Portal Training Ltd - Accounts to registrar - small 17.1

Portal Training Ltd

Financial Statements for the Year Ended 31 December 2016

DIRECTORS:

G Booth

N Evans

REGISTERED OFFICE:

Ocean Park House

East Tyndall Street

Cardiff

CF24 5ET

REGISTERED NUMBER:

07138718 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors and members in

respect of the company's annual unaudited financial statements. In accordance with the

Companies Act 2006, the company is only required to file a Balance Sheet. Readers are

cautioned that the Profit and Loss Account and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for

your approval the financial statements of Portal Training Ltd for the year ended 31 December 2016

which comprise the Profit & Loss Account, 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 England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Portal Training Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Portal Training Ltd and state those matters that we have agreed to state to the Board of Directors of Portal Training Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portal Training Ltd Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Portal Training Ltd 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 Portal Training Ltd. You consider that Portal Training 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 financial statements of Portal Training 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 financial statements.

BPU Limited

Chartered Accountants

17 May 2017

FIXED ASSETS

Tangible assets

3

11,559

14,831

CURRENT ASSETS

Stocks

35,665

17,558

Debtors

4

178,916

117,768

Cash at bank and in hand

144,766

9,981

359,347

145,307

CREDITORS

Amounts falling due within one year

5

223,444

217,015

NET CURRENT ASSETS/(LIABILITIES)

135,903

(71,708

)

TOTAL ASSETS LESS CURRENT LIABILITIES

147,462

(56,877

)

CREDITORS

Amounts falling due after more than one year

6

120,501

-

NET ASSETS/(LIABILITIES)

26,961

(56,877

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7

26,861

(56,977

)

SHAREHOLDERS' FUNDS

26,961

(56,877

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 28 April 2017 and were signed on its behalf by:

G Booth - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the invoiced value of consultancy services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

25% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit &

Loss Account, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated

but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2015 - 19 ) .

3.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 January 2016

22,285

Additions

1,889

At 31 December 2016

24,174

DEPRECIATION

At 1 January 2016

7,454

Charge for year

5,161

At 31 December 2016

12,615

NET BOOK VALUE

At 31 December 2016

11,559

At 31 December 2015

14,831

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

154,228

84,870

Other debtors & prepayments

20,860

29,988

Directors' loan accounts

3,828

2,910

178,916

117,768

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank overdraft

27,215

-

Loan - Associated Community

Training Limited

-

45,000

Trade creditors

112,662

152,906

Corporation tax

28,778

-

Social security & other taxes

15,521

12,940

VAT

20,743

-

Other creditors & accruals

18,525

6,169

223,444

217,015

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans - 2-5 years

120,501

-

7.

RESERVES

Retained

earnings

£

At 1 January 2016

(56,977

)

Profit for the year

108,838

Dividends

(25,000

)

At 31 December 2016

26,861

8.	OTHER FINANCIAL COMMITMENTS

The company is committed to expenditure totalling £215,597.99 in respect of its leasing

agreements.