Portsand Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07996580 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Portsand Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

C W Mitchell

REGISTERED OFFICE:

Unit 8

Evans Business Centre

Orion Business Park

North Shields

Tyne and Wear

NE29 7SN

REGISTERED NUMBER:

07996580 (England and Wales)

ACCOUNTANTS:

TTR Barnes Limited

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

FIXED ASSETS

Tangible assets

4

45,765

37,597

CURRENT ASSETS

Stocks

259,817

184,410

Debtors

5

233,052

213,747

Cash at bank and in hand

113,573

49,012

606,442

447,169

CREDITORS

Amounts falling due within one year

6

306,343

257,416

NET CURRENT ASSETS

300,099

189,753

TOTAL ASSETS LESS CURRENT LIABILITIES

345,864

227,350

CREDITORS

Amounts falling due after more than one year

7

(55,608

)

(11,664

)

PROVISIONS FOR LIABILITIES

(2,902

)

(170

)

NET ASSETS

287,354

215,516

CAPITAL AND RESERVES

Called up share capital

1,100

1,100

Retained earnings

286,254

214,416

SHAREHOLDERS' FUNDS

287,354

215,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 November 2021 and were signed by:

C W Mitchell - Director

1.	STATUTORY INFORMATION

Portsand Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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.

The financial statements have bee prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the director considers to be appropriate.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% Straight line

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% Straight line

Government grants

Government grants are recognised in other income when there is reasonable assurance that the company will comply to the conditions attached to them and that the grants will be received or will not need to be repaid.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2020

11,751

61,659

13,240

86,650

Additions

-

27,995

2,680

30,675

Disposals

-

(32,163

)

-

(32,163

)

At 31 March 2021

11,751

57,491

15,920

85,162

DEPRECIATION

At 1 April 2020

8,247

30,233

10,573

49,053

Charge for year

1,174

12,252

1,873

15,299

Eliminated on disposal

-

(24,955

)

-

(24,955

)

At 31 March 2021

9,421

17,530

12,446

39,397

NET BOOK VALUE

At 31 March 2021

2,330

39,961

3,474

45,765

At 31 March 2020

3,504

31,426

2,667

37,597

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2020

61,659

Additions

27,995

Disposals

(32,163

)

At 31 March 2021

57,491

DEPRECIATION

At 1 April 2020

30,233

Charge for year

12,252

Eliminated on disposal

(24,955

)

At 31 March 2021

17,530

NET BOOK VALUE

At 31 March 2021

39,961

At 31 March 2020

31,426

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

160,517

165,617

Other debtors

72,535

48,130

233,052

213,747

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

6,667

23,345

Hire purchase contracts

16,808

9,238

Trade creditors

136,898

75,283

Taxation and social security

101,886

121,201

Other creditors

44,084

28,349

306,343

257,416

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

43,333

-

Hire purchase contracts

12,275

11,664

55,608

11,664

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

29,083

20,902

Hire purchase contracts are secured on the assets to which they relate.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

C W Mitchell

Balance outstanding at start of year

14,520

(7,740

)

Amounts advanced

78,071

70,260

Amounts repaid

(22,600

)

(48,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

69,991

14,520