Portfolio Consultants Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC123378 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

PORTFOLIO CONSULTANTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Currie

Mrs E Thomas

Mrs D Wilson

SECRETARY:

S Currie

REGISTERED OFFICE:

c/o The Scottish Training Foundation

Aspire Business Centre

16 Farmeloan Road

Rutherglen

Glasgow

G73 1DL

REGISTERED NUMBER:

SC123378 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

4

1,233

1,523

CURRENT ASSETS

Debtors

5

16,919

1,909

Cash at bank and in hand

4,480

2,617

21,399

4,526

CREDITORS

Amounts falling due within one year

6

52,241

83,106

NET CURRENT LIABILITIES

(30,842

)

(78,580

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(29,609

)

(77,057

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(29,709

)

(77,157

)

SHAREHOLDERS' FUNDS

(29,609

)

(77,057

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 September 2019 and were signed on its behalf by:

Mrs D Wilson - Director

Mrs E Thomas - Director

1.	STATUTORY INFORMATION

Portfolio Consultants Limited is a private company, limited by shares, registered in Scotland. The Company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At the balance sheet date the Company's liabilities exceed its assets by £29,609 (2018 - £77,057). Subsequent to the year

end, the Company has generated further operating profit and, based on the expected level of trading for the remainder of

the financial year, the directors expect the net liabilities position to be reversed by 31 March 2020. For this reason the

directors consider it appropriate to prepare the finance statements on a going concern basis.

Turnover

The turnover shown in the Income Statement represents the value of all payroll services delivered during the year exclusive

of Value Added Tax. Turnover is recognised at the point at which the Company has fulfilled its contractual obligations to

the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Office equipment

-

15% on cost

Computer equipment

-

50% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor,

are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of

the Company in an independently administered fund. Contributions payable to the Company's pension scheme are charged

to the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

5,491

9,725

15,216

DEPRECIATION

At 1 April 2018

5,491

8,202

13,693

Charge for year

-

290

290

At 31 March 2019

5,491

8,492

13,983

NET BOOK VALUE

At 31 March 2019

-

1,233

1,233

At 31 March 2018

-

1,523

1,523

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

16,919

1,909

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

-

33

Amounts owed to group undertakings

44,350

76,300

Taxation and social security

4,971

3,082

Other creditors

2,920

3,691

52,241

83,106

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

-

568

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

9.	DEED OF COVENANT

The Company has a deed of covenant in place under which it is envisaged it will pay an amount each year to The Scottish

Foundation for Social and Economic Development. No payment has been made in the year due to accumulated losses.

10.	RELATED PARTY DISCLOSURES

The Company operated loan accounts during the year with companies under common control. At the balance sheet date

the total amount outstanding was £44,350 (2018 - £76,300). The loan is included within creditors falling due within one

year and is unsecured, interest free and has no fixed repayment terms.

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

11.	ULTIMATE PARENT COMPANY

The Scottish Foundation for Social and Economic Development is regarded by the directors as being the Company's

ultimate parent company.

12.	ULTIMATE CONTROLLING PARTY

The Company was under the control of the trustees of the ultimate parent company during the current and prior year. No

individual had a controlling interest.