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REGISTERED NUMBER: 09601245 (England and Wales)















THE PORTLAND PROPERTY COMPANY LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






THE PORTLAND PROPERTY COMPANY LTD (REGISTERED NUMBER: 09601245)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE PORTLAND PROPERTY COMPANY LTD

COMPANY INFORMATION
For The Year Ended 31 MAY 2024







DIRECTORS: P D Mansell
Mrs C M Mansell
Miss J J Humpidge





REGISTERED OFFICE: 72 Prospect Road
Birmingham
West Midlands
B13 9TD





REGISTERED NUMBER: 09601245 (England and Wales)





ACCOUNTANTS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

THE PORTLAND PROPERTY COMPANY LTD (REGISTERED NUMBER: 09601245)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 225,000 220,000

CURRENT ASSETS
Debtors 5 792 -
Cash at bank and in hand 9,210 5,240
10,002 5,240
CREDITORS
Amounts falling due within one year 6 119,668 120,071
NET CURRENT LIABILITIES (109,666 ) (114,831 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

115,334

105,169

PROVISIONS FOR LIABILITIES 17,889 16,939
NET ASSETS 97,445 88,230

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 97,145 87,930
SHAREHOLDERS' FUNDS 97,445 88,230

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





Mrs C M Mansell - Director


THE PORTLAND PROPERTY COMPANY LTD (REGISTERED NUMBER: 09601245)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MAY 2024


1. STATUTORY INFORMATION

The Portland Property Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 220,000
Revaluations 5,000
At 31 May 2024 225,000
NET BOOK VALUE
At 31 May 2024 225,000
At 31 May 2023 220,000

THE PORTLAND PROPERTY COMPANY LTD (REGISTERED NUMBER: 09601245)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2024


4. INVESTMENT PROPERTY - continued

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2020 29,021
Valuation in 2021 13,000
Valuation in 2022 15,000
Valuation in 2023 40,000
Valuation in 2024 5,000
Cost 122,979
225,000

The investment property was valued on an open market basis on 31 May 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 792 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Taxation and social security 1,212 817
Other creditors 118,456 119,254
119,668 120,071

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors.