Portfolio Business Services Limited - Period Ending 2016-06-30

Registration number: 02374933

Portfolio Business Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

Ashfield Accountancy Service
Suite 3a
Oriental Road
Woking
Surrey
GU22 7AH

Portfolio Business Services Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Abbreviated Statutory Accounts of
Portfolio Business Services Limited
for the Year Ended 30 June 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Portfolio Business Services Limited for the year ended 30 June 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Portfolio Business Services 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 accounts of Portfolio Business Services Limited and state those matters that we have agreed to state to them, as a body, in this report and for no other purpose . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portfolio Business Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Portfolio Business Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Portfolio Business Services Limited. You consider that Portfolio Business Services 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 accounts of Portfolio Business Services 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 accounts.

......................................

Ashfield Accountancy Service
Suite 3a
Oriental Road
Woking
Surrey
GU22 7AH

10 November 2016

Page 1

Portfolio Business Services Limited
(Registration number: 02374933)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					16,740			17,818
Current assets
Debtors					112,100			134,688
Cash at bank and in hand					59,418			110,381
					171,518			245,069
Creditors: Amounts falling due within one year					(172,000)			(199,427)
Net current (liabilities)/assets					(482)			45,642
Net assets					16,258			63,460
Capital and reserves
Called up share capital		3			13,334			13,334
Profit and loss account					2,924			50,126
Shareholders' funds					16,258			63,460

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 10 November 2016 and signed on its behalf by:

.........................................
Mrs Valerie Ward
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Portfolio Business Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	15% on reducing balance
Office equipment	15% on reducing balance / 3 years
Fixtures and fittings	15% on reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Portfolio Business Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		153,498			153,498
Additions		2,517			2,517
At 30 June 2016		156,015			156,015
Depreciation
At 1 July 2015		135,680			135,680
Charge for the year		3,595			3,595
At 30 June 2016		139,275			139,275
Net book value
At 30 June 2016		16,740			16,740
At 30 June 2015		17,818			17,818

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A Shares of £1 each		11,850			11,850			11,850			11,850
Ordinary B Shares of £1 each		1,334			1,334			1,334			1,334
Ordinary C Shares of £1 each		50			50			50			50
Ordinary D Shares of £1 each		50			50			50			50
Ordinary E Shares of £1 each		50			50			50			50
		13,334			13,334			13,334			13,334

4

Control

The company is controlled by Portfolio Business Holdings Limited.

Page 4