ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

PORTLAND PROPERTY AND DESIGN LIMITED - Company Information

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Caseware UK (AP4) 2018.0.196 2018.0.196 2018-05-312018-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-06-01 10205132 2017-06-01 2018-05-31 10205132 2018-05-31 10205132 2017-05-31 10205132 c:Director1 2017-06-01 2018-05-31 10205132 d:CurrentFinancialInstruments 2018-05-31 10205132 d:CurrentFinancialInstruments 2017-05-31 10205132 d:CurrentFinancialInstruments d:WithinOneYear 2018-05-31 10205132 d:CurrentFinancialInstruments d:WithinOneYear 2017-05-31 10205132 d:ShareCapital 2018-05-31 10205132 d:ShareCapital 2017-05-31 10205132 d:RetainedEarningsAccumulatedLosses 2018-05-31 10205132 d:RetainedEarningsAccumulatedLosses 2017-05-31 10205132 c:FRS102 2017-06-01 2018-05-31 10205132 c:AuditExempt-NoAccountantsReport 2017-06-01 2018-05-31 10205132 c:FullAccounts 2017-06-01 2018-05-31 10205132 c:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31 iso4217:GBP

Registered number: 10205132









PORTLAND PROPERTY AND DESIGN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2018
 
PORTLAND PROPERTY AND DESIGN LIMITED
REGISTERED NUMBER: 10205132

BALANCE SHEET
AS AT 31 MAY 2018

2018
2017
Note
£
£

  

Current assets
  

Stocks
  
1,920
-

Debtors: amounts falling due within one year
 3 
11,436
11,300

Cash at bank and in hand
  
1,751
2,809

  
15,107
14,109

Creditors: amounts falling due within one year
 4 
(17,319)
(14,683)

Net current liabilities
  
 
 
(2,212)
 
 
(574)

Total assets less current liabilities
  
(2,212)
(574)

  

Net liabilities
  
(2,212)
(574)


Capital and reserves
  

Called up share capital 
 5 
100
100

Profit and loss account
  
(2,312)
(674)

  
(2,212)
(574)


Page 1
 
PORTLAND PROPERTY AND DESIGN LIMITED
REGISTERED NUMBER: 10205132
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2018

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2019.




G M Bharwani
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
PORTLAND PROPERTY AND DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 10205132.  The Company's registered office is Lyndon House, 10th Floor, 62 Hagley Road, Edgbaston, United Kingdom, B16 8PE.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

 
2.2

Going concern

During the year the company made a loss and as a result has net liabilities as at 31 May 2018.
The director and shareholders will continue to support the company and therefore the accounts have
been prepared on a going concern basis.

 
2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3
 
PORTLAND PROPERTY AND DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2.Accounting policies (continued)

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


3.


Debtors

2018
2017
£
£


Other debtors
11,436
11,300

11,436
11,300



4.


Creditors: Amounts falling due within one year

2018
2017
£
£

Other creditors
16,835
14,200

Accruals and deferred income
484
483

17,319
14,683


Page 4
 
PORTLAND PROPERTY AND DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

5.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



100 (2017 - 100) Ordinary shares of £1.00 each
100
100



6.


Transactions with directors

As at the balance sheet date an amount of £16,835 (2017 - £14,200) was due to the director. The loan is interest-free and repayable upon demand.

 
Page 5