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REGISTERED NUMBER: 01031577 (England and Wales)












Portlemouth Estates Limited

Unaudited Financial Statements

for the Year Ended 30th June 2023






Portlemouth Estates Limited (Registered number: 01031577)






Contents of the Financial Statements
for the Year Ended 30th June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Portlemouth Estates Limited

Company Information
for the Year Ended 30th June 2023







DIRECTORS: P Visick
S Farnsworth
Ms T Visick





SECRETARY: Ms T Visick





REGISTERED OFFICE: 48 Arwenack Street
Falmouth
Cornwall
TR11 3JH





REGISTERED NUMBER: 01031577 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Portlemouth Estates Limited (Registered number: 01031577)

Statement of Financial Position
30th June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 4,820,000 4,035,000

CURRENT ASSETS
Debtors 5 41,909 21,464
Cash at bank 106,321 466,370
148,230 487,834
CREDITORS
Amounts falling due within one year 6 (159,413 ) (319,995 )
NET CURRENT (LIABILITIES)/ASSETS (11,183 ) 167,839
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,808,817

4,202,839

CREDITORS
Amounts falling due after more than one
year

7

(478,000

)

-

PROVISIONS FOR LIABILITIES (94,911 ) (52,950 )
NET ASSETS 4,235,906 4,149,889

CAPITAL AND RESERVES
Called up share capital 9 129,007 129,007
Capital redemption reserve 10 27,993 27,993
Retained earnings 10 4,078,906 3,992,889
SHAREHOLDERS' FUNDS 4,235,906 4,149,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

Portlemouth Estates Limited (Registered number: 01031577)

Statement of Financial Position - continued
30th June 2023


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 13th November 2023 and were signed on its behalf by:





P Visick - Director


Portlemouth Estates Limited (Registered number: 01031577)

Notes to the Financial Statements
for the Year Ended 30th June 2023

1. STATUTORY INFORMATION

Portlemouth Estates 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.

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 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 the amount derived from rents received, net of value added tax.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st July 2022 4,035,000
Additions 699,562
Revaluations 85,438
At 30th June 2023 4,820,000
NET BOOK VALUE
At 30th June 2023 4,820,000
At 30th June 2022 4,035,000

Portlemouth Estates Limited (Registered number: 01031577)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023

4. INVESTMENT PROPERTY - continued

Fair value at 30th June 2023 is represented by:
£   
Valuation in 2013 421,731
Valuation in 2014 110,000
Valuation in 2015 (25,000 )
Valuation in 2016 25,000
Valuation in 2017 15,000
Valuation in 2018 251,096
Valuation in 2019 165,000
Valuation in 2021 245,000
Valuation in 2022 (40,000 )
Valuation in 2023 85,438
Cost 3,566,735
4,820,000

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

2023 2022
£    £   
Cost 3,566,735 2,867,173

Investment property was valued on an open market basis basis on by David Edwards BSC (Est.Man) MRICS .

Note that the revaluation shown in 2013 contains all pre 2013 revaluations.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 41,909 21,464

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 42,000 162,000
Trade creditors 15,874 3,639
Taxation and social security 29,477 75,232
Other creditors 72,062 79,124
159,413 319,995

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 478,000 -

Portlemouth Estates Limited (Registered number: 01031577)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 520,000 162,000

The bank hold a first priority fixed legal charge over Unit A1 Nexus Court and Brake Bros Industrial Units, Victoria Business Park. In addition, there is a fixed and floating charge over all the assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
129,007 Ordinary £1 129,007 129,007

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st July 2022 3,992,889 27,993 4,020,882
Profit for the year 107,225 107,225
Dividends (21,208 ) (21,208 )
At 30th June 2023 4,078,906 27,993 4,106,899

11. RETAINING EARNINGS

Included within total retained earnings of £4,078,906 is distributable reserves of £2,920,553.