Porthkerry Road Limited 31/03/2021 iXBRL

Porthkerry Road Limited 31/03/2021 iXBRL

PORTHKERRY ROAD LTD - Company Information

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Company registration number: 12309121
Porthkerry Road Limited
Unaudited filleted financial statements
31 March 2021
Porthkerry Road Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Porthkerry Road Limited
Directors and other information
Directors Mr Daniel Madge
Mr Samuel Hawking
Company number 12309121
Registered office 65A Station Road
Port Talbot
SA13 1NW
Business address 65A Station Road
Port Talbot
SA13 1NW
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Porthkerry Road Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Porthkerry Road Limited
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Porthkerry Road Limited for the year ended 31 March 2021 which comprise the statement of financial position and related notes 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 Porthkerry Road 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 financial statements of Porthkerry Road Limited and state those matters that we have agreed to state to the board of directors of Porthkerry Road Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Porthkerry Road Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Porthkerry Road Limited 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 Porthkerry Road Limited. You consider that Porthkerry Road 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 financial statements of Porthkerry Road 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 financial statements.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
3 August 2021
Porthkerry Road Limited
Statement of financial position
31 March 2021
2021
Note £ £
Current assets
Debtors 4 85,096
Cash at bank and in hand 32,120
_______
117,216
Creditors: amounts falling due
within one year 5 ( 108,858)
_______
Net current assets 8,358
_______
Total assets less current liabilities 8,358
_______
Net assets 8,358
_______
Capital and reserves
Called up share capital 1
Profit and loss account 8,357
_______
Shareholders funds 8,358
_______
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 August 2021 , and are signed on behalf of the board by:
Mr Daniel Madge Mr Samuel Hawking
Director Director
Company registration number: 12309121
Porthkerry Road Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 65A Station Road, Port Talbot, SA13 1NW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Debtors
2021
£
Trade debtors 4,138
Amounts owed by group undertakings and undertakings in which the company has a participating interest 80,958
_______
85,096
_______
5. Creditors: amounts falling due within one year
2021
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest 40,000
Social security and other taxes 17,358
Other creditors 51,500
_______
108,858
_______
6. Related party transactions
Included in debtors is a balance of £80,958 owed from SSH investments limited, a company connected to the director.