Portobello Partnership Limited Company accounts

PORTOBELLO PARTNERSHIP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC240842

Portobello Partnership Limited

Unaudited Financial Statements

For the year ended

31 December 2019

Portobello Partnership Limited

Financial Statements

Year ended 31 December 2019

Contents	Pages

Officers and professional advisers	1

Directors' report	2 to 3

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	4

Statement of income and retained earnings	5

Statement of financial position	6

Notes to the financial statements	7 to 11

Portobello Partnership Limited

Officers and Professional Advisers

The Board of Directors	D A Begg
	C L Haigh

Company Secretary	C L Haigh

Registered Office	61 Dublin Street
	Edinburgh
	EH3 6NL

Accountants	Chiene + Tait LLP
	Chartered Accountants
	61 Dublin Street
	Edinburgh
	EH3 6NL

Bankers	HSBC
	8 Canada Square
	London
	United Kingdom
	E14 5HQ

Portobello Partnership Limited

Directors' Report

Year ended 31 December 2019

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2019 .

Principal activities

The principal activity of the company during the year was the provision of services to the transport industry including organising events and consultancy advice.

Directors

The directors who served the company during the year were as follows:

D A Begg
C L Haigh

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 12 to the financial statements.

Other matters

The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have a general responsibility for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 23 July 2020 and signed on behalf of the board by:

D A Begg

Director

Portobello Partnership Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Portobello Partnership Limited

Year ended 31 December 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Portobello Partnership Limited for the year ended 31 December 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Portobello Partnership Limited, as a body, in accordance with the terms of our engagement letter dated 13 May 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Portobello Partnership Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portobello Partnership Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Portobello Partnership Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Portobello Partnership Limited. You consider that Portobello Partnership Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Portobello Partnership Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chiene + Tait LLP Chartered Accountants

61 Dublin Street Edinburgh EH3 6NL

Portobello Partnership Limited

Statement of Income and Retained Earnings

Year ended 31 December 2019

	2019	2018
Note	£	£

Turnover	618,870	665,490

Cost of sales	231,533	262,836
	---------	---------
Gross profit	387,337	402,654

Administrative expenses	238,758	160,945
	---------	---------
Operating profit	148,579	241,709

Other interest receivable and similar income		746	–
		---------	---------
Profit before taxation	5	149,325	241,709

Tax on profit	6	28,584	33,980
		---------	---------
Profit for the financial year and total comprehensive income		120,741	207,729
		---------	---------

Retained earnings at the start of the year	1,072,747	865,018
	------------	------------
Retained earnings at the end of the year	1,193,488	1,072,747
	------------	------------

All the activities of the company are from continuing operations.

Portobello Partnership Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	7	453,369	403,195
Investments	8	4,439	4,439
		---------	---------
		457,808	407,634

Current assets

Debtors	9	865,398	793,114
Cash at bank and in hand		79,872	49,194
		---------	---------
		945,270	842,308

Creditors: amounts falling due within one year	10	197,973		173,790
		---------		---------
Net current assets			747,297	668,518
			------------	------------
Total assets less current liabilities			1,205,105	1,076,152

Provisions

Taxation including deferred tax	11,517	3,305
	------------	------------
Net assets	1,193,588	1,072,847
	------------	------------

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		1,193,488	1,072,747
		------------	------------
Shareholder funds		1,193,588	1,072,847
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2019 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 .

These financial statements were approved by the board of directors and authorised for issue on 23 July 2020 , 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 2019

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.

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
Motor Vehicles	-	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 (2018: 4 ).

5. Profit before taxation

Profit before taxation is stated after charging/crediting:

	2019	2018
	£	£

Depreciation of tangible assets	4,340	1,707
Fair value adjustments to investment property	–	( 73,262)
	-------	--------

6. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	20,485	34,112
Adjustments in respect of prior periods	( 113)	–
	--------	--------
Total current tax	20,372	34,112
	--------	--------

Deferred tax:

Origination and reversal of timing differences	8,212	( 132)
	--------	--------
Tax on profit	28,584	33,980
	--------	--------

7. Tangible assets

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

Cost
At 1 Jan 2019	400,000	11,414	16,283	–	15,276	442,973
Additions	–	3,773	–	50,740	–	54,513
	---------	--------	--------	--------	--------	---------
At 31 Dec 2019	400,000	15,187	16,283	50,740	15,276	497,486
	---------	--------	--------	--------	--------	---------
Depreciation
At 1 Jan 2019	–	11,414	14,678	–	13,685	39,777
Charge for the year	–	271	370	2,537	1,162	4,340
	---------	--------	--------	--------	--------	---------
At 31 Dec 2019	–	11,685	15,048	2,537	14,847	44,117
	---------	--------	--------	--------	--------	---------
Carrying amount
At 31 Dec 2019	400,000	3,502	1,235	48,203	429	453,369
	---------	--------	--------	--------	--------	---------
At 31 Dec 2018	400,000	–	1,605	–	1,591	403,196
	---------	--------	--------	--------	--------	---------

Tangible assets held at valuation

The investment property was revalued by the directors at the 31 December 2018 to £400,000. The directors have not had the property revalued at the 31 December 2019 as they believe the current valuation reflects the current market value of the property.

8. Investments

	Shares in group undertakings
	£

Cost
At 1 January 2019 and 31 December 2019	4,439
	-------
Impairment
At 1 January 2019 and 31 December 2019	–
	-------

Carrying amount
At 31 December 2019	4,439
	-------
At 31 December 2018	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.

9. Debtors

	2019	2018
	£	£

Trade debtors	54,761	72,520
Amounts owed by group undertakings and undertakings in which the company has a participating interest	679,025	675,383
Other debtors	131,612	45,211
	---------	---------
	865,398	793,114
	---------	---------

10. Creditors: amounts falling due within one year

	2019	2018
	£	£

Trade creditors	49,443	18,556
Corporation tax	20,485	34,109
Social security and other taxes	4,951	4,054
Other creditors	123,094	117,071
	---------	---------
	197,973	173,790
	---------	---------

11. Called up share capital

Issued, called up and fully paid

2019		2018
No.	£	No.	£

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

12. Events after the end of the reporting period

In March 2020, the United Kingdom entered a public health crisis in the form of COVID-19. At the time of signing the full impact of this is unknown however the directors believe at this point in time, the financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding from the directors will be adequate to meet the company's needs for the period of at least 12 months from the date of approval of these financial statements.

13. Directors' advances, credits and guarantees

Included with other Debtors is a loan to a director of £43,126, which is the highest amount due during the year.(2018: Due from company of £44,637) Interest on the loan is charged at market rate. There is no fixed terms of repayment. The company was under the control of D A Begg throughout the current year. D A Begg is the sole shareholder.