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THE PORTSWOOD LIMITED
REGISTERED NUMBER: 07372236
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 15 December 2016.
The notes on page 2 form part of these financial statements.
Page 1
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THE PORTSWOOD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
After the year end the director confirmed that he intends to liquidate the company and transfer the assets and liabililties into a new entity. On that basis the financial statements have been prepared on a break up basis and all the assets are therefore reflected at their net realisable value.
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Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
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As a result of these financial statements being prepared on a break up basis, the company's investment property is classified as an investment within current assets.
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2.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
The bank loan is secured by a fixed charge over the assets of the company.
3.SHARE CAPITAL
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Allotted, called up and fully paid
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100 Ordinary shares shares of £1 each
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Page 2
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