PORTFOLIO_MARKETING_COMMU - Accounts
PORTFOLIO_MARKETING_COMMU - Accounts
Company Registration No. 07913371 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2014
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PORTFOLIO MARKETING COMMUNICATIONS LIMITED FOR THE YEAR ENDED 31 JANUARY 2014
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The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Portfolio Marketing Communications Limited for the year ended 31 January 2014 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Portfolio Marketing Communications Limited, as a body, in accordance with the terms of our engagement letter dated 13 March 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Portfolio Marketing Communications Limited and state those matters that we have agreed to state to the Board of Directors of Portfolio Marketing Communications Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portfolio Marketing Communications Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Portfolio Marketing Communications Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Portfolio Marketing Communications Limited. You consider that Portfolio Marketing Communications 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 financial statements of Portfolio Marketing Communications 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 financial statements.
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2014
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2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(21,951 )
(15,277 )
Net current assets/(liabilities)
(485 )
Total assets less current liabilities
Capital and reserves
Called up share capital
3
Profit and loss account
Shareholders' funds
Director's responsibilities:
-
-
Approved by the Board for issue on 29 October 2014
Director
Company Registration No. 07913371
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2014
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performances. In respect of retainers, these are billed on monthly basis.
1.4
Tangible fixed assets and depreciation
Fixtures, fittings & equipment
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
£
Cost
At 1 February 2013 & at 31 January 2014
2,058
Depreciation
At 1 February 2013
515
Charge for the period
386
At 31 January 2014
901
Net book value
At 31 January 2014
1,157
At 31 January 2013
1,543
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2014
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3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
During the period the company issued 50 Ordinary-A shares of £1 each and 50 Ordinary-B shares of £1 each. All share classes were fully paid at par value.
Each class of share ranks pari passu in all respects except in the declaration of dividends, whereby one class of share shall not compel a dividend at the same rate to be declared for other class of share.
Each class of share ranks pari passu in all respects except in the declaration of dividends, whereby one class of share shall not compel a dividend at the same rate to be declared for other class of share.