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Company Registration No. 08408215 (England and Wales)
Portolivia Limited Unaudited accounts for the year ended 29 February 2024
Portolivia Limited Unaudited accounts Contents
Page
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Portolivia Limited Company Information for the year ended 29 February 2024
Directors
A Bailey T L Bailey
Company Number
08408215 (England and Wales)
Registered Office
73a High Street Egham Surrey TW20 9HE
Accountants
Howard and Company High Street Egham Surrey TW20 9HE
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Portolivia Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
19,079 
18,259 
Investment property
2,305,000 
2,305,000 
2,324,079 
2,323,259 
Current assets
Debtors
5,304 
7,662 
Cash at bank and in hand
132,443 
91,807 
137,747 
99,469 
Creditors: amounts falling due within one year
(201,248)
(179,634)
Net current liabilities
(63,501)
(80,165)
Total assets less current liabilities
2,260,578 
2,243,094 
Creditors: amounts falling due after more than one year
(1,882,532)
(1,864,712)
Provisions for liabilities
Deferred tax
(55,724)
(55,637)
Net assets
322,322 
322,745 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
322,222 
322,645 
Shareholders' funds
322,322 
322,745 
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by
A Bailey Director Company Registration No. 08408215
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Portolivia Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Portolivia Limited is a private company, limited by shares, registered in England and Wales, registration number 08408215. The registered office is 73a High Street, Egham, Surrey, TW20 9HE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value of rents receiveable. Where rent has been received in advance or is in arrears at the balance sheet date provision is made within creditors as deferred income, or within debtors as appropriate.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Investment property
Investment property is included at fair market value. Increases and decreases in value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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Portolivia Limited Notes to the Accounts for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 March 2023
70,946 
Additions
7,322 
Disposals
(190)
At 29 February 2024
78,078 
Depreciation
At 1 March 2023
52,687 
Charge for the year
6,360 
On disposals
(48)
At 29 February 2024
58,999 
Net book value
At 29 February 2024
19,079 
At 28 February 2023
18,259 
5
Investment property
2024 
£ 
Fair value at 1 March 2023
2,305,000 
At 29 February 2024
2,305,000 
The book value of investment properties had they not been adjusted for fair value would have been £2,101,184 (2023 - £2,101,184). The company's investment properties were revalued during the year by the directors using an estimate of the market value.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
5,304 
7,662 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,648 
10,648 
Taxes and social security
- 
392 
Other creditors
- 
74 
Loans from directors
146,600 
136,181 
Accruals
44,000 
32,339 
201,248 
179,634 
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Portolivia Limited Notes to the Accounts for the year ended 29 February 2024
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
1,882,532 
1,864,712 
Aggregate of amounts that fall due for payment after five years
1,862,604 
1,835,078 
£1,862,604 of bank loans are secured by legal charges in favour of Paragon Mortgages Limited and Paragon Bank plc over the company's freehold properties situated at:       12 Brookside Terrace Chester,       43 Ermine Road Chester,       55 Ermine Road Chester,       4 Gladstone Road Chester,       7 Henshall Street Chester,       46 Louise Street Chester,       10 Sydney Road Chester,       20 Sydney Road Chester, and       32 Upper Northgate Street Chester, and by a first floating charge over the company's undertaking, property, assets and rights.
9
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
4,770 
4,683 
Revaluation of investment property
50,954 
50,954 
55,724 
55,637 
2024 
2023 
£ 
£ 
Provision at start of year
55,637 
54,707 
Charged to the profit and loss account
87 
930 
Provision at end of year
55,724 
55,637 
10
Average number of employees
During the year the average number of employees was 1 (2023: 2).
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