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Registered number: 07427829
Portland Investments (Am) Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07427829
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 2,770,000 2,770,000
Investments 5 - 757,011
2,770,000 3,527,011
CURRENT ASSETS
Debtors 6 1,856,210 1,798,012
Cash at bank and in hand 1,438,912 1,086,606
3,295,122 2,884,618
Creditors: Amounts Falling Due Within One Year 7 (1,783,789 ) (2,247,622 )
NET CURRENT ASSETS (LIABILITIES) 1,511,333 636,996
TOTAL ASSETS LESS CURRENT LIABILITIES 4,281,333 4,164,007
NET ASSETS 4,281,333 4,164,007
CAPITAL AND RESERVES
Called up share capital 8 3,500,000 3,500,000
Profit and Loss Account 781,333 664,007
SHAREHOLDERS' FUNDS 4,281,333 4,164,007
Page 1
Page 2
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A Morgan
Director
29/08/2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Portland Investments (Am) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07427829 . The registered office is Portland House, South Street, Durham, DH1 4QP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Investment Property
2023
£
Fair Value
As at 1 December 2022 and 30 November 2023 2,770,000
The investment property was valued at open market value for existing use by Cottam & Co registered valuer, in April 2019. The director does not believe there has been a significant change in the valuation since this date.
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5. Investments
Listed
£
Cost
As at 1 December 2022 757,011
Disposals (757,011 )
As at 30 November 2023 -
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 757,011
6. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors (8,190 ) 90,292
Other debtors 1,864,400 1,707,720
1,856,210 1,798,012
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 1,162 -
Other creditors 1,732,306 2,222,475
Taxation and social security 50,321 25,147
1,783,789 2,247,622
8. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 3,500,000 3,500,000
9. Related Party Transactions
Included within debtors is a loan to Portland Investments (OHA) Ltd of £1,211,3266 (2022: £1,132,826), Portland (ML) Ltd £90,000 (2022: £90,000), Mount Hood (OHA) Ltd £24,894 (2022: £24,894), Portland Investment ML Ltd £20,000 (2022: £20,000) and Oregon Estates Ltd £420,000 (2022: £420,000) a Company in which Alison Morgan is also a director. These loans are interest free and repayable on demand.
Included within creditors is a director's loan of £1,727,056 (2022: £2,215,225) to Alison Morgan, the director of the
Company. The loan is unsecured, interest free and repayable on demand.
10. Ultimate Controlling Party
The company's ultimate controlling party is Alison Morgan by virtue of her ownership of 100% of the issued share capital in the company.
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