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REGISTERED NUMBER: 00520474 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PORTSEA PROPERTIES LIMITED

PORTSEA PROPERTIES LIMITED (REGISTERED NUMBER: 00520474)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PORTSEA PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr J S Fisher
Mr M L Fisher
Mrs S M Goldberg





SECRETARY: Mrs L M Fisher





REGISTERED OFFICE: 55 Loudoun Road
London
NW8 0DL





REGISTERED NUMBER: 00520474 (England and Wales)





ACCOUNTANTS: MGR SD Limited
Chartered Accountants
55 Loudoun Road
London
NW8 0DL

PORTSEA PROPERTIES LIMITED (REGISTERED NUMBER: 00520474)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Investment property 4 603,000 603,000

CURRENT ASSETS
Debtors 5 7,254 -
Cash at bank 106,685 97,132
113,939 97,132
CREDITORS
Amounts falling due within one year 6 (541,426 ) (564,320 )
NET CURRENT LIABILITIES (427,487 ) (467,188 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

175,513

135,812

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Capital redemption reserve 46,998 46,998
Retained earnings 127,515 87,814
SHAREHOLDERS' FUNDS 175,513 135,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 7 May 2024 and were signed on its behalf by:





Mr J S Fisher - Director


PORTSEA PROPERTIES LIMITED (REGISTERED NUMBER: 00520474)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Portsea Properties Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis even though the company has net current liabilities of £441,856 (2023: £467,188). The validity of the going concern is dependent on the continuing support from the parent company. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due.

Turnover
Turnover represents rent received, excluding value added tax.

Investment property
Investment property is shown at market value. Any aggregate deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 603,000
NET BOOK VALUE
At 31 March 2024 603,000
At 31 March 2023 603,000

PORTSEA PROPERTIES LIMITED (REGISTERED NUMBER: 00520474)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2017 (74,379 )
Valuation in 2018 13,000
Cost 664,379
603,000

Directors have confirmed that the recent valuation of the investment property is in accordance with the current market value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 7,254 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed to group undertakings 529,106 544,715
Taxation and social security 2,070 9,355
Other creditors 10,250 10,250
541,426 564,320

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
900 Ordinary £1 900 900
100 5% Preference £1 100 100
1,000 1,000

8. RELATED PARTY DISCLOSURES

Included under creditors amounts owed to group undertakings are the following balances:

Shop & Office Properties Limited : £534,106Cr (2023: £549,715Cr)
Colbourne Properties Limited : £5,000Dr (2023: £5,000Dr)

9. ULTIMATE CONTROLLING PARTY

The immediate controlling party is Colbourne Properties Limited, a company incorporated and registered in England and Wales.

The ultimate controlling party is Shop & Office Properties Employee Benefit Trust, a trust registered in England and Wales.