2022-03-012023-02-282023-02-28false13195788PORTLAND & PARTNERS 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PORTLAND & PARTNERS LTD

Registered Number
13195788
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

PORTLAND & PARTNERS LTD
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

Adam Jonathon William Owen

Registered Address

28 Nursery Lane
Whitfield
Dover
CT16 3HD

Registered Number

13195788 (England and Wales)
PORTLAND & PARTNERS LTD
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5355,815-
355,815-
Current assets
Cash at bank and on hand1,9311
1,9311
Creditors amounts falling due within one year(126,128)-
Net current assets (liabilities)(124,197)1
Total assets less current liabilities231,6181
Creditors amounts falling due after one year(245,990)-
Net assets(14,372)1
Capital and reserves
Called up share capital11
Profit and loss account(14,373)-
Shareholders' funds(14,372)1
The financial statements were approved and authorised for issue by the Director on 25 September 2023, and are signed on its behalf by:
Adam Jonathon William Owen
Director
Registered Company No. 13195788
PORTLAND & PARTNERS LTD
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rent of properties.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. No depreciation is accounted for on investment property in accordance with FRS102. Investment property is initially recorded at cost, which includes the purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit and loss.
Revenue recognition policy
Turnover from the rental of properties is recognised when the rent is due to the landlord.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Valuation of financial instruments policy
Financial liaibilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Loans and borrowings are initially recognised at the transaction price including transaction costs.
Going concern
At the balance sheet date the liabilities exceeded the assets by £14,372. The director has agreed to support the company for the foreseeable future and accordingly the accounts have been prepared on the going concern basis.
4.Employee information

20232022
Average number of employees during the year11
5.Property, plant and equipment

Total

£
Cost or valuation
Additions355,815
At 28 February 23355,815
Net book value
At 28 February 23355,815
At 28 February 22-
Within tangible assets there is a value of £355,815 (2022: nil) which is held in respect of investment properties which have been included at fair value.
6.Creditors or instalments due after 5 years
Bank loans of £245,990 are due after 5 years. The bank loans within other creditors are secured by way of fixed charge and debenture.
7.Description of nature of transactions and balances with related parties
Included in other creditors, amounts falling due within one year, is £125,113 (2022 nil) which is due to a director of the company. Interest is not charged. Dividends of nil (2022 nil) were paid to a director.