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REGISTERED NUMBER: SC565816 (Scotland)















PORTEOUS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023






PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTEOUS PROPERTIES LIMITED

COMPANY INFORMATION
For The Year Ended 31 May 2023







DIRECTORS: J E P Arundell
K E Izat





REGISTERED OFFICE: 12B Geocrab
Isle of Harris
HS3 3HB





REGISTERED NUMBER: SC565816 (Scotland)





ACCOUNTANTS: Benham Conway & Co
16 Royal Crescent
Glasgow
G3 7SL

PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

BALANCE SHEET
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 78,569 79,977

CURRENT ASSETS
Debtors 5 2,106 642
Cash at bank 1,315 3,065
3,421 3,707
CREDITORS
Amounts falling due within one year 6 74,764 25,570
NET CURRENT LIABILITIES (71,343 ) (21,863 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,226

58,114

CREDITORS
Amounts falling due after more than one
year

7

4,500

44,146
NET ASSETS 2,726 13,968

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,626 13,868
SHAREHOLDERS' FUNDS 2,726 13,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

BALANCE SHEET - continued
31 May 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 15 February 2024 and were signed on its behalf by:





J E P Arundell - Director


PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023


1. STATUTORY INFORMATION

Porteous Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents income from short term lets and holding events.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold Improvements - 2% on cost
Plant and machinery etc - 20% on cost

Financial instruments
Basic financial instruments, including trade creditors and other creditors, bank loans and other loans that are classified as debt, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


4. TANGIBLE FIXED ASSETS
Plant and
Leasehold machinery
improvements etc Totals
£    £    £   
COST
At 1 June 2022 87,421 13,047 100,468
Additions - 1,099 1,099
Disposals - (224 ) (224 )
At 31 May 2023 87,421 13,922 101,343
DEPRECIATION
At 1 June 2022 8,734 11,757 20,491
Charge for year 1,748 670 2,418
Eliminated on disposal - (135 ) (135 )
At 31 May 2023 10,482 12,292 22,774
NET BOOK VALUE
At 31 May 2023 76,939 1,630 78,569
At 31 May 2022 78,687 1,290 79,977

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 2,106 642

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 2,250 8,745
Directors' loan account 53,417 1,043
Taxation and social security 3,868 3,163
Other creditors 15,229 12,619
74,764 25,570

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 4,500 44,146

PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank loans - 43,891

The directors had provided personal assets as security for the company's bank borrowings.

9. RELATED PARTY DISCLOSURES

At 31 May 2023 the company's directors had provided the company with interest free loans of £53,417 (2022, £1,043). There are no fixed repayment terms for these loans.

The business operates from premises owned by the directors on which no rent is charged.