Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-01falseNo description of principal activity3738The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetruefalse 11072421 2022-12-01 2023-11-30 11072421 2021-12-01 2022-11-30 11072421 2023-11-30 11072421 2022-11-30 11072421 c:Director1 2022-12-01 2023-11-30 11072421 d:FurnitureFittings 2022-12-01 2023-11-30 11072421 d:FurnitureFittings 2023-11-30 11072421 d:FurnitureFittings 2022-11-30 11072421 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11072421 d:Goodwill 2022-12-01 2023-11-30 11072421 d:Goodwill 2023-11-30 11072421 d:Goodwill 2022-11-30 11072421 d:CurrentFinancialInstruments 2023-11-30 11072421 d:CurrentFinancialInstruments 2022-11-30 11072421 d:Non-currentFinancialInstruments 2023-11-30 11072421 d:Non-currentFinancialInstruments 2022-11-30 11072421 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 11072421 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 11072421 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 11072421 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 11072421 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 11072421 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 11072421 c:OrdinaryShareClass1 2022-12-01 2023-11-30 11072421 c:OrdinaryShareClass1 2023-11-30 11072421 c:OrdinaryShareClass1 2022-11-30 11072421 c:FRS102 2022-12-01 2023-11-30 11072421 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 11072421 c:FullAccounts 2022-12-01 2023-11-30 11072421 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11072421 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 11072421 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 11072421 2 2022-12-01 2023-11-30 11072421 d:Goodwill d:OwnedIntangibleAssets 2022-12-01 2023-11-30 11072421 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11072421









PORTLAND LONDON LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
PORTLAND LONDON LTD
REGISTERED NUMBER: 11072421

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
£
£


Fixed assets
101,755
130,941

Current assets
519,207
371,466

Creditors: amounts falling due within one year
(268,604)
(255,064)

Net current assets
 
 
250,603
 
 
116,402

Total assets less current liabilities
352,358
247,343

Creditors: amounts falling due after more than one year
(32,352)
(52,252)

Provisions for liabilities

Deferred taxation
(22,439)
(21,839)

 
 
(22,439)
 
 
(21,839)

Net assets
297,567
173,252



Capital and reserves
297,567
173,252


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 August 2024.




Ibrahim Opuz
Director

The notes on pages 2 to 11 form part of these financial statements.

Page 1

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Portland London Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 11072421. The address of the registered office is 291 Green Lanes, London N13 4XS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

The sale of food and beverages are recognised at the point of sale.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

Page 3

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
Page 4

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 37 (2022 - 38).

Page 6

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
20,000



At 30 November 2023

20,000



Amortisation


At 1 December 2022
4,000


Charge for the year on owned assets
4,000



At 30 November 2023

8,000



Net book value



At 30 November 2023
12,000



At 30 November 2022
16,000



Page 7

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 December 2022
138,566


Additions
3,159



At 30 November 2023

141,725



Depreciation


At 1 December 2022
23,625


Charge for the year on owned assets
28,345



At 30 November 2023

51,970



Net book value



At 30 November 2023
89,755



At 30 November 2022
114,941


6.


Debtors

2023
2022
£
£


Trade debtors
4,591
12,336

Other debtors
386,060
25,549

Prepayments and accrued income
20,177
23,939

410,828
61,824



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
88,443
290,606

88,443
290,606


Page 8

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
20,094
19,980

Trade creditors
76,798
96,237

Corporation tax
45,964
-

Other taxation and social security
112,849
109,014

Other creditors
1,562
1,010

Accruals and deferred income
11,337
28,823

268,604
255,064



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
32,352
52,252

32,352
52,252



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
20,094
19,980

20,094
19,980

Amounts falling due 1-2 years

Bank loans
20,329
20,190

Amounts falling due 2-5 years

Bank loans
12,022
32,061


52,445
72,231



11.


Deferred taxation

Page 9

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
11.Deferred taxation (continued)




2023


£






At beginning of year
(21,839)


Charged to profit or loss
(600)



At end of year
(22,439)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(22,439)
(21,839)

(22,439)
(21,839)

Page 10

 
PORTLAND LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary 1 shares of £1.00 each
100
100



13.


Related party transactions

included within Other Debtors at the year end are loan amounts of £386,060 (2022: £nil) due to companies under common control. The loans are unsercured, free of interest and repayable on demand.

 
Page 11