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REGISTERED NUMBER: OC334767 (England and Wales)











REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

PORTLAND PROPERTIES (SE) LLP

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Reconciliation of Members' Interests 5

Notes to the Financial Statements 7


PORTLAND PROPERTIES (SE) LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DESIGNATED MEMBERS: D A Sheahan
J N Bucknall
G E Sheahan
T S Bucknall





REGISTERED OFFICE: 148 Portland Road
Hove
East Sussex
BN3 5QL





REGISTERED NUMBER: OC334767 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2022


The members present their report with the financial statements of the LLP for the year ended 31 March 2022.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property investment.

DESIGNATED MEMBERS
The designated members during the year under review were:

D A Sheahan
J N Bucknall
G E Sheahan
T S Bucknall

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The loss for the year before members' remuneration and profit shares was £23,187 (2021 - £25,780 loss).

MEMBERS' INTERESTS
Members are remunerated solely out of profits of the LLP. The profit share for each financial year is determined by agreement between the members.

The level of drawings is also determined by the members, with reference to the working capital requirements of the LLP, and anticipated net profit for the period.

The amount of capital is as as agreed by the members.

Details of any transfers between equity and debt are set out in the notes of the financial statements. In the event of a winding up there is no extra protection for amounts due to members.

ON BEHALF OF THE MEMBERS:





J N Bucknall - Designated member


19 August 2022

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022

2022 2021
£    £   

TURNOVER 53,284 51,544

Administrative expenses 60,500 68,638
(7,216 ) (17,094 )

Other operating income - 9,646
OPERATING LOSS (7,216 ) (7,448 )


Interest payable and similar expenses 15,971 18,332
LOSS FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




(23,187




)




(25,780




)

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 801 -
Investment property 5 700,000 700,000
700,801 700,000

CURRENT ASSETS
Cash at bank 500 3,981

CREDITORS
Amounts falling due within one year 6 5,058 3,925
NET CURRENT (LIABILITIES)/ASSETS (4,558 ) 56
TOTAL ASSETS LESS CURRENT
LIABILITIES

696,243

700,056

CREDITORS
Amounts falling due after more than one
year

7

653,463

653,414
NET ASSETS ATTRIBUTABLE TO
MEMBERS

42,780

46,642

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

42,780

46,642

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 42,780 46,642

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2022.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 19 August 2022 and were signed by:





J N Bucknall - Designated member

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2022


EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 46,642
Amount due from members -
Balance at 1 April 2021 - 46,642 46,642
Loss for the financial year available
for discretionary division among
members


(23,187


)


-


(23,187


)


Members' interests after loss for the
year

(23,187

)

46,642

23,455

Other divisions of loss 23,187 (23,187 ) -
Capital introduced - 21,649 21,649
Drawings - (2,324 ) (2,324 )
Amount due to members 42,780
Amount due from members -
Balance at 31 March 2022 - 42,780 42,780

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2022

EQUITY DEBT TOTAL
Members' Loans and other debts due to MEMBERS'
other members less any amounts due INTERESTS
interests from members in debtors

Other Other
reserves amounts Total
£    £    £   
Amount due to members 26,243
Amount due from members -
Balance at 1 April 2020 - 26,243 26,243
Loss for the financial year available
for discretionary division among
members


(25,780


)


-


(25,780


)


Members' interests after loss for the
year

(25,780

)

26,243

463

Other divisions of loss 25,780 (25,780 ) -
Capital introduced - 48,186 48,186
Drawings - (2,007 ) (2,007 )
Amount due to members 46,642
Amount due from members -
Balance at 31 March 2021 - 46,642 46,642

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

Portland Properties (SE) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents rental income receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33.3% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
After reviewing the partnership's forecasts, the members believe that the partnership has adequate resources to continue in operational existence.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2021 - 1 ) .

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2021 2,342
Additions 929
At 31 March 2022 3,271
DEPRECIATION
At 1 April 2021 2,342
Charge for year 128
At 31 March 2022 2,470
NET BOOK VALUE
At 31 March 2022 801
At 31 March 2021 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 700,000
NET BOOK VALUE
At 31 March 2022 700,000
At 31 March 2021 700,000

If investment property had not been revalued it would have been included at the following historical cost:

2022 2021

£ £
Cost 879,260 879,260

Investment property was valued on an open market basis on 31 March 2022 by the designated members.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other creditors 233 -
Accruals and deferred income 4,825 3,925
5,058 3,925

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans more than 5 years 653,463 653,414

PORTLAND PROPERTIES (SE) LLP (REGISTERED NUMBER: OC334767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2022 2021
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years 653,463 653,414

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 653,463 653,414

The bank loans are secured by charges over the investment properties.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2022 2021
£    £   
Amounts owed to members in respect of profits 42,780 46,642

Falling due within one year 42,780 46,642

In the event of a winding up, loans and other debts due to members rank equally within unsecured debts, and no additional protection is afforded to creditors.

No restrictions exist on the ability of the members to reduce the amount of Members' other interests.