REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 October 2023 |
for |
PORTLAND CAPITAL RE LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 October 2023 |
for |
PORTLAND CAPITAL RE LLP |
PORTLAND CAPITAL RE LLP (REGISTERED NUMBER: OC419580) |
Contents of the Financial Statements |
for the Year Ended 30 October 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PORTLAND CAPITAL RE LLP |
General Information |
for the Year Ended 30 October 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
PORTLAND CAPITAL RE LLP (REGISTERED NUMBER: OC419580) |
Balance Sheet |
30 October 2023 |
30.10.23 | 30.10.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Investments | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
217,378 |
217,378 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
218,636 |
218,636 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 2 | 2 |
Other reserves | ( |
) | ( |
) |
217,378 | 217,378 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 218,636 | 218,636 |
Members' other interests | (1,258 | ) | (1,258 | ) |
217,378 | 217,378 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
PORTLAND CAPITAL RE LLP (REGISTERED NUMBER: OC419580) |
Balance Sheet - continued |
30 October 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
PORTLAND CAPITAL RE LLP (REGISTERED NUMBER: OC419580) |
Notes to the Financial Statements |
for the Year Ended 30 October 2023 |
1. | STATUTORY INFORMATION |
Portland Capital RE LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial instruments |
The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
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 company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
PORTLAND CAPITAL RE LLP (REGISTERED NUMBER: OC419580) |
Notes to the Financial Statements - continued |
for the Year Ended 30 October 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.10.23 | 30.10.22 |
£ | £ |
Other debtors |
5. | CURRENT ASSET INVESTMENTS |
30.10.23 | 30.10.22 |
£ | £ |
Other |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.10.23 | 30.10.22 |
£ | £ |
Other creditors |
7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
There are no unsecured other creditors. There are no restrictions on the ability of the members to reduce the amount of members other interests. |