Portbannis Ltd Small abbreviated accounts

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COMPANY REGISTRATION NUMBER NI625769

PORTBANNIS LTD

UNAUDITED ABBREVIATED ACCOUNTS

31 July 2016

DNTCA LTD

Chartered Accountants

PORTBANNIS LTD

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTORS ON THE

PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF

PORTBANNIS LTD

YEAR ENDED 31 JULY 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Portbannis Ltd for the year ended 31 July 2016 which comprise the Balance Sheet and the related notes 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 Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the Board of Directors of Portbannis Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of Portbannis Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants in Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portbannis Ltd and its Board of Directors, as a body, for our work or for this report.

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

DNTCA LTD Chartered Accountants

27 April 2017

PORTBANNIS LTD

ABBREVIATED BALANCE SHEET

31 July 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Tangible assets			13,499	-
Investments			1,425,000	1,100,000
			-------------	-------------
			1,438,499	1,100,000
			-------------	-------------

CURRENT ASSETS

Debtors	183,114		10,102
Cash at bank and in hand	13,031		3,279
	----------		---------
	196,145		13,381
CREDITORS: Amounts falling due within one year	334,488		313,137
	----------		----------
NET CURRENT LIABILITIES		( 138,343)	( 299,756)
		-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,300,156	800,244

CREDITORS: Amounts falling due after more than one year	247,743	-
	-------------	----------
	1,052,413	800,244
	-------------	----------

CAPITAL AND RESERVES

Called up equity share capital	4	1	1
Revaluation reserve		972,219	814,460
Profit and loss account		80,193	( 14,217)
		-------------	----------
SHAREHOLDERS' FUNDS		1,052,413	800,244
		-------------	----------

For the year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

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

These abbreviated accounts were approved by the directors and authorised for issue on 27 April 2017 , and are signed on their behalf by:

Mr S Draffin

Company Registration Number: NI625769

PORTBANNIS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 JULY 2016

1. ACCOUNTING POLICIES

A Basis of accounting

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

B Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

C Fixed assets

All fixed assets are initially recorded at cost.

D Depreciation

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

Fixtures & Fittings-20% Reducing Balance

E Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

3. Investment Property

In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) no depreciation is provided for in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.

2. FIXED ASSETS

Tangible Assets	Investments	Total
£	£	£

COST OR VALUATION

At 1 August 2015	–	1,100,000	1,100,000
Additions	16,874	167,241	184,115
Revaluation	–	157,759	157,759
	---------	-------------	-------------
At 31 July 2016	16,874	1,425,000	1,441,874
	---------	-------------	-------------

DEPRECIATION

Charge for year	3,375	–	3,375
	-------	----	-------
At 31 July 2016	3,375	–	3,375
	-------	----	-------

NET BOOK VALUE

At 31 July 2016	13,499	1,425,000	1,438,499
	---------	-------------	-------------

At 31 July 2015	–	1,100,000	1,100,000
	---------	-------------	-------------

Investment properties were revalued at December 2015 by Mortin Pinpoint on the basis of open market value. The historical cost of the investments included at a current valuation of £1,425,000 was £1,100,000.

4. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----