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REGISTERED NUMBER: 08410461 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Porth Lys Limited

Porth Lys Limited (Registered number: 08410461)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Porth Lys Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: M E Gelston
J G Gelston
W K Gelston
M C Gelston





REGISTERED OFFICE: Ballyhome
4 Tower Park
Lanlivet
Bodmin
Cornwall
PL30 5BL





REGISTERED NUMBER: 08410461 (England and Wales)

Porth Lys Limited (Registered number: 08410461)

Abridged Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 58,920 45,600
Investment property 5 4,500,000 4,500,000
4,558,920 4,545,600

CURRENT ASSETS
Debtors 12,509 25,651
Cash at bank 42,152 350,671
54,661 376,322
CREDITORS
Amounts falling due within one year 30,981 267,423
NET CURRENT ASSETS 23,680 108,899
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,582,600

4,654,499

PROVISIONS FOR LIABILITIES 680,581 678,111
NET ASSETS 3,902,019 3,976,388

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 2,492,446 2,492,446
Retained earnings 1,409,473 1,483,842
SHAREHOLDERS' FUNDS 3,902,019 3,976,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Porth Lys Limited (Registered number: 08410461)

Abridged Statement of Financial Position - continued
28 February 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 9 November 2023 and were signed on its behalf by:





J G Gelston - Director


Porth Lys Limited (Registered number: 08410461)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Porth Lys 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

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.

Property investments in progress are shown at cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Porth Lys Limited (Registered number: 08410461)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022 126,286
Additions 28,050
At 28 February 2023 154,336
DEPRECIATION
At 1 March 2022 80,686
Charge for year 14,730
At 28 February 2023 95,416
NET BOOK VALUE
At 28 February 2023 58,920
At 28 February 2022 45,600

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 4,500,000
NET BOOK VALUE
At 28 February 2023 4,500,000
At 28 February 2022 4,500,000

Valuation at 28 February 2023 is represented by:

£   
Cost 976,917
Increases in valuation to 2023 3,523,083
Valuation 4,500,000