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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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Portafina Investment Management Ltd |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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Portafina Investment Management Ltd |
Portafina Investment Management Ltd (Registered number: 10290349) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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Portafina Investment Management Ltd |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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3 Sheen Road |
Richmond Upon Thames |
TW9 1AD |
Portafina Investment Management Ltd (Registered number: 10290349) |
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Report of the Directors |
for the Year Ended 31 March 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of financial services. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2020 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting 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. |
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The directors are 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 the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, SKS Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Portafina Investment Management Ltd (Registered number: 10290349) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 3 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 4 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Portafina Investment Management Ltd (Registered number: 10290349) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is recognised on the submission of an application form. |
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STOCKS |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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2. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by participating interests | 1,421,141 | 647,571 |
Other debtors |
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Portafina Investment Management Ltd (Registered number: 10290349) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other loans |
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Trade creditors |
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Amounts owed to participating interests | - | 214,517 |
Corporation tax |
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Social security and other tax |
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Other creditors |
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Accruals and deferred income |
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Accrued expenses |
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5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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6. | RELATED PARTY DISCLOSURES |
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During the year the company has transactions with common controlled entities. These were Portafina LLP (PFS), Portal Claims LLP (PC), Hayward Marsh LLP (HM), Portal Investment News Ltd (PIN), Paramount Independent Property Services (PIPS), Bulldog (BD) and Astamor LLP (AS). |
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At the year end the company was owed £551,260 by PFS (2020: £228,668), £19,352 by PIPS (2020:£235,865), £674,601 by PIN (2020: £214,517 owed to PIN), £nil by AS (2020: £7,096) and £175,927 by BD (2020: £175,922) |
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The company has given a cross guarantee and security to Barclays Bank for a loan that has been taken out by Astamor LLP. |