Registered number
02628698
Portman Lomas Ltd
Filleted Accounts
31 December 2021
Portman Lomas Ltd
Registered number: 02628698
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 760,956 776,809
Current assets
Debtors 3 807 3,868
Cash at bank and in hand 42,229 40,011
43,036 43,879
Creditors: amounts falling due within one year 4 (775,901) (801,464)
Net current liabilities (732,865) (757,585)
Net assets 28,091 19,224
Capital and reserves
Called up share capital 4 4
Share premium 79,998 79,998
Profit and loss account (51,911) (60,778)
Shareholder's funds 28,091 19,224
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Burns
Director
Approved by the board on 14 March 2022
Portman Lomas Ltd
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). Income is derived from property rental.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 0
3 Debtors 2021 2020
£ £
Other debtors 807 3,868
4 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 964 839
Taxation and social security costs 15,765 16,043
Director's loan account 738,725 770,802
Other creditors 20,447 13,780
775,901 801,464
5 Other information
Portman Lomas Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Basepoint Business Centre
Rivermead Drive
Swindon
Wiltshire
SN5 7EX
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