Portal47 Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06536265 (England and Wales)

PORTAL47 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

M Dell

Mrs L M Dell

C J Dell

SECRETARY:

Mrs L M Dell

REGISTERED OFFICE:

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

REGISTERED NUMBER:

06536265 (England and Wales)

ACCOUNTANTS:

Clear Vision Accountancy Limited

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

FIXED ASSETS

Tangible assets

4

21,043

12,225

CURRENT ASSETS

Debtors

5

148,511

75,537

Prepayments and accrued income

1,521

4,500

Cash at bank and in hand

369,512

691,132

519,544

771,169

CREDITORS

Amounts falling due within one year

6

157,122

52,167

NET CURRENT ASSETS

362,422

719,002

TOTAL ASSETS LESS CURRENT LIABILITIES

383,465

731,227

PROVISIONS FOR LIABILITIES

3,998

2,445

NET ASSETS

379,467

728,782

CAPITAL AND RESERVES

Called up share capital

949

949

Retained earnings

378,518

727,833

SHAREHOLDERS' FUNDS

379,467

728,782

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2017 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 May 2018 and were signed on its behalf by:

M Dell - Director

1.	STATUTORY INFORMATION

Portal47 Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 15% on reducing balance

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all 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 period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors have assessed whether the company is a going concern and have considered all available information

about the future and are confident of the company's ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

38,456

Additions

15,500

At 31 December 2017

53,956

DEPRECIATION

At 1 April 2017

26,231

Charge for period

6,682

At 31 December 2017

32,913

NET BOOK VALUE

At 31 December 2017

21,043

At 31 March 2017

12,225

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2017

£

£

Trade debtors

123,191

63,572

Amounts owed by group undertakings

3,247

-

Other debtors

22,073

11,965

148,511

75,537

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2017

£

£

Trade creditors

27,002

36,899

Amounts owed to group undertakings

10,365

-

Taxation and social security

56,736

1,702

Other creditors

63,019

13,566

157,122

52,167

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2017 and the year

ended 31 March 2017:

2017

2017

£

£

M Dell and Mrs L M Dell

Balance outstanding at start of period

(432

)

1,716

Amounts advanced

1,478

1,299

Amounts repaid

(413

)

(3,447

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

633

(432

)

Included in creditors at the period end is a loan from the directors Mr & Mrs M Dell of £633 (2017 - £432 debtor).

8.	ULTIMATE CONTROLLING PARTY

The company was under the control of the Mr & Mrs M Dell during the period.

9.

DIVIDENDS

Dividends of £1,050,940 (2017 - £88,320) were voted on behalf of the shareholders during the period.

10.	RELATED PARTY DISCLOSURE

Included in other creditors is a related party loan from Tigrish Ltd, which is owned by one of the directors and

included in other debtors is a related party loan to Domodo Ltd, which is wholly owned by two of the directors.

Tigrish Ltd: £10,365

Domodo Ltd: £ 3,247

The following reproduces the text of the report prepared for the directors 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 Income Statement 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 Portal47 Limited for the period ended 31 December 2017 which comprise the Income Statement, 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 Portal47 Limited, 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 Portal47 Limited and state those matters that we have agreed to state to the Board of Directors of Portal47 Limited, 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 Portal47 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Portal47 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 Portal47 Limited. You consider that Portal47 Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Portal47 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.

Clear Vision Accountancy Limited

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

24 May 2018