Portland Electrical (UK) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08467383 (England and Wales)

Financial Statements for the Year Ended 30 April 2023

for

Portland Electrical (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B Cooper

REGISTERED OFFICE:

40 Market Place

Belper

Derbyshire

DE56 1FZ

REGISTERED NUMBER:

08467383 (England and Wales)

ACCOUNTANTS:

NRB Accountancy Limited

40 Market Place

Belper

Derbyshire

DE56 1FZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

28,220

20,504

28,220

20,504

CURRENT ASSETS

Stocks

500

5,024

Debtors

6

36,499

33,369

Cash at bank

48,183

62,575

85,182

100,968

CREDITORS

Amounts falling due within one year

7

41,320

49,017

NET CURRENT ASSETS

43,862

51,951

TOTAL ASSETS LESS CURRENT LIABILITIES

72,082

72,455

CREDITORS

Amounts falling due after more than one year

8

(28,497

)

(27,750

)

PROVISIONS FOR LIABILITIES

(5,362

)

(3,896

)

NET ASSETS

38,223

40,809

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

38,221

40,807

SHAREHOLDERS' FUNDS

38,223

40,809

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 September 2023 and were signed by:

B Cooper - Director

1.	STATUTORY INFORMATION

Portland Electrical (UK) 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

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 Income Statement, 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 4 (2022 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2022

and 30 April 2023

10,500

AMORTISATION

At 1 May 2022

and 30 April 2023

10,500

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2022

35,799

Additions

17,123

At 30 April 2023

52,922

DEPRECIATION

At 1 May 2022

15,295

Charge for year

9,407

At 30 April 2023

24,702

NET BOOK VALUE

At 30 April 2023

28,220

At 30 April 2022

20,504

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade debtors

36,499

33,369

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans and overdrafts

9,000

9,000

Hire purchase contracts

2,999

-

Trade creditors

19,607

26,243

Taxation and social security

7,837

4,239

Other creditors

1,877

9,535

41,320

49,017

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans

18,750

27,750

Hire purchase contracts

9,747

-

28,497

27,750

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the director, Miss L Cooper, introduced funds to and withdrew funds from the company by way of a director's loan account. This loan is interest free and repayable upon demand. At the year end the company owed the director £842 (2022: £8,107) and this amount is included in creditors.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr B Cooper.