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REGISTERED NUMBER: 01421604 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2021

FOR

PORTLAND COURT MANAGEMENT LIMITED

PORTLAND COURT MANAGEMENT LIMITED (REGISTERED NUMBER: 01421604)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st October 2021




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 5


PORTLAND COURT MANAGEMENT LIMITED

COMPANY INFORMATION
for the Year Ended 31st October 2021







DIRECTORS: S A Hill
Mrs D F Halson
S J Wrigley
F W Brennan
J H Cox
D J Imrie
L D Roche





REGISTERED OFFICE: Ossington Chambers
6-8 Castle Gate
Newark
Nottinghamshire
NG24 1AX





REGISTERED NUMBER: 01421604 (England and Wales)





ACCOUNTANTS: Stephenson Nuttall & Co
Chartered Accountants
Ossington Chambers
6-8 Castle Gate
Newark
Nottinghamshire
NG24 1AX

PORTLAND COURT MANAGEMENT LIMITED (REGISTERED NUMBER: 01421604)

REPORT OF THE DIRECTORS
for the Year Ended 31st October 2021

The directors present their report with the financial statements of the company for the year ended 31st October 2021.

DIRECTORS
S A Hill has held office during the whole of the period from 1st November 2020 to the date of this report.

Other changes in directors holding office are as follows:

Mrs D F Halson - appointed 13th May 2021
S J Wrigley - appointed 13th May 2021
F W Brennan - appointed 6th October 2021
J H Cox - appointed 6th October 2021
D J Imrie - appointed 6th October 2021
L D Roche - appointed 6th October 2021

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S A Hill - Director


8th September 2022

PORTLAND COURT MANAGEMENT LIMITED (REGISTERED NUMBER: 01421604)

INCOME STATEMENT
for the Year Ended 31st October 2021

31/10/21 31/10/20
Notes £    £   

INCOME 276,954 216,985

Service Charge expenditure 248,116 289,156
28,838 (72,171 )

Other operating income 2,365 3,196
OPERATING PROFIT/(LOSS) 31,203 (68,975 )

Interest receivable and similar income 5 68
31,208 (68,907 )

Interest payable and similar expenses 2,842 581
PROFIT/(LOSS) BEFORE TAXATION 28,366 (69,488 )

Tax on profit/(loss) 4 - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

28,366

(69,488

)

PORTLAND COURT MANAGEMENT LIMITED (REGISTERED NUMBER: 01421604)

BALANCE SHEET
31st October 2021

31/10/21 31/10/20
Notes £    £   
CURRENT ASSETS
Debtors 5 155,002 340,778

CREDITORS
Amounts falling due within one year 6 154,846 340,624
NET CURRENT ASSETS 156 154
TOTAL ASSETS LESS CURRENT
LIABILITIES

156

154

CAPITAL AND RESERVES
Called up share capital 7 156 154
SHAREHOLDERS' FUNDS 156 154

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 8th September 2022 and were signed on its behalf by:





S A Hill - Director


PORTLAND COURT MANAGEMENT LIMITED (REGISTERED NUMBER: 01421604)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st October 2021

1. STATUTORY INFORMATION

Portland Court Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
Income represents service charge contributions receivable from the lessees in specified proportions based on the budget prepared by the managing agent at the beginning of each year, and in accordance with the provisions of each lease. The company receives these amounts as agent, which are then held on trust and, and therefore do not constitute turnover.

Loans
Loans are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost.

Presentation of the income statement
The presentation of the Income Statement on page 3 has been modified from the prescribed format for company accounts in order to provide more information to lessees and other parties who may be interested in the expenditure incurred in the management of the property.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

31/10/21 31/10/20
£    £   
Directors' remuneration - -

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31st October 2021 nor for the year ended 31st October 2020.

The activity of the company is defined as mutual trading as a consequence of which the company is subject to UK Corporation Tax on investment income only.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/21 31/10/20
£    £   
Trade debtors 12,573 160,663
Other debtors 142,429 180,115
155,002 340,778

PORTLAND COURT MANAGEMENT LIMITED (REGISTERED NUMBER: 01421604)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st October 2021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/21 31/10/20
£    £   
Trade creditors 41,332 216,160
Other creditors 113,514 124,464
154,846 340,624

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/10/21 31/10/20
value: £    £   
78 "A" Ordinary £1 78 77
(31/10/20 - 77 )
78 "B" Ordinary £1 78 77
(31/10/20 - 77 )
156 154

The "A" shares are held by the freeholder, Scafell Securities Ltd, and carry voting rights. The lessee of a flat is entitled to hold one "B" share which does not carry voting rights. The freeholder also had an interest in 1 "B" share at 31st October 2021 (2020 - 1) by virtue of the fact that 1 (2020 - 1) long lease remained unsold at that date.

8. RESERVES
Retained
earnings
£   

Profit for the year 28,366
Transfer to Service Charge Account
Deficit

(28,366

)

At 31st October 2021 -

9. RELATED PARTY DISCLOSURES

S A Hill was a director during the year ended 31st October 2021 and a controlling shareholder in the ultimate controlling company, Scafell Holdings Ltd during the year ended 31st October 2021. The freeholder, Scafell Securities Ltd is a subsidiary company of Scafell Holdings Ltd.

Included within other creditors is a loan due to the freeholder. The loan was on normal commercial terms and interest was being charged at a rate of 3% per annum over NatWest Bank base rate. The balance outstanding at 31st October 2021 was £93,423 (2020 - £90,581). During the year loan interest of £2,842 (2020 - £581) was charged on this loan.

The company is a mutual trading company and as such received income in the form of service charges from residents, some of whom are directors of the company. Service charges receivable from the freeholder are on the same basis as for all of the other residents.