Portico Consulting Limited - Period Ending 2017-03-31

Registration number: 03946730 (England and Wales)

Portico Consulting Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2017

Portico Consulting Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Portico Consulting Limited

(Registration number: 03946730)
Balance Sheet as at 31 March 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	5	6,218	8,680
Current assets
Debtors	6	189,245	271,642
Cash at bank and in hand		58,869	3,692
		248,114	275,334
Creditors: Amounts falling due within one year	7	(275,322)	(254,131)
Net current (liabilities)/assets		(27,208)	21,203
Total assets less current liabilities		(20,990)	29,883
Provisions for liabilities		-	(1,226)
Net (liabilities)/assets		(20,990)	28,657
Capital and reserves
Called up share capital	8	300	300
Profit and loss account		(21,290)	28,357
Total equity		(20,990)	28,657

For the financial 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.

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 financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. The directors have opted to not file the company's profit and loss accounts at Companies House.

These financial statements were approved and authorised by the Board on 22 December 2017 and signed on its behalf by:
 

.........................................

R Gale

Director

The notes on pages 2 to 6 form an integral part of these financial statements.
Page 1

Portico Consulting Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017

1	General information

Portico Consulting Limited ("the company") is a private company limited by share capital incorporated in England and Wales under the Companies Act.

The address of its registered office is given on page 1. The nature of the company's operations and its principal activities are set out in the Director's Report on page 2.

2	Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis. The directors believe that the company has sufficient financial resources to be able to continue to trade over the next twelve months.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and in accordance with the Companies Act 2006. There were no material departures from that standard.

These are the first financial statements to be prepared under FRS 102 Section 1A. Adoption of FRS 102 requires that the comparative figures and opening balance sheet be restated in accordance with this standard. The company is therefore considered to have transitioned from previously extant UK GAAP to FRS 102 on 1 April 2015. An explanation of how the transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is that currency of the primary economic environment in which the company operates. The financial statements are presented in sterling (£).

Page 2

Portico Consulting Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017
(continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

In the opinion of the directors there are no judgements or key sources of estimation uncertainty which could materially affect the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities net of value added tax, returns, rebates and discounts. The Company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity. Licence fee income is spread evenly over the period to which it relates.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment, fixtures and fittings	25% reducing balance
Computer equipment	33 1/3% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and held at bank.

Page 3

Portico Consulting Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017
(continued)

2	Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2016 - 12).

4	Loss/profit before tax

Arrived at after charging/(crediting)

	2017  £	2016  £
Depreciation expense	2,785	3,958

Page 4

Portico Consulting Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017
(continued)

5	Tangible assets

	Equipment, fixtures and fittings £	Plant & machinery £	Total £
Cost
At 1 April 2016	11,480	42,120	53,600
Additions	324	-	324
At 31 March 2017	11,804	42,120	53,924
Depreciation
At 1 April 2016	10,630	34,290	44,920
Charge for the year	295	2,491	2,786
At 31 March 2017	10,925	36,781	47,706
Carrying amount
At 31 March 2017	879	5,339	6,218
At 31 March 2016	850	7,830	8,680

6

Debtors

	2017  £	2016  £
Trade debtors	116,303	209,789
Accrued income	14,480	18,115
Deferred tax assets	28,371	19,168
Other debtors	30,091	24,570
	189,245	271,642

Other debtors include £11,145 (2016: £6,635) due from R Gale, director.

Page 5

Portico Consulting Limited

Notes to the Financial Statements
for the Year Ended 31 March 2017
(continued)

7

Creditors

	Note	2017  £	2016  £
Due within one year
Trade creditors		21,990	18,967
Other creditors		26,189	75,751
Taxation and social security		64,606	54,003
Deferred income		162,537	105,410
		275,322	254,131

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary share capital of £1 each	300	300	300	300

Reserves

The retained profit reserve represents cumulative profit or losses net of dividends paid and other adjustments.

9	Transition to FRS 102

The company is a first time adopter of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council. The last financial statements prepared under previously extant UK GAAP was for the year ended 31 March 2016 and the date of transition to FRS 102 was therefore 1 April 2015. As a consequence of the adoption of FRS 102, there has been no effect on accounting policies. In addition, the transition has had no effect on the company's reported financial position and financial performance.

Page 6