2023-01-012023-12-312023-12-31false11078756PORTCHESTER 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PORTCHESTER LIMITED

Registered Number
11078756
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PORTCHESTER LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

SCHIAVO, Paul David Anthony

Registered Address

White Lyon House Perry Hill
Worplesdon
Guildford
GU3 3RE

Registered Number

11078756 (England and Wales)
PORTCHESTER LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investments41,214,8981,200,906
1,214,8981,200,906
Current assets
Debtors15,627
Cash at bank and on hand7654,498
76610,125
Creditors amounts falling due within one year(1,056,689)(995,347)
Net current assets (liabilities)(1,055,923)(985,222)
Total assets less current liabilities158,975215,684
Creditors amounts falling due after one year(35,024)(40,625)
Provisions for liabilities(66,745)-
Net assets57,206175,059
Capital and reserves
Called up share capital11
Revaluation reserve200,234266,978
Profit and loss account(143,029)(91,920)
Shareholders' funds657,206175,059
The financial statements were approved and authorised for issue by the Director on 23 September 2024, and are signed on its behalf by:
SCHIAVO, Paul David Anthony
Director
Registered Company No. 11078756
PORTCHESTER LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Basis of preparation
At the balance sheet date the company had net current liabilities of £1,055,923 (2022: £985,222). The financial statements have been prepared on the going concern basis which assumes that the company will continue as a going concern for the foreseeable future. The validity of this assumption depends on the continuing support of the company creditors to provide adequate financial support and by not seeking repayment of amounts owed to them. The directors have no reason to believe this support is not forthcoming and accordingly believe it appropriate to prepare the financial statements on the going concern basis.
Current 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.
Investments
Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific investment property asset. No depreciation is provided, and any surplus or deficit arising from changes in fair value is recognised in the Income Statement.
2.Average number of employees

20232022
Average number of employees during the year11
3.Further information regarding the company's income
Other Income comprises revenue recognised by the company in respect of rental income, exclusive of Value Added Tax. Rental income is received one month in advance and is recognised over the period accrued.
4.Fixed asset investments

Total

£
Cost or valuation
At 01 January 231,200,906
Additions13,992
At 31 December 231,214,898
Net book value
At 31 December 231,214,898
At 31 December 221,200,906
5.Revaluation of fixed asset investments
The 2023 valuations were made by the director on an open market value for existing use basis. If investment property had not been revalued it would have been included at historical cost of £947,920 (2022: £933,928).
6.Fair value reserve
The Investment property revaluation reserve represents the cumulative effects of fair value adjustments net of deferred tax.

£
Fair value reserve at 01 January 23266,978
Transferred in period(66,744)
At 31 December 23200,234
7.Related party transactions
Entities under common control During the year, rents of £48,000 (2022: £48,000) were paid to the company by entities under common control. At the year end £406,295 (2022: £387,960) was owed by the company to entities under common control. P Schiavo - director At the year end £3,300 (2022: £nil) was owed by the company to P Schiavo.
8.Further information regarding the company's financial position
The following secured debts are included within creditors £637,445 (2022: £586,625).