Company Registration No. 08334189 (England and Wales)
PORTSUN LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
PORTSUN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PORTSUN LIMITED
Company Registration No. 08334189
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
30,100
100
Current assets
Debtors
3
473
30,225
Cash at bank and in hand
519,674
269,699
520,147
299,924
Creditors: amounts falling due within one year
4
(505)
(460)
Net current assets
519,642
299,464
Total assets less current liabilities
549,742
299,564
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
549,741
299,563
Total equity
549,742
299,564
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 15 December 2017
C Murphy
Director
PORTSUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Portsun Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Portsun Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Fixed asset investments
2017
2016
£
£
Investments
30,100
100
PORTSUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
2
Fixed asset investments
(Continued)
- 3 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2016
100
Additions
30,000
At 31 March 2017
30,100
Carrying amount
At 31 March 2017
30,100
At 31 March 2016
100
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
473
30,225
4
Creditors: amounts falling due within one year
2017
2016
£
£
Other taxation and social security
45
-
Other creditors
460
460
505
460
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
6
Related party transactions
During the year the company received dividends of £250,000 (2016 - £300,000) from Elgin Energy Holdings Limited in its capacity as a shareholder.
PORTSUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
7
Directors benefits: credits, advances and guarantees
At the beginning of the year the director, C Murphy, owed £30,225 to the company. Repayment by the director during the year totalled £30,360, which
include one
individual repayment in excess of £10,000. Interest on the balance due to the company is calculated at 3% and
totalled
£607. At the balance sheet date
, the balance due from the director was £473
.