Registered number
02516325
West Street (Portchester) Management Limited
Filleted Accounts
31 December 2023
West Street (Portchester) Management Limited
Registered number: 02516325
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 1,362 1,089
Cash at bank and in hand 97,372 86,403
98,734 87,492
Creditors: amounts falling due within one year 4 (14,006) (8,461)
Net current assets 84,728 79,031
Net assets 84,728 79,031
Capital and reserves
Called up share capital 9 9
Revaluation reserve 5 84,000 79,000
Profit and loss account 719 22
Shareholders' funds 84,728 79,031
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A M Simpson
Director
Approved by the board on 6 March 2024
West Street (Portchester) Management Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
The company's turnover represents the invoice value of services provided to the occupiers of the property at 1-33 (odd numbers) West Street, Portchester.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
Trade debtors 657 1,089
Other debtors 705 -
1,362 1,089
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,535 3,553
Taxation and social security costs 2,630 2,344
Other creditors 6,841 2,564
14,006 8,461
5 Capital reserve 2023 2022
£ £
At 1 January 2023 79,000 100,000
Transfer to profit and loss account 5,000 (21,000)
At 31 December 2023 84,000 79,000
The purpose of this reserve is for maintaining the car park.
6 Related party transactions
1. Management fees of £ 7,200 (2022: £7000) paid to Turner Properties Limited where Mr A M Shah is a director and shareholder.
2. Management fees of £ 7,200 (2022: £7000) paid to C. G. Portchester Limited where Mr A M Simpson is a director and shareholder.
7 Other information
West Street (Portchester) Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tudor House
185 Kenton Road
Kenton Harrow
Middlesex
HA3 0EY
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