 |
T Medlin |
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DLA |
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( |
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2019 |
At 1 March 2018 |
Advances to directors |
Repayments by director |
At 28 February 2019 |
T Medlin |
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DLA |
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( |
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Other transactions with directors |
T Medlin (director) had a loan account with the company on which interest has been charged at the HMRC official rate. At the balance sheet date the amount due from T Medlin was £24,867 (2019 - £27,683).
Summary of transactions with other related parties
Leading Edge Events Limited (a company owned by T Medlin) had a loan account with the company. At the balance sheet date the amount due from Leading Edge Events Limited was £14,333 (2019 - (£13,652)).