REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
PORRITT STREET INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
PORRITT STREET INVESTMENTS LIMITED |
PORRITT STREET INVESTMENTS LIMITED (REGISTERED NUMBER: 13338273) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PORRITT STREET INVESTMENTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
PORRITT STREET INVESTMENTS LIMITED (REGISTERED NUMBER: 13338273) |
BALANCE SHEET |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PORRITT STREET INVESTMENTS LIMITED (REGISTERED NUMBER: 13338273) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Porritt Street Investments Limited is a private company limited by share capital, incorporated in England and Wales, registration number 13338273. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD and principal place of business is Porritt Street, Bury, BL9 6HG. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. Turnover principally consists of income from the rental of commercial property. |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measure at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred 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. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PORRITT STREET INVESTMENTS LIMITED (REGISTERED NUMBER: 13338273) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Valuation of investment properties held was reviewed by the directors as at 31st August 2023. Having reviewed the rental yields, which have not changed greatly compared to prior years, the current valuation is deemed to be a true reflection of current market value. |
The value of the investment property if carried under the cost model would be £1,786,361. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 25 | 25 |
Ordinary B | £1 | 25 | 25 |
Ordinary C | £1 | 25 | 25 |
Ordinary D | £1 | 25 | 25 |
100 | 100 |
8. | RELATED PARTY DISCLOSURES |
The company has made the following transactions with companies which are related parties by virtue of common control. |
During the year the company charged rent of £240,000 (2022: £240,000) and received an interest free loan from a company under common control. At the reporting date £1,472,384 (2022: £1,666,361) was owed. |