Portway Precision Limited - Period Ending 2014-03-31

Registration number: 2013742

Portway Precision Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Hugh Davies & Co
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS

Portway Precision Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Portway Precision Limited
(Registration number: 2013742)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			2,252,643			2,252,643
Investments		2			1,000			1,000
					2,253,643			2,253,643
Current assets
Debtors		3			232,686			490,503
Investments					158,736			158,736
Cash at bank and in hand					800,677			413,848
					1,192,099			1,063,087
Creditors: Amounts falling due within one year					(195,285)			(190,205)
Net current assets					996,814			872,882
Total assets less current liabilities					3,250,457			3,126,525
Creditors: Amounts falling due after more than one year					(16,295)			(41,892)
Net assets					3,234,162			3,084,633
Capital and reserves
Called up share capital		5			1,000			1,000
Revaluation reserve					387,081			387,081
Profit and loss account					2,846,081			2,696,552
Shareholders' funds					3,234,162			3,084,633

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 16 December 2014 and signed on its behalf by:

.........................................
J G Foster
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Portway Precision Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

No depreciation is provided in respect of the freehold investment property. This is in accordance with applicable accounting standards but represents a departure from the Companies Act requirements concerning the depreciation of fixed assets. The directors consider that the adoption of this policy is necessary to give a true and fair view.

Asset class	Depreciation method and rate
Land and buildings	None provided

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Portway Precision Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 April 2013		2,252,643			1,000			2,253,643
At 31 March 2014		2,252,643			1,000			2,253,643
Depreciation
At 31 March 2014		-			-			-
Net book value
At 31 March 2014		2,252,643			1,000			2,253,643
At 31 March 2013		2,252,643			1,000			2,253,643

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Sarum Hydraulics Ltd	Ordinary £1	100%	Manufacturing

The profit for the financial period of Sarum Hydraulics Ltd was £129,203 and the aggregate amount of capital and reserves at the end of the period was £110,635.

Page 3

Portway Precision Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

3

Debtors

Debtors includes £219,017 (2013 - £470,238) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		24,997			24,297
Amounts falling due after more than one year		16,295			41,892
Total secured creditors		41,292			66,189

5	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 4