Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31No description of principal activity2022-04-01false22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00648776 2022-04-01 2023-03-31 00648776 2021-04-01 2022-03-31 00648776 2023-03-31 00648776 2022-03-31 00648776 c:Director3 2022-04-01 2023-03-31 00648776 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 00648776 d:FreeholdInvestmentProperty 2023-03-31 00648776 d:FreeholdInvestmentProperty 2022-03-31 00648776 d:CurrentFinancialInstruments 2023-03-31 00648776 d:CurrentFinancialInstruments 2022-03-31 00648776 d:Non-currentFinancialInstruments 2023-03-31 00648776 d:Non-currentFinancialInstruments 2022-03-31 00648776 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00648776 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00648776 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00648776 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 00648776 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 00648776 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 00648776 d:ShareCapital 2023-03-31 00648776 d:ShareCapital 2022-03-31 00648776 d:RevaluationReserve 2023-03-31 00648776 d:RevaluationReserve 2022-03-31 00648776 d:RetainedEarningsAccumulatedLosses 2023-03-31 00648776 d:RetainedEarningsAccumulatedLosses 2022-03-31 00648776 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 00648776 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 00648776 c:FRS102 2022-04-01 2023-03-31 00648776 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00648776 c:FullAccounts 2022-04-01 2023-03-31 00648776 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00648776 5 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00648776









PORTSLADE ENTERPRISES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
PORTSLADE ENTERPRISES LIMITED
REGISTERED NUMBER: 00648776

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
2,297,999
2,230,410

Current assets
  

Debtors: amounts falling due within one year
 5 
46,841
22,259

Cash at bank and in hand
 6 
30,620
25,039

  
77,461
47,298

Creditors: amounts falling due within one year
 7 
(255,613)
(664,305)

Net current liabilities
  
 
 
(178,152)
 
 
(617,007)

Total assets less current liabilities
  
2,119,847
1,613,403

Creditors: amounts falling due after more than one year
  
(481,821)
-

Provisions for liabilities
  

Deferred tax
  
(156,186)
(156,186)

  
 
 
(156,186)
 
 
(156,186)

Net assets
  
1,481,840
1,457,217


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
1,391,816
1,391,816

Profit and loss account
  
89,924
65,301

  
1,481,840
1,457,217


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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
PORTSLADE ENTERPRISES LIMITED
REGISTERED NUMBER: 00648776
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2023.




Mr B Rael-Brook
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PORTSLADE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Portslade Enterprises Limited is a company limited by shares incorporated in England and Wales. Its registered office is at 35 Ballards Lane, London N3 1XW. Its principal activity is that of a property investment company.

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 financial statements are presented in pound sterling which is the functional currency of the company and are rounded to the nearest £.

 
2.2

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.

 
2.3

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
PORTSLADE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

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.

Page 4

 
PORTSLADE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.12

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 2 (2022 - 2).

Page 5

 
PORTSLADE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
2,230,410


Additions at cost
67,589



At 31 March 2023
2,297,999

The 2023 valuations were made by director, on an open market value for existing use basis.



At 31 March 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
906,183
838,594


5.


Debtors

2023
2022
£
£


Trade debtors
45,242
22,258

Other debtors
674
1

Prepayments and accrued income
925
-

46,841
22,259



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
30,620
25,039


Page 6

 
PORTSLADE ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
13,417
7,258

Other creditors
207,611
625,733

Accruals and deferred income
34,585
31,314

255,613
664,305



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
481,821
-

481,821
-



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
481,821
-



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
30,620
25,039




Financial assets measured at fair value through profit or loss comprise cash at bank.

 
Page 7