Company Registration No. 01915691 (England and Wales)
82 Portland Place Limited
Financial statements
for the year ended 1 December 2023
Pages for filing with the registrar
82 Portland Place Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
82 Portland Place Limited
Statement of financial position
As at 1 December 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
208,630
204,940
Cash at bank and in hand
83,426
83,486
292,056
288,426
Creditors: amounts falling due within one year
5
(49,269)
(46,409)
Net current assets
242,787
242,017
Capital and reserves
Called up share capital
6
44
44
Share premium account
62,176
62,176
Profit and loss reserves
180,567
179,797
Total equity
242,787
242,017

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

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

The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Richard Porter
Director
Company Registration No. 01915691
82 Portland Place Limited
Notes to the financial statements
For the year ended 1 December 2023
2
1
Accounting policies
Company information

82 Portland Place Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. The directors have elected to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 recognised in the company's statement of financial position 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.

82 Portland Place Limited
Notes to the financial statements (continued)
For the year ended 1 December 2023
1
Accounting policies (continued)
3
Basic financial assets

Basic financial assets, which include debtors, 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.

1.6
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Service charge expenditure

Expenditure incurred by the company on maintenance and services of 82 Portland Place is recoverable from residents in accordance with separately audited annual service charge financial statements prepared to 1 December 2023.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

82 Portland Place Limited
Notes to the financial statements (continued)
For the year ended 1 December 2023
4
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
208,630
204,940
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,201
2,940
Other creditors
40,068
43,469
49,269
46,409
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
44 "A" Ordinary shares of £1 each
44
44
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Roger Weston
Statutory Auditors:
Saffery LLP
Date of audit report:
30 August 2024
82 Portland Place Limited
Notes to the financial statements (continued)
For the year ended 1 December 2023
5
8
Related party transactions

During the year, £3,951 (2022: £nil) was received from 82 Portland Place Service Charge Account. At the year end, £19,608 (2022: £23,559) was owed to the 82 Portland Place Service Charge Account.

 

During the year, loans totalling £nil (2022: £nil) were granted to directors. Interest has been charged on all loans outstanding at 2%, resulting in an interest charge £1,226 (2022: £1,116). At the year end, £58,010 was owed to the company (2022: £56,923).

 

Income includes rent receivable from lessees who are also shareholders.

9
Control

The directors consider that there is no ultimate controlling party.

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