Registration number:
Portway Precision Limited
for the Year Ended 31 March 2017
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS
Portway Precision Limited
(Registration number: 2013742)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Investment property |
|
|
|
Investments |
|
|
|
Other financial assets |
18,625 |
19,103 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Fair value reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
J G Foster
Director
Page 1 |
Portway Precision Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales .
The address of its registered office is:
The principal place of business is:
Unit 1 Danebury Court
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Investment property
Page 2 |
Portway Precision Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 3 |
Portway Precision Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Investment properties |
2017 |
|
At 1 April |
|
Additions |
|
At 31 March |
|
The properties are carried at fair value, as assessed by the directors.
There has been no valuation of investment property by an independent valuer.
Page 4 |
Portway Precision Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Investments |
2017 |
2016 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2016 |
|
Carrying amount |
|
At 31 March 2017 |
|
At 31 March 2016 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2017 |
2016 |
|||
Subsidiary undertakings |
||||
|
43 Albany Road
|
Ordinary |
|
|
UK |
The principal activity of Sarum Hydraulics Limited is |
The profit for the financial period of Sarum Hydraulics Limited was £231,246 and the aggregate amount of capital and reserves at the end of the period was £133,234. |
Page 5 |
Portway Precision Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Debtors |
Note |
2017 |
2016 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
- |
|
Other creditors |
|
|
|
|
|
Financial instruments |
Financial assets measured at fair value
Listed investments
The listed investments are carried at quoted market value.
The fair value is £18,625
(2016 - £19,103)
and the change in value included in profit or loss is
£
477
(2016 - £15,074)
.
Page 6 |
Portway Precision Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Transition to FRS 102 |
The properties owned by the company were previously classified as tangible fixed assets. They have now been reclassified as investment property. They are carried at fair value. Previously changes in the value of the properties were recognised in a revaluation reserve, the revaluation reserve balance at 1 April 2015 has been transferred to the fair value reserve. Deferred tax will be recognised in respect of any material provisions required.
The listed investments have been revalued at market value. The historic adjustments recognised on transition have been adjusted to the profit and loss reserve. In 2016 the profit for the year was reduced by £15,074 and the total reduction to profit at the date of transition was £45,809.
In addition the loan to the subsidiary company has been reclassified as all due within one year.
Balance Sheet at 1 April 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
2,637,170 |
(2,637,170) |
- |
- |
|
Investment property |
- |
2,637,170 |
- |
2,637,170 |
|
Investments |
1,000 |
- |
- |
1,000 |
|
Other financial assets |
- |
158,736 |
(45,809) |
112,927 |
|
2,638,170 |
158,736 |
(45,809) |
2,751,097 |
||
Current assets |
|||||
Debtors |
411,917 |
- |
- |
411,917 |
|
Current investments |
158,736 |
(158,736) |
- |
- |
|
Cash at bank and in hand |
355,026 |
- |
- |
355,026 |
|
925,679 |
(158,736) |
- |
766,943 |
||
Total assets less current liabilities |
3,563,849 |
- |
(45,809) |
3,518,040 |
|
Creditors: Amounts falling due after more than one year |
(179,468) |
- |
- |
(179,468) |
|
Net assets/(liabilities) |
3,384,381 |
- |
(45,809) |
3,338,572 |
|
Capital and reserves |
|||||
Called up share capital |
(1,000) |
- |
- |
(1,000) |
|
Fair value reserve |
(387,081) |
- |
- |
(387,081) |
|
Profit and loss account |
(2,996,300) |
- |
45,809 |
(2,950,491) |
|
Total equity |
(3,384,381) |
- |
45,809 |
(3,338,572) |
Page 7 |
Portway Precision Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
2,996,530 |
(2,996,530) |
- |
- |
|
Investment property |
- |
2,996,530 |
- |
2,996,530 |
|
Investments |
1,000 |
- |
- |
1,000 |
|
Other financial assets |
- |
79,986 |
(60,883) |
19,103 |
|
2,997,530 |
79,986 |
(60,883) |
3,016,633 |
||
Current assets |
|||||
Debtors |
307,917 |
- |
- |
307,917 |
|
Current investments |
79,986 |
(79,986) |
- |
- |
|
Cash at bank and in hand |
217,719 |
- |
- |
217,719 |
|
605,622 |
(79,986) |
- |
525,636 |
||
Creditors: Amounts falling due within one year |
(134,086) |
- |
- |
(134,086) |
|
Net current assets/(liabilities) |
471,536 |
(79,986) |
- |
391,550 |
|
Net assets/(liabilities) |
3,469,066 |
- |
(60,883) |
3,408,183 |
|
Capital and reserves |
|||||
Called up share capital |
(1,000) |
- |
- |
(1,000) |
|
Fair value reserve |
(387,081) |
- |
- |
(387,081) |
|
Profit and loss account |
(3,080,985) |
- |
60,883 |
(3,020,102) |
|
Total equity |
(3,469,066) |
- |
60,883 |
(3,408,183) |
Page 8 |