Portbannis Ltd Filleted accounts for Companies House (small and micro)

false false false false false false false false false true false false false false false false false No description of principal activity 2016-08-01 Sage Accounts Production Advanced 2018 - FRS 16,874 3,375 2,700 6,075 10,799 13,499 1,425,000 869,329 555,671 2,850,000 2,850,000 1,425,000 xbrli:pure xbrli:shares iso4217:GBP NI625769 2016-08-01 2017-06-30 NI625769 2017-06-30 NI625769 2016-07-31 NI625769 2015-08-01 2016-07-31 NI625769 2016-07-31 NI625769 core:FurnitureFittings 2016-08-01 2017-06-30 NI625769 bus:Director2 2016-08-01 2017-06-30 NI625769 core:FurnitureFittings 2016-07-31 NI625769 core:FurnitureFittings 2017-06-30 NI625769 core:WithinOneYear 2017-06-30 NI625769 core:WithinOneYear 2016-07-31 NI625769 core:AfterOneYear 2017-06-30 NI625769 core:AfterOneYear 2016-07-31 NI625769 core:ShareCapital 2017-06-30 NI625769 core:ShareCapital 2016-07-31 NI625769 core:RevaluationReserve 2017-06-30 NI625769 core:RevaluationReserve 2016-07-31 NI625769 core:RetainedEarningsAccumulatedLosses 2017-06-30 NI625769 core:RetainedEarningsAccumulatedLosses 2016-07-31 NI625769 core:CostValuation core:Non-currentFinancialInstruments 2016-07-31 NI625769 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2017-06-30 NI625769 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2017-06-30 NI625769 core:CostValuation core:Non-currentFinancialInstruments 2017-06-30 NI625769 core:Non-currentFinancialInstruments 2017-06-30 NI625769 core:Non-currentFinancialInstruments 2016-07-31 NI625769 core:FurnitureFittings 2016-07-31 NI625769 bus:SmallEntities 2016-08-01 2017-06-30 NI625769 bus:AuditExemptWithAccountantsReport 2016-08-01 2017-06-30 NI625769 bus:FullAccounts 2016-08-01 2017-06-30 NI625769 bus:SmallCompaniesRegimeForAccounts 2016-08-01 2017-06-30 NI625769 bus:PrivateLimitedCompanyLtd 2016-08-01 2017-06-30

COMPANY REGISTRATION NUMBER: NI625769

Portbannis Ltd

Filleted Unaudited Financial Statements

30 June 2017

Portbannis Ltd

Statement of Financial Position

30 June 2017

	30 Jun 17		31 Jul 16
Note	£	£	£

Fixed assets

Tangible assets	5	10,799	13,499
Investments	6	2,850,000	1,425,000
		------------	------------
		2,860,799	1,438,499

Current assets

Debtors	7	318,148	183,114
Cash at bank and in hand		5,872	13,031
		---------	---------
		324,020	196,145

Creditors: amounts falling due within one year	8	796,910		334,488
		---------		---------
Net current liabilities			472,890	138,343
			------------	------------
Total assets less current liabilities			2,387,909	1,300,156

Creditors: amounts falling due after more than one year	9	736,923	247,743
		------------	------------
Net assets		1,650,986	1,052,413
		------------	------------

Capital and reserves

Called up share capital	1	1
Revaluation reserve	1,527,890	972,219
Profit and loss account	123,095	80,193
	------------	------------
Shareholders funds	1,650,986	1,052,413
	------------	------------

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 period ending 30 June 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 financial statements for the period in question in accordance with section 476 ;

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

Portbannis Ltd

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 29 June 2018 , and are signed on behalf of the board by:

Mr S Draffin

Director

Company registration number: NI625769

Portbannis Ltd

Notes to the Financial Statements

Period from 1 August 2016 to 30 June 2017

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is c/o DNT Chartered Accountants, Ormeau House, 91-97 Ormeau Road, Belfast, BT7 1SH. The principal activity address is 24 Coopers Mill Avenue, Dundonald, Belfast, BT16 1WU

2. Statement of compliance

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

3. Accounting policies

A 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.

B 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.

C Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

D Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

E Depreciation

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

	Fixtures & Fittings	-	20% reducing balance

F Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

G Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

H Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

I Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

J 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.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 1 (2016: 1 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 August 2016 and 30 June 2017	16,874	16,874
	--------	--------
Depreciation
At 1 August 2016	3,375	3,375
Charge for the period	2,700	2,700
	--------	--------
At 30 June 2017	6,075	6,075
	--------	--------
Carrying amount
At 30 June 2017	10,799	10,799
	--------	--------
At 31 July 2016	13,499	13,499
	--------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 August 2016	1,425,000
Additions	869,329
Revaluations	555,671
	------------
At 30 June 2017	2,850,000
	------------
Impairment
At 1 August 2016 and 30 June 2017	–
	------------

Carrying amount
At 30 June 2017	2,850,000
	------------
At 31 July 2016	1,425,000
	------------

Investment properties were revalued at June 2018 by O'Connor Kennedy Turtle on the basis of open market value. The historical costs of the investments included at a current valuation of £2,850,000 was £1,4250,000.

7. Debtors

	30 Jun 17	31 Jul 16
	£	£
Trade debtors	51,928	21,782
Other debtors	266,220	161,332
	---------	---------
	318,148	183,114
	---------	---------

8. Creditors: amounts falling due within one year

	30 Jun 17	31 Jul 16
	£	£
Bank loans and overdrafts	64,275	31,945
Trade creditors	124,012	108,217
Social security and other taxes	3,718	–
Other creditors	604,905	194,326
	---------	---------
	796,910	334,488
	---------	---------

9. Creditors: amounts falling due after more than one year

	30 Jun 17	31 Jul 16
	£	£
Bank loans and overdrafts	736,923	247,743
	---------	---------