0 29 March 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,800,000 5,800,000 5,800,000 xbrli:pure xbrli:shares iso4217:GBP NI621280 2022-04-01 2023-03-31 NI621280 2023-03-31 NI621280 2022-03-31 NI621280 2021-04-01 2022-03-31 NI621280 2022-03-31 NI621280 2021-03-31 NI621280 bus:RegisteredOffice 2022-04-01 2023-03-31 NI621280 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 NI621280 bus:Agent1 2022-04-01 2023-03-31 NI621280 bus:Director1 2022-04-01 2023-03-31 NI621280 bus:Director3 2022-04-01 2023-03-31 NI621280 core:WithinOneYear 2023-03-31 NI621280 core:WithinOneYear 2022-03-31 NI621280 core:AfterOneYear 2023-03-31 NI621280 core:AfterOneYear 2022-03-31 NI621280 core:ShareCapital 2023-03-31 NI621280 core:ShareCapital 2022-03-31 NI621280 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI621280 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI621280 bus:SmallEntities 2022-04-01 2023-03-31 NI621280 bus:Audited 2022-04-01 2023-03-31 NI621280 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI621280 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI621280 bus:FullAccounts 2022-04-01 2023-03-31 NI621280 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 NI621280 core:InvestmentPropertyIncludedWithinPPE 2022-03-31
COMPANY REGISTRATION NUMBER: NI621280
Porter Property Estates Limited
Filleted Financial Statements
31 March 2023
Porter Property Estates Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3 to 6
Porter Property Estates Limited
Officers and Professional Advisers
The board of directors
Mr. W. C. Porter
Mr R Stack
Registered office
30 Lady Wallace Lane
Lisburn
Northern Ireland
BT28 3WT
Auditor
Maneely Mc Cann Chartered Accountants
Chartered Accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
Shoosmiths (Northern Ireland) LLP
2-14 East Bridge Street
Belfast
BT1 3NQ
Carson McDowell
Murray House
Murray Street
Belfast
BT1 6DN
Porter Property Estates Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
5,800,000
5,800,000
Current assets
Debtors
5
1,807,163
1,463,662
Cash at bank and in hand
159
123
------------
------------
1,807,322
1,463,785
Creditors: amounts falling due within one year
6
2,737,493
2,525,546
------------
------------
Net current liabilities
930,171
1,061,761
------------
------------
Total assets less current liabilities
4,869,829
4,738,239
Creditors: amounts falling due after more than one year
7
1,552,588
1,786,308
Provisions
Taxation including deferred tax
463,376
352,166
------------
------------
Net assets
2,853,865
2,599,765
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,853,765
2,599,665
------------
------------
Shareholder funds
2,853,865
2,599,765
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
Mr. W. C. Porter
Director
Company registration number: NI621280
Porter Property Estates Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 30 Lady Wallace Lane, Lisburn, BT28 3WT, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Investment property
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
5,800,000
5,800,000
------------
------------
Depreciation
At 1 April 2022 and 31 March 2023
------------
------------
Carrying amount
At 31 March 2023
5,800,000
5,800,000
------------
------------
At 31 March 2022
5,800,000
5,800,000
------------
------------
5. Debtors
2023
2022
£
£
Trade debtors
139,289
123,672
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,551,692
1,235,694
Other debtors
116,182
104,296
------------
------------
1,807,163
1,463,662
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
224,424
224,424
Trade creditors
1,341
7,167
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,257,388
2,097,026
Corporation tax
165,439
89,542
Other creditors
88,901
107,387
------------
------------
2,737,493
2,525,546
------------
------------
The bank overdraft is secured by mortgage debentures incorporating fixed and floating charges over all company assets. There are cross company guarantees in place between the company, its parent company and a number of its fellow subsidiary companies.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,552,588
1,786,308
------------
------------
8. Summary audit opinion
The auditor's report dated 29 March 2024 was unqualified .
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .
9. Related party transactions
Control The company is a wholly owned subsidiary of Porter Property Holdings Limited, a company incorporated in Northern Ireland. Mr W Porter is deemed the ultimate controlling party by virtue of his shareholding in Porter Property Holdings Limited. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.