Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-284false2022-03-01No description of principal activity4falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07645474 2022-03-01 2023-02-28 07645474 2021-03-01 2022-02-28 07645474 2023-02-28 07645474 2022-02-28 07645474 c:Director1 2022-03-01 2023-02-28 07645474 d:PlantMachinery 2022-03-01 2023-02-28 07645474 d:PlantMachinery 2023-02-28 07645474 d:PlantMachinery 2022-02-28 07645474 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07645474 d:CurrentFinancialInstruments 2023-02-28 07645474 d:CurrentFinancialInstruments 2022-02-28 07645474 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07645474 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 07645474 d:ShareCapital 2023-02-28 07645474 d:ShareCapital 2022-02-28 07645474 d:RetainedEarningsAccumulatedLosses 2023-02-28 07645474 d:RetainedEarningsAccumulatedLosses 2022-02-28 07645474 c:FRS102 2022-03-01 2023-02-28 07645474 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 07645474 c:FullAccounts 2022-03-01 2023-02-28 07645474 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07645474 2 2022-03-01 2023-02-28 07645474 6 2022-03-01 2023-02-28 07645474 e:PoundSterling 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 07645474









PORTMAN HOMES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
PORTMAN HOMES LTD
REGISTERED NUMBER: 07645474

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
209
1

Investments
 5 
-
70

  
209
71

Current assets
  

Stocks
 6 
8,248
5,113

Debtors: amounts falling due within one year
 7 
184,617
1,167,844

Cash at bank and in hand
  
322,818
500,371

  
515,683
1,673,328

Creditors: amounts falling due within one year
 8 
(886,729)
(2,105,398)

Net current liabilities
  
 
 
(371,046)
 
 
(432,070)

Total assets less current liabilities
  
(370,837)
(431,999)

  

Net liabilities
  
(370,837)
(431,999)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(370,937)
(432,099)

  
(370,837)
(431,999)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
PORTMAN HOMES LTD
REGISTERED NUMBER: 07645474
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 November 2023.




Stephen Blake
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PORTMAN HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Portman Homes Ltd is a private company limited by shares, registered in England and Wales number 07645474. Its registered office is situated at 54 High Street, Sevenoaks, Kent TN13 1JG. Its principal activity is that of a Property Developer.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future. For this reason they continue to adopt the going concern basis for preparing these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PORTMAN HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
PORTMAN HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
50%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PORTMAN HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 March 2022
5,220


Additions
415



At 28 February 2023

5,635



Depreciation


At 1 March 2022
5,219


Charge for the year on owned assets
207



At 28 February 2023

5,426



Net book value



At 28 February 2023
209



At 28 February 2022
1

Page 6

 
PORTMAN HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Fixed asset investments





Investments in subsidiary companies

£





At 1 March 2022
70


Disposals
(70)



At 28 February 2023
-





6.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
8,248
5,113

8,248
5,113



7.


Debtors

2023
2022
£
£


Trade debtors
1,844
408,243

Amounts owed by group undertakings
-
445,249

Amounts owed by joint ventures and associated undertakings
26,718
35,850

Other debtors
156,055
278,502

184,617
1,167,844


Page 7

 
PORTMAN HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
2,988
-

Trade creditors
695
164,377

Amounts owed to joint ventures and associated undertakings
207,010
649,805

Corporation tax
34,885
-

Other taxation and social security
5,639
4,910

Other creditors
625,619
1,237,439

Accruals and deferred income
9,893
48,867

886,729
2,105,398



9.


Contingent liabilities

Under the terms of a settlement agreement dated 20 September 2023, the company has provided a guarantee to third parties for punctual stage payments of their £400,000 trade debt owed by an associated company and in the event of non payments by the associated company it becomes liable for outstanding monies as if it was the principal obligator.


10.


Pension commitments

Under a workplace pension scheme for its staff the company had an annual cost of £109 in the current year. Going forward, its annual commitment will be £698 per annum.


11.


Related party transactions

Other creditors - amounts falling due within one year includes £24,987 owed to a key member of the management personnel and £300,000 owed to RTW Investments Ltd a company in which the same key member of management personnel and his family hold a material interest, free of interest charges. Included in other creditors - amounts due within one year is £207,009 owed to Portman Homes (Sevenoaks) Ltd free of interest charges, a company associated by common control. Other debtors also includes £16,927 owed free of interest by Your Space Sevenoaks Ltd, a company in which a further key member of management personnel has a material interest. Other debtors includes £9,789 free of interest owed by Portman Homes (WM) Ltd, a company in which the same key member of management personnel has a material interest. Other debtors also includes £69,952 owed free of interest by a key member of the management personnel as well as £33,409 owed free of interest by another key member of the management personnel.

 
Page 8