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

PORTER FIRST LAND LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI635739

Porter First Land Limited

Filleted Financial Statements

31 March 2023

Porter First Land 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 First Land Limited

Officers and Professional Advisers

Director	Mr. W. C. Porter

Registered office	30 Lady Wallace Lane
	Lisburn
	Northern Ireland
	BT28 3WT

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

Bankers	Allied Irish Bank
	35 University Road
	Belfast
	BT7 1ND

Solicitors	Shoosmiths (Northern Ireland) LLP
	2-14 East Bridge Street
	Belfast
	BT1 3NQ

	Carson McDowell
	Murray House
	Murray Street
	Belfast
	BT1 6DN

Porter First Land Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	4	3,308,562	–

Current assets

Stocks		1,529,458	4,615,749
Debtors	5	4,187,492	3,768,976
Cash at bank and in hand		87,212	48,225
		------------	------------
		5,804,162	8,432,950

Creditors: amounts falling due within one year	6	3,061,745	3,180,553
		------------	------------
Net current assets		2,742,417	5,252,397
		------------	------------
Total assets less current liabilities		6,050,979	5,252,397

Creditors: amounts falling due after more than one year	7	2,002,504	2,016,469
		------------	------------
Net assets		4,048,475	3,235,928
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	4,048,375	3,235,828
	------------	------------
Shareholders funds	4,048,475	3,235,928
	------------	------------

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 director acknowledges his 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 29 March 2024 , and are signed on behalf of the board by:

Mr. W. C. Porter
Director

Company registration number: NI635739

Porter First Land 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, Northern Ireland.

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.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. Tangible assets

	Investment property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 April 2022	–	–	–
Additions	2,531,033	84,750	2,615,783
Revaluations	713,967	–	713,967
	------------	--------	------------
At 31 March 2023	3,245,000	84,750	3,329,750
	------------	--------	------------
Depreciation
At 1 April 2022	–	–	–
Charge for the year	–	21,188	21,188
	------------	--------	------------
At 31 March 2023	–	21,188	21,188
	------------	--------	------------
Carrying amount
At 31 March 2023	3,245,000	63,562	3,308,562
	------------	--------	------------
At 31 March 2022	–	–	–
	------------	--------	------------

5. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	4,158,635	3,739,296
Other debtors	28,857	29,680
	------------	------------
	4,187,492	3,768,976
	------------	------------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	315	( 27,673)
Trade creditors	11,138	12,794
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,000,278	1,965,474
Corporation tax	25,044	76,465
Social security and other taxes	–	1,078
Other creditors	1,024,970	1,152,415
	------------	------------
	3,061,745	3,180,553
	------------	------------

The bank overdraft and loans are secured by a mortgage debenture incorporating a fixed and floating charge over all company assets.

7. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	1,950,383	2,016,469
Other creditors	52,121	–
	------------	------------
	2,002,504	2,016,469
	------------	------------

8. Summary audit opinion

The auditor's report dated 29 March 2024 was unqualified .

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

9. Related party transactions

Control The company is a wholly owned subsidiary of Porter Property Holdings Limited, a company incorporated in Northern Ireland. Mr W Porter is deemed the ultimate controlling party by virtue of his shareholding in Porter Property Holdings Limited. Transactions The company has taken advantage 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. Mr William Porter is a director of Porter Carnreagh Limited and Porter First Land Limited . At the year end Porter Carnreagh Limited owed Porter First Land Limited £20,000. Mr William Porter is a director of North Lisburn Development Consortium Limited and Porter First Land Limited . At the year end Porter First Land Limited owed North Lisburn Consortium Limited £5.