Portsmere Limited 02438698 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is is that of an investment property holding company. Digita Accounts Production Advanced 6.30.9574.0 true true 02438698 2023-01-01 2023-12-31 02438698 2023-12-31 02438698 core:CurrentFinancialInstruments 2023-12-31 02438698 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02438698 core:FurnitureFittingsToolsEquipment 2023-12-31 02438698 bus:SmallEntities 2023-01-01 2023-12-31 02438698 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02438698 bus:FullAccounts 2023-01-01 2023-12-31 02438698 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02438698 bus:RegisteredOffice 2023-01-01 2023-12-31 02438698 bus:CompanySecretary1 2023-01-01 2023-12-31 02438698 bus:Director1 2023-01-01 2023-12-31 02438698 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02438698 core:FurnitureFittings 2023-01-01 2023-12-31 02438698 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 02438698 countries:EnglandWales 2023-01-01 2023-12-31 02438698 2022-12-31 02438698 core:FurnitureFittingsToolsEquipment 2022-12-31 02438698 2022-01-01 2022-12-31 02438698 2022-12-31 02438698 core:CurrentFinancialInstruments 2022-12-31 02438698 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02438698 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 02438698

Portsmere Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Portsmere Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

Portsmere Limited

Company Information

Director

KG Holmes

Company secretary

PA Holmes

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Portsmere Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,941

2,588

Investment property

6

695,761

695,761

 

697,702

698,349

Current assets

 

Debtors

7

2,464

2,465

Cash at bank and in hand

 

98

42,691

 

2,562

45,156

Creditors: Amounts falling due within one year

8

(159,421)

(201,209)

Net current liabilities

 

(156,859)

(156,053)

Net assets

 

540,843

542,296

Capital and reserves

 

Called up share capital

100

100

Retained earnings

540,743

542,196

Shareholders' funds

 

540,843

542,296

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 17 August 2024

.........................................

KG Holmes

Director

Company registration number: 02438698

 

Portsmere Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of an investment property holding company.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

At 31 December 2023 the statement of financial position showed net assets of £540,843.

The company continued to let out an investment property in the year and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director believes that due to the company's minimal overheads, this will enable the company to retain sufficient working capital. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Tax

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Portsmere Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% reducing balance

No depreciation is charged on freehold property or short leasehold investment property as the fair value is not significantly lower than the cost of these properties.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

647

863

 

Portsmere Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

4,832

4,832

At 31 December 2023

4,832

4,832

Depreciation

At 1 January 2023

2,244

2,244

Charge for the year

647

647

At 31 December 2023

2,891

2,891

Carrying amount

At 31 December 2023

1,941

1,941

At 31 December 2022

2,588

2,588

6

Investment properties

2023
£

At 1 January

695,761

At 31 December

695,761

The director has assessed the fair value of the investment property against similar properties in the same location and decided that there is no significant change in its fair value at the end of the year. Thus, it is included in the financial statements at its original cost.

7

Debtors

2023
£

2022
£

Other debtors

2,464

2,465

2,464

2,465

 

Portsmere Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

13,329

13,329

Accruals and deferred income

11,566

57,685

Other creditors

134,526

130,195

159,421

201,209