Accounts filed on 31-08-2021

Accounts filed on 31-08-2021

PORTER & DAUGHTER LIMITED - Company Information

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Registered number: 08128572
Porter & Daughter Limited
ACCOUNTS
FOR THE YEAR ENDED 31/08/2021
Prepared By:
Montague Kaye
Accountants and Registered Auditors
82 Reddish Road
Reddish
Stockport
Cheshire
SK5 7QU
Porter & Daughter Limited
ACCOUNTS
FOR THE YEAR ENDED 31/08/2021
DIRECTORS
Mr N Porter
REGISTERED OFFICE
82 Reddish Road
Reddish
Stockport
SK5 7QU
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 08128572
ACCOUNTANTS
Montague Kaye
Accountants and Registered Auditors
82 Reddish Road
Reddish
Stockport
Cheshire
SK5 7QU
Porter & Daughter Limited
ACCOUNTS
FOR THEYEARENDED31/08/2021
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Porter & Daughter Limited
BALANCE SHEET AT 31/08/2021
20212020
Notes££
FIXED ASSETS
Tangible assets33,202,570974,300
CURRENT ASSETS
Stock1,412,5222,959,253
Debtors6203,800107,073
Cash at bank and in hand18,73952,724
1,635,0613,119,050
CREDITORS: Amounts falling due within one year71,702,5532,217,355
NET CURRENT (LIABILITIES) / ASSETS(67,492)901,695
TOTAL ASSETS LESS CURRENT LIABILITIES3,135,0781,875,995
CREDITORS: Amounts falling due after more than one year82,845,2962,220,943
PROVISIONS FOR LIABILITIES AND CHARGES970,55170,551
NET ASSETS / (LIABILITIES)219,231(415,499)
CAPITAL AND RESERVES
Called up share capital10100100
Profit and loss account219,131(415,599)
SHAREHOLDERS' FUNDS219,231(415,499)
For the year ending 31/08/2021 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 26/08/2022 and signed on their behalf by
.............................
Mr N Porter
Director
Porter & Daughter Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/08/2021
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Commercial Vehiclesreducing balance 25%
1c. Investment Properties
Investment properties are included in the financial statements at open market value. No depreciation is provided on such property in compliance with the Financial Reporting Standard for Smaller Entities. This departure from Companies Act requirements is necessary to show a true and fair view.
1d. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1e. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
Porter & Daughter Limited
2. EMPLOYEES
20212020
No.No.
Average number of employees11
3. TANGIBLE FIXED ASSETS
Cost
At 31/08/2021
Depreciation
At 31/08/2021
Net Book Amounts
At 31/08/2021
4. INVESTMENT PROPERTIES
Investment
PropertiesTotal
££
Fair value
At 01/09/2020974,300974,300
Additions1,275,4871,275,487
Revaluation952,783952,783
At 31/08/20213,202,5703,202,570
The investment properties were revalued at the balance sheet date.
Profit and Loss reserve includes a non-distributable amount of £371,320, relating to fair value gains on Investment Property.
5. STOCK 20212020
££
Stock comprises:
Stock1,412,5222,959,253
1,412,5222,959,253
Porter & Daughter Limited
6. DEBTORS 20212020
££
Amounts falling due within one year
Trade debtors165,00067,600
Salaries and wages control2,806-
Other debtors8,16438,163
Amounts due from related companies27,8301,310
203,800107,073
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20212020
££
VAT10,3531,572
PAYE control5,5011,223
Directors current account1,464,4011,489,345
Bank loans and overdrafts20,93114,554
Bank Loan10,000-
Loans24,854681,849
Trade creditors163,32515,432
Other creditors-10,000
Accruals3,1883,380
1,702,5532,217,355
8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20212020
££
Bank loans 38,33350,000
Loans 2,806,9632,170,943
2,845,2962,220,943
Loans include amounts secured by fixed and floating charges over the property owned by the company, it also includes a negative pledge.
Porter & Daughter Limited
9. PROVISIONS FOR LIABILITIES 20212020
££
Deferred taxation70,55170,551
70,55170,551
10. SHARE CAPITAL 20212020
££
Allotted, issued and fully paid:
100 Ordinary shares of £1 each100100
100100
11. RELATED PARTY TRANSACTIONS
During the current and previous year, the company was under the control of its director and shareholder, Mr N Porter.
As at the balance sheet date the company was owed £27,637 (2021- £1,310) from MYHQ Hub Limited, and £193 from Porter & Daughter Building Company Limited, companies incorporated in the UK, in which Mr Porter also has a controlling interest.