Porter Hermit Limited Filleted accounts for Companies House (small and micro)

PORTER HERMIT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI642666

Porter Hermit Limited

Filleted Financial Statements

31 March 2023

Porter Hermit Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Porter Hermit Limited

Officers and Professional Advisers

The board of directors	Mr. W. Porter
	Mr R Stack

Registered office	30 Lady Wallace Lane
	Lisburn
	BT28 3WT

Auditor	Maneely Mc Cann Chartered Accountants
	Chartered accountants & statutory auditor
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Porter Hermit Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Current assets

Debtors	4	132,000	132,000

Creditors: amounts falling due within one year	5	134,379	133,746
		---------	---------
Net current liabilities		2,379	1,746
		-------	-------
Total assets less current liabilities		( 2,379)	( 1,746)
		-------	-------
Net liabilities		( 2,379)	( 1,746)
		-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 2,479)	( 1,846)
	-------	-------
Shareholders deficit	( 2,379)	( 1,746)
	-------	-------

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 income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:

Mr R Stack

Director

Company registration number: NI642666

Porter Hermit Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 30 Lady Wallace Lane, Lisburn, BT28 3WT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Going concern

The directors have prepared cashflow forecasts and have a reasonable expectation that they will have adequate resources to allow the company to continue its operations for a period of not less than 12 months from the date of approval of these financial statements. The company has the necessary cash cover, group and secured lender support to meet its total on-going unsecured creditor obligations and liabilities. In light of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

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.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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 are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	132,000	132,000
	---------	---------

5. Creditors: amounts falling due within one year

	2023	2022
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	132,209	132,196
Other creditors	2,170	1,550
	---------	---------
	134,379	133,746
	---------	---------

6. Summary audit opinion

The auditor's report dated 27 March 2024 was unqualified .

The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .

7. Related party transactions

As the company is a wholly owned subsidiary and consolidated financial statements have been prepared which are publicly available, advantage has been taken of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.