Porter First Land Limited Company Accounts

PORTER FIRST LAND LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI635739

Porter First Land Limited

Filleted Unaudited Financial Statements

31 March 2017

Porter First Land Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Statement of changes in equity	3

Notes to the financial statements	4

Porter First Land Limited

Officers and Professional Advisers

Director	Mr W Porter

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	Northern Ireland
	BT9 5FL

Accountants	Maneely Mc Cann
	Chartered accountant
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	First Trust Bank
	Market Square
	Lisburn
	BT28 1AG

Solicitors	Culbert & Martin
	Scottish Provident Buildings
	7 Donegall Square West
	Belfast
	BT1 6JB

Porter First Land Limited

Statement of Financial Position

31 March 2017

	2017
Note	£

Current assets

Stocks		5,769,420
Debtors	4	2,311,309
		------------
		8,080,729

Creditors: amounts falling due within one year	5	7,935,677
		------------
Net current assets		145,052
		---------
Total assets less current liabilities		145,052
		---------
Net assets		145,052
		---------

Capital and reserves

Called up share capital	100
Profit and loss account	144,952
	---------
Members funds	145,052
	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 11 October 2017 , and are signed on behalf of the board by:

Mr W Porter
Director

Company registration number: NI635739

Porter First Land Limited

Statement of Changes in Equity

Year ended 31 March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2016	–	–	–

Profit for the year		244,952	244,952
	----	---------	---------
Total comprehensive income for the year	–	244,952	244,952

Issue of shares	100	–	100
Dividends paid and payable	–	( 100,000)	( 100,000)
	----	---------	---------
Total investments by and distributions to owners	100	( 100,000)	( 99,900)

	----	---------	---------
At 31 March 2017	100	144,952	145,052
	----	---------	---------

Porter First Land Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2017
	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,277,944
Other debtors	33,365
	------------
	2,311,309
	------------

5. Creditors: amounts falling due within one year

	2017
	£
Bank loans and overdrafts	3,450,044
Trade creditors	2,549
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,184,931
Corporation tax	61,238
Other creditors	1,236,915
	------------
	7,935,677
	------------

The bank overdraft and loans are secured by a mortgage debenture incorporating a fixed and floating charge over all company assets.

6. Related party transactions

Control The company is a wholly owned subsidiary of Porter Property Holdings Limited , a company incorporated in Northern Ireland. Mr W Porter is deemed the ultimate controlling party by virtue of his shareholding in Porter Property Holdings Limited. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures. Mr William Porter is a director of Porter Carnreagh Limited and Porter First Land Limited . At the year end Porter Carnreagh Limited owed Porter First Land Limited £ 20,000 . Mr William Porter is a director of North Lisburn Development Consortium Limited and Porter First Land Limited . At the year end Porter First Land Limited owed North Lisburn Consortium Limited £ 5 .