Company registration number 02835737 (England and Wales)
PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
BALANCE SHEET
AS AT
25 MARCH 2023
25 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,624
1,652
Investments
6
6
6
2,630
1,658
Current assets
Debtors
7
29,352
3,993
Cash at bank and in hand
149,398
279,487
178,750
283,480
Creditors: amounts falling due within one year
8
(10,749)
(76,741)
Net current assets
168,001
206,739
Net assets
170,631
208,397
Capital and reserves
Called up share capital
9
97
97
Share premium account
6,066
6,066
Profit and loss reserves
164,468
202,234
Total equity
170,631
208,397

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Philip Moore
Director
Company Registration No. 02835737
PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 25 MARCH 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 26 March 2021
97
6,066
339,570
345,733
Year ended 25 March 2022:
Profit and total comprehensive income for the year
-
-
56,664
56,664
Dividends
-
-
(194,000)
(194,000)
Balance at 25 March 2022
97
6,066
202,234
208,397
Year ended 25 March 2023:
Loss and total comprehensive income for the year
-
-
(37,766)
(37,766)
Balance at 25 March 2023
97
6,066
164,468
170,631
PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2023
- 3 -
1
Accounting policies
Company information

Portman Mansions Residents Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Flat 4W, Rear of Block 4, Portman Mansions, Porter Street, London, W1U 6NS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents ground rents and other rents receivable, which are recognised on the accruals basis.

 

Turnover also includes other miscellaneous income, which is recognised at the date invoiced.

 

Other operating income represents amounts received from the grant of lease extensions and is recognised at the date of grant.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

Freehold interest is held in the accounts at a nominal value of £1.

Tangible fixed assets are stated at cost less provision for depreciation. No depreciation is charged in the year of addition.

Freehold land and buildings
Not depreciated
Gymnasium equipment
5 years on cost
Gymnasium improvements
10 years on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The directors have chosen not to depreciate the freehold land and buildings held by the company. This is in contravention of the Companies Act 2006 which requires depreciation to be charged. The directors are of the opinion that the residual value of the freehold interest at the end of its useful life is expected to be in excess of the carrying value. As a result any depreciation to be provided is not material over the life of the asset and therefore has not been accounted for.

PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

There were no employees during the year (2022: none).

4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
13,594
Adjustments in respect of prior periods
(8,310)
-
0
Total current tax
(8,310)
13,594
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 26 March 2022
1
102,742
102,743
Additions
-
0
1,488
1,488
At 25 March 2023
1
104,230
104,231
Depreciation and impairment
At 26 March 2022
-
0
101,091
101,091
Depreciation charged in the year
-
0
516
516
At 25 March 2023
-
0
101,607
101,607
Carrying amount
At 25 March 2023
1
2,623
2,624
At 25 March 2022
1
1,651
1,652
PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
5
Tangible fixed assets
(Continued)
- 7 -

Included within land and buildings is an amount of £1 which represents the company's nominal freehold interest in the property known as Portman Mansions. On 25 March 1994, there was a simultaneous number of transactions involving the purchase of the freehold interest in Portman Mansions, and the sale of certain leasehold interests within it. The purchase was fully financed by the sales and the surplus arising had been transferred to the profit and loss account, after adjusting for the director's valuation of the remaining freehold interest at a nominal value of £1.

6
Fixed asset investments
2023
2022
£
£
Investments
6
6
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,993
3,023
Corporation tax recoverable
9,024
-
0
Amounts owed by group undertakings
18,335
970
29,352
3,993
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
450
-
0
Corporation tax
-
0
13,286
Other creditors
10,299
63,455
10,749
76,741
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
97
97
97
97
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

PORTMAN MANSIONS RESIDENTS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
10
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Stephen Simou FCA
Statutory Auditor:
Citroen Wells
11
Related party transactions

During the year, the company charged rent to Portman Mansions Management Limited ('PMML'), a subsidiary company, totalling £16,000 (2022: £16,000). During the year, PMML collected and transferred ground rents totalling £1,365 to the company (2022: £nil). At the year end, PMML owed the company £18,335 (2022: £970). The amount is unsecured, interest free and repayable on demand.

2023-03-252022-03-26false22 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedDaljit BomerKeith CliffordMichael HartJacqueline HeppardAndrew McDonaldPhilip MooreTerrance RoullandJamil ShamashKerry SheardJoj Lindfalse0028357372022-03-262023-03-25028357372023-03-25028357372022-03-2502835737core:LandBuildings2023-03-2502835737core:OtherPropertyPlantEquipment2023-03-2502835737core:LandBuildings2022-03-2502835737core:OtherPropertyPlantEquipment2022-03-2502835737core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-2502835737core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-2502835737core:CurrentFinancialInstruments2023-03-2502835737core:CurrentFinancialInstruments2022-03-2502835737core:ShareCapital2023-03-2502835737core:ShareCapital2022-03-2502835737core:SharePremium2023-03-2502835737core:SharePremium2022-03-2502835737core:RetainedEarningsAccumulatedLosses2023-03-2502835737core:RetainedEarningsAccumulatedLosses2022-03-2502835737core:ShareCapital2021-03-2502835737core:SharePremium2021-03-2502835737core:RetainedEarningsAccumulatedLosses2021-03-25028357372021-03-2502835737bus:Director62022-03-262023-03-2502835737core:RetainedEarningsAccumulatedLosses2021-03-262022-03-25028357372021-03-262022-03-2502835737core:RetainedEarningsAccumulatedLosses2022-03-262023-03-2502835737core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-262023-03-2502835737core:LeaseholdImprovements2022-03-262023-03-2502835737core:PlantMachinery2022-03-262023-03-2502835737core:UKTax2022-03-262023-03-2502835737core:UKTax2021-03-262022-03-2502835737core:LandBuildings2022-03-2502835737core:OtherPropertyPlantEquipment2022-03-25028357372022-03-2502835737core:LandBuildings2022-03-262023-03-2502835737core:OtherPropertyPlantEquipment2022-03-262023-03-2502835737bus:PrivateLimitedCompanyLtd2022-03-262023-03-2502835737bus:SmallCompaniesRegimeForAccounts2022-03-262023-03-2502835737bus:FRS1022022-03-262023-03-2502835737bus:Audited2022-03-262023-03-2502835737bus:Director12022-03-262023-03-2502835737bus:Director22022-03-262023-03-2502835737bus:Director32022-03-262023-03-2502835737bus:Director42022-03-262023-03-2502835737bus:Director52022-03-262023-03-2502835737bus:Director72022-03-262023-03-2502835737bus:Director82022-03-262023-03-2502835737bus:Director92022-03-262023-03-2502835737bus:CompanySecretary12022-03-262023-03-2502835737bus:FullAccounts2022-03-262023-03-25xbrli:purexbrli:sharesiso4217:GBP