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REGISTERED NUMBER: SC235966 (Scotland)












UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PORT REAL LIMITED

PORT REAL LIMITED (REGISTERED NUMBER: SC235966)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


PORT REAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs N Bali
Dr A Bali





REGISTERED OFFICE: 20 Boclair Road
Bearsden
Glasgow
G61 2AF





REGISTERED NUMBER: SC235966 (Scotland)





ACCOUNTANTS: Donachie Chartered Accountants
2nd Floor
Templeton House
62 Templeton Street
Glasgow
G40 1DA

PORT REAL LIMITED (REGISTERED NUMBER: SC235966)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,590,000 1,590,000

CURRENT ASSETS
Debtors 5 5,333 9,533
Cash at bank 10,735 19,561
16,068 29,094
CREDITORS
Amounts falling due within one year 6 104,952 105,540
NET CURRENT LIABILITIES (88,884 ) (76,446 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,501,116 1,513,554

CREDITORS
Amounts falling due after more than one year 7 863,580 932,389
NET ASSETS 637,536 581,165

CAPITAL AND RESERVES
Called up share capital 10 356,002 356,002
Fair value reserve 11 (361,263 ) (361,263 )
Retained earnings 642,797 586,426
SHAREHOLDERS' FUNDS 637,536 581,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





Mrs N Bali - Director


PORT REAL LIMITED (REGISTERED NUMBER: SC235966)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 356,002 530,922 (361,263 ) 525,661

Changes in equity
Total comprehensive income - 55,504 - 55,504
Balance at 31 March 2022 356,002 586,426 (361,263 ) 581,165

Changes in equity
Total comprehensive income - 56,371 - 56,371
Balance at 31 March 2023 356,002 642,797 (361,263 ) 637,536

PORT REAL LIMITED (REGISTERED NUMBER: SC235966)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Port Real Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received.

Rental income is recognised when the company is entitled to receive income based on the contractual agreement in force.

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.

Investment property is measured at fair value. The surplus or deficit arising from changes in fair value are recognised in the income statement for the year.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

Debtors and creditors that fall due within one year
Debtors and creditors that fall due within one year are recorded in the financial statements at undiscounted transaction (invoice) price. Debtors are reviewed for impairment at each reporting date and any impairments are recorded within the profit and loss and shown within administrative expenses.

PORT REAL LIMITED (REGISTERED NUMBER: SC235966)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,590,000
NET BOOK VALUE
At 31 March 2023 1,590,000
At 31 March 2022 1,590,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2006 221,795
Valuation in 2008 (583,058 )
Cost 1,951,263
1,590,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,951,263 1,951,263

Investment properties were valued on fair value basis on 31 March 2023 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,333 9,533

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 76,170 76,952
Corporation Tax 13,223 13,019
VAT 4,663 4,304
Other creditors 6,015 6,000
Accruals and deferred income 4,881 5,265
104,952 105,540

PORT REAL LIMITED (REGISTERED NUMBER: SC235966)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 489,383 566,192
Amounts owed to related parties 249,980 236,980
Directors' loan accounts 124,217 129,217
863,580 932,389

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 129,235 229,029

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 76,170 76,952

Amounts falling due between one and two years:
Bank loans - 1-2 years 81,279 76,170

Amounts falling due between two and five years:
Bank loans 278,869 260,993

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 129,235 229,029

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 565,553 643,144

Bank loans are secured by Standard Securities and a bond and floating charge over all Company assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
356,002 Ordinary £1 356,002 356,002

PORT REAL LIMITED (REGISTERED NUMBER: SC235966)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. RESERVES
Fair
value
reserve
£   
At 1 April 2022
and 31 March 2023 (361,263 )

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mrs N Bali
Balance outstanding at start of year (129,217 ) (101,217 )
Amounts advanced (2,000 ) (28,000 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (131,217 ) (129,217 )

13. RELATED PARTY DISCLOSURES

Gildeas Limited
A company controlled by Mrs N Bali's Spouse

During the year, the company leased premises to Gildeas Limited. Rent charged during the year was £82,800 (2022 - £82,800). The amounts due to Gildeas Limited at the balance sheet date is £158,980 (2022 - £158,980).

NSBAA Limited
A company controlled by Mrs N Bali

The company operates a loan account with NSBAA Limited, the amount due to NSBAA Limited at the balance sheet date is £78,000 (2022 - £78,000). No interest is charged on the loan and no fixed repayment date has been set.

N-MED Services Limited
A company controlled by Mrs N Bali

The company operates a loan account with N-MED Services Limited, the amount due to N-MED Services Limited at the balance sheet date is £13,000 (2022 - £Nil). No interest is charged on the loan and no fixed repayment date has been set.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs N Bali.