Company registration number 13006759 (England and Wales)
Portnall & London Limited
Financial Statements
For the year ended
30 November 2023
Pages for filing with registrar
Portnall & London Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Portnall & London Limited
Statement Of Financial Position
As at 30 November 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
2,172,248
1,907,616
Debtors
4
244,953
225,232
Cash at bank and in hand
103,293
1,280
2,520,494
2,134,128
Creditors: amounts falling due within one year
5
(2,834,654)
(2,161,120)
Net current liabilities
(314,160)
(26,992)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(314,260)
(27,092)
Total equity
(314,160)
(26,992)

The notes on pages 2 to 3 form part of these financial statements.

For the financial year ended 30 November 2023 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 August 2024
S.S.H. Rizvi
Director
Company registration number 13006759 (England and Wales)
Portnall & London Limited
Notes To The Financial Statements
For the year ended 30 November 2023
- 2 -
1
General information

Portnall & London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Gloucester Place, London, W1U 8HR.

2
Accounting policies
2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

2.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The company has acquired two plots of land on which it is developing new residential properties for sale, with a further commercial property to be purchased in the following year, as detailed in events after reporting date. These acquisitions have been funded by the shareholders, who have also confirmed that they will support the company for all third party liabilities arising for a period of at least twelve months from the date of signing of the financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

2.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

2.5
Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

 

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Portnall & London Limited
Notes To The Financial Statements (Continued)
For the year ended 30 November 2023
2
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from related parties are initially recognised at transaction price.

 

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.

3
Employees

The company employed no persons during the period.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
244,953
225,232
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,091
10,707
Other creditors
2,818,563
2,150,413
2,834,654
2,161,120
6
Financial commitments, guarantees and contingent liabilities

At the balance sheet date the company had commitments totalling £220,467 (2022 - £Nil) in respect of the development of the properties included within stock.

7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
46,360
-
0
8
Events after the reporting date

In December 2023 the company acquired a freehold investment property for a cash consideration of £828,569, including directly attributable costs. At the balance sheet date professional fees of £5,175 had been incurred in respect of the acquisition and this amount is included within other debtors (Note 4).

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