Company registration number 01091261 (England and Wales)
PORTMAN MANSIONS MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PORTMAN MANSIONS MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PORTMAN MANSIONS MANAGEMENT LIMITED
BALANCE SHEET
AS AT
25 MARCH 2023
25 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
33,289
38,589
Cash at bank and in hand
451,651
598,388
484,940
636,977
Creditors: amounts falling due within one year
4
(324,016)
(262,810)
Net current assets
160,924
374,167
Capital and reserves
Called up share capital
8
12
12
Reserve fund for future expenditure
160,912
374,155
Total equity
160,924
374,167
The notes on pages 2 to 5 form part of these financial statements.
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. 01091261
PORTMAN MANSIONS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2023
- 2 -
1
Accounting policies
Company information
Portman Mansions Management 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 items at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents costs to tenants relating to the management of Portman Mansions recharged to tenants and other income invoiced for miscellaneous services.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
The accounts in which the funds are held are interest bearing accounts and are held by the company on trust for the lessees.
1.5
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.
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.
PORTMAN MANSIONS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Reserve for future expenditure
This amount is set aside in accordance with Clause 4 (11) of the leases, as a provision for future costs of maintenance and renewal, but should not be regarded as the sum required to meet future costs in full, but only as a contribution towards such costs.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2022: 8)
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Due from lessees
25,083
16,162
Other debtors
8,206
22,427
33,289
38,589
PORTMAN MANSIONS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
25,437
18,438
Amounts owed to group undertakings
18,335
970
Taxation and social security
127
10
Deposits received from lessees
169,658
167,606
Other creditors
20,489
19,070
Accruals and deferred income
89,970
56,716
324,016
262,810
5
Reserve fund for future expenditure
2023
2022
£
£
At the beginning of the year
374,155
723,371
Interest received net of taxation
508
171
Transfer from reserve fund for the year
(213,751)
(349,387)
At the end of the year
160,912
374,155
This amount should not be regarded as the sum required to meet future costs in full, but only as a contribution to such costs.
The reserve fund is held on trust on behalf of the lessees.
6
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.
Senior Statutory Auditor:
Stephen Simou FCA
Statutory Auditor:
Citroen Wells
7
Building Insurance
The property is insured with Aviva. The insurance brokers are Berkeley Insurance Group UK Limited of 2 Colton Square, Leicester LE1 1QH. The policy number is 100509370CPO and the buildings sum insured to 29 June 2023 is £110,905,229.
PORTMAN MANSIONS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2023
- 5 -
8
Called up share capital
2023
2022
2023
2022
Authorised:
Number
Number
£
£
Allotted, called up and fully paid:
'A' shares of 5p each
120
120
6
6
'B' shares of 5p each
121
121
6
6
241
241
12
12
9
Related party transactions
During the year, the company was charged rent by Portman Mansions Residents Company Limited ('PMRCL'), the parent company, totalling £16,000 (2022: £16,000). During the year, ground rents totalling £1,365 were collected on behalf of and subsequently transferred to PMRCL (2022: £nil). At the year end, the company owed PMRCL £18,335 (2022: £970). The amount is unsecured, interest free and repayable on demand.