Portuguese Vintage Tiles Ltd Filleted accounts for Companies House (small and micro)

PORTUGUESE VINTAGE TILES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08707230

Portuguese Vintage Tiles Ltd

Filleted Unaudited Financial Statements

31 March 2021

Portuguese Vintage Tiles Ltd

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	182,500	197,500
Tangible assets	6	374	562
		---------	---------
		182,874	198,062

Current assets

Debtors	7	343,291	253,895
Cash at bank and in hand		36,033	97,798
		---------	---------
		379,324	351,693

Creditors: amounts falling due within one year	8	356,236		320,321
		---------		---------
Net current assets			23,088	31,372
			---------	---------
Total assets less current liabilities			205,962	229,434

Provisions

Taxation including deferred tax	71	–
	---------	---------
Net assets	205,891	229,434
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	205,791	229,334
	---------	---------
Shareholders funds	205,891	229,434
	---------	---------

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 Section 1A of 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 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Portuguese Vintage Tiles Ltd

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 20 September 2021 , and are signed on behalf of the board by:

Mr I H Bruce
Director

Company registration number: 08707230

Portuguese Vintage Tiles Ltd

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Carpenters Buildings, Carpenters Lane, Cirencester, Gloucestershire, GL7 1EE.

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 the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

	Equipment	-	20% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2020 and 31 March 2021	300,000
	---------
Amortisation
At 1 April 2020	102,500
Charge for the year	15,000
	---------
At 31 March 2021	117,500
	---------
Carrying amount
At 31 March 2021	182,500
	---------
At 31 March 2020	197,500
	---------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2020 and 31 March 2021	937	937
	----	----
Depreciation
At 1 April 2020	375	375
Charge for the year	188	188
	----	----
At 31 March 2021	563	563
	----	----
Carrying amount
At 31 March 2021	374	374
	----	----
At 31 March 2020	562	562
	----	----

7. Debtors

	2021	2020
	£	£
Trade debtors	333,662	240,902
Other debtors	9,629	12,993
	---------	---------
	343,291	253,895
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	158,251	116,944
Corporation tax	–	1,450
Social security and other taxes	68,323	57,153
Other creditors	129,662	144,774
	---------	---------
	356,236	320,321
	---------	---------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr I H Bruce	( 142,654)	15,112	( 127,542)
	---------	--------	---------

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr I H Bruce	( 174,787)	32,133	( 142,654)
	---------	--------	---------