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REGISTERED NUMBER: 08274067 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

PORTOBELLO APARTMENTS TWO LTD

PORTOBELLO APARTMENTS TWO LTD (REGISTERED NUMBER: 08274067)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTOBELLO APARTMENTS TWO LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: P P Byrne
D Byrne





REGISTERED OFFICE: 6 Wharf Studios
28 Wharf Road
London
N1 7GR





REGISTERED NUMBER: 08274067 (England and Wales)





ACCOUNTANTS: Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

PORTOBELLO APARTMENTS TWO LTD (REGISTERED NUMBER: 08274067)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 670,000 334,023

CURRENT ASSETS
Debtors 5 6,697 -
Cash at bank 47,937 31,958
54,634 31,958
CREDITORS
Amounts falling due within one year 6 209,669 142,625
NET CURRENT LIABILITIES (155,035 ) (110,667 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

514,965

223,356

CREDITORS
Amounts falling due after more than one year 7 (143,495 ) (191,733 )

PROVISIONS FOR LIABILITIES (83,994 ) -
NET ASSETS 287,476 31,623

CAPITAL AND RESERVES
Called up share capital 2 2
Other reserves 251,983 -
Profit and loss account 35,491 31,621
SHAREHOLDERS' FUNDS 287,476 31,623

PORTOBELLO APARTMENTS TWO LTD (REGISTERED NUMBER: 08274067)

BALANCE SHEET - continued
31 OCTOBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





D Byrne - Director


PORTOBELLO APARTMENTS TWO LTD (REGISTERED NUMBER: 08274067)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Portobello Apartments Two 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 the profit and loss account.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Going concern
The balance sheet at the end of the year recorded net current liabilities. However, the director believes sufficient financial resources are available to the company to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

PORTOBELLO APARTMENTS TWO LTD (REGISTERED NUMBER: 08274067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 334,023
Revaluations 335,977
At 31 October 2023 670,000
NET BOOK VALUE
At 31 October 2023 670,000
At 31 October 2022 334,023

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2023 335,977
Cost 334,023
670,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 6,697 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 908 413
Other creditors 208,761 142,212
209,669 142,625

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 143,495 191,733

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 143,495 191,733

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 143,495 -