Portico Consulting Limited - Period Ending 2018-03-31
Portico Consulting Limited - Period Ending 2018-03-31
Registration number:
for the Year Ended
Portico Consulting Limited
Contents
Section |
Page |
Company Information |
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Directors' Report |
|
Statement of Income and Retained Earnings |
|
Balance sheet |
|
Notes to the Financial Statements |
Portico Consulting Limited
Company Information
Directors |
R Gale M Robins |
Company secretary |
M Robins |
Registered office |
|
Accountants |
|
Portico Consulting Limited
Directors' Report for the Year Ended 31 March 2018
The directors present their annual report on the affairs of Portico Consulting Limited , together with the financial statements for the year ended 31 March 2018.
Principal activity
The principal activities of the company are the provision of management consultancy and software for the vocational education market..
Directors of the company
The directors who served throughout the year and up to date of authorisation of this report were as follows:
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors' report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
The directors' report was approved by the board on
.........................................
M Robins
Company secretary and director
Portico Consulting Limited
Statement of Income and Retained Earnings
for the Year Ended 31 March 2018
Note |
2018 |
2017 |
|
Turnover |
|
|
|
Cost of sales |
- |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
|
( |
|
Interest payable and similar charges |
- |
( |
|
Profit/(loss) before tax |
|
( |
|
Taxation |
( |
|
|
Profit/(loss) for the financial year |
|
( |
|
Retained earnings brought forward |
(21,290) |
28,357 |
|
Retained earnings carried forward |
112,186 |
(21,290) |
Continuing operations
All results are derived wholly from continuing operations.
Portico Consulting Limited
(Registration number: 03946730)
Balance sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible fixed assets |
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Current assets |
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Debtors |
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|
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
|
( |
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Total assets less current liabilities |
|
( |
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Provisions for liabilities |
( |
- |
|
Net assets/(liabilities) |
|
( |
|
Share capital and reserves |
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Called up share capital |
|
|
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Retained earnings |
|
( |
|
Total equity |
|
( |
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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These financial statements have been prepared in accordance with the special provisions relating 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 financial statements of Portico Consulting Limited were approved and authorised for issue by the
.........................................
R Gale
Director
Portico Consulting Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
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 the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors report on page 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.
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Judgements and key sources of estimation uncertainty
In the opinion of the directors, no critical judgements which have the most significant effect on the amounts recognised in the financial statements, were made in the process of applying the company’s accounting policies . |
Financial instruments
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.
Portico Consulting Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018 (continued)
2 |
Accounting policies (continued) |
Taxation
The tax expense for the period comprises current and 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
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.
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.
Portico Consulting Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018 (continued)
2 |
Accounting policies (continued) |
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Taxation |
2018 |
2017 |
|
Current taxation |
||
UK corporation tax |
|
- |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense/(receipt) in the income statement |
|
( |
Portico Consulting Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018 (continued)
Tangible fixed assets |
Furniture, fittings and equipment |
Computer Equipment |
Total |
|
Cost |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Debtors |
2018 |
2017 |
|
Trade debtors |
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Other debtors |
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Deferred tax assets |
- |
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Accrued income |
|
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Prepayments |
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|
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Other debtors include £11,145 (2017: £11,145) due from R Gale, director
Portico Consulting Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018 (continued)
Creditors |
2018 |
2017 |
|
Due within one year |
||
Trade creditors |
|
|
Corporation tax |
1,919 |
- |
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
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Other creditors |
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Deferred income |
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Accrued expenses |
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Other creditors include £50,000 (2017: £Nil) due to M Robins, director.
Share capital and reserves |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
300 |
|
300 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was