Portobello Partnership Limited Filleted accounts for Companies House (small and micro)

PORTOBELLO PARTNERSHIP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC240842

Portobello Partnership Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2018

Portobello Partnership Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Portobello Partnership Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5	403,195	328,963
Investments	6	4,439	4,439
		---------	---------
		407,634	333,402

Current assets

Debtors	7	793,114	840,574
Cash at bank and in hand		49,194	69,834
		---------	---------
		842,308	910,408

Creditors: amounts falling due within one year	8	173,790		375,255
		---------		---------
Net current assets			668,518	535,153
			------------	---------
Total assets less current liabilities			1,076,152	868,555

Provisions

Taxation including deferred tax	3,305	3,437
	------------	---------
Net assets	1,072,847	865,118
	------------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		1,072,747	865,018
		------------	---------
Shareholder funds		1,072,847	865,118
		------------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year 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 .

Portobello Partnership Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 15 May 2019 , and are signed on behalf of the board by:

D A Begg

Director

Company registration number: SC240842

Portobello Partnership Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.

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

Basis of preparation

The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have 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 of accounting in preparing these financial statements. The financial statements have been presented in Pounds Sterling as this is the functional and presentational currency of the Company.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. As the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. In particular antique furniture is considered by the Directors to have an unlimited useful economic life as detailed in the Depreciation accounting policy below and note 6 to the financial statements.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax. Income from events is recognised after the event has taken place.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

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.

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:

Furniture and equipment	-	33% straight line
Fixtures and fittings	-	20% straight line
Office equipment	-	33% straight line

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.

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Average staff numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 5 ).

5. Tangible assets

Investment property	Furniture and equipment	Fixtures and fittings	Office equipment	Total
£	£	£	£	£

Cost or valuation
At 1 January 2018	326,738	11,414	14,431	20,222	372,805
Additions	–	–	1,852	825	2,677
Disposals	–	–	–	( 5,772)	( 5,772)
Revaluations	73,262	–	–	–	73,262
	---------	--------	--------	--------	---------
At 31 December 2018	400,000	11,414	16,283	15,275	442,972
	---------	--------	--------	--------	---------
Depreciation
At 1 January 2018	–	11,414	14,431	17,997	43,842
Charge for the year	–	–	247	1,460	1,707
Disposals	–	–	–	( 5,772)	( 5,772)
	---------	--------	--------	--------	---------
At 31 December 2018	–	11,414	14,678	13,685	39,777
	---------	--------	--------	--------	---------
Carrying amount
At 31 December 2018	400,000	–	1,605	1,590	403,195
	---------	--------	--------	--------	---------
At 31 December 2017	326,738	–	–	2,225	328,963
	---------	--------	--------	--------	---------

Tangible assets held at valuation

At the 31 December 2018, the investment property has been revalued to £400,000. The revaluation was carried out by the directors and is based on the current market value of the property.

6. Investments

	Shares in group undertakings
	£

Cost
At 1 January 2018 and 31 December 2018	4,439
	-------
Impairment
At 1 January 2018 and 31 December 2018	–
	-------

Carrying amount
At 31 December 2018	4,439
	-------
At 31 December 2017	4,439
	-------

The company owns the entire share capital of DAB-Administração de Imoveis. The company has taken advantage of small company exemptions from preparing consolidated group accounts.

7. Debtors

	2018	2017
	£	£

Trade debtors	72,520	117,298
Amounts owed by group undertakings and undertakings in which the company has a participating interest	675,383	674,431
Other debtors	45,211	48,845
	---------	---------
	793,114	840,574
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	18,556	63,869
Corporation tax	34,109	41,034
Social security and other taxes	4,054	6,157
Other creditors	117,071	264,195
	---------	---------
	173,790	375,255
	---------	---------

9. Called up share capital

Authorised share capital

2018		2017
No.	£	No.	£

Ordinary shares of £ 1 each	100	100.00	100	100.00
	----	--------	----	--------

Issued, called up and fully paid

2018		2017
No.	£	No.	£

Ordinary shares of £ 1 each	100	100.00	100	100.00
	----	--------	----	--------