Registered number
05703728
PORTVILLE DEVELOPMENTS LIMITED
Unaudited Filleted Accounts
28 February 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
PORTVILLE DEVELOPMENTS LIMITED
Registered number: 05703728
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 800,000 750,000
Current assets
Debtors 4 6,000 6,000
Cash at bank and in hand 5,192 4,289
11,192 10,289
Creditors: amounts falling due within one year 5 (45,959) (53,104)
Net current liabilities (34,767) (42,815)
Total assets less current liabilities 765,233 707,185
Creditors: amounts falling due after more than one year 6 (369,650) (360,705)
Provisions for liabilities (44,472) (34,972)
Net assets 351,111 311,508
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 189,592 149,092
Profit and loss account 161,419 162,316
Shareholders' funds 351,111 311,508
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Subhash Kanji Lakhani
Director
Approved by the board on 23 September 2024
PORTVILLE DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration receivable. Turnover includes rental income from Investment property.
Tangible fixed assets
Tangible fixed assets consist of Investment Properties. Investment Properties are revalued at the year end by the company's Directors based on open market values.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost/ Valuation Valuation
At 1 March 2023 750,000
Surplus on revaluation 50,000
At 28 February 2024 800,000
Depreciation
At 28 February 2024 -
Net book value
At 28 February 2024 800,000
At 28 February 2023 750,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 565,936 565,936
Cumulative depreciation based on historical cost - -
565,936 565,936
4 Debtors 2024 2023
£ £
Amounts owed by associate company ( see note 8 below) 6,000 6,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan ( see note 6 below) - 8,500
Amounts owed to associate company ( see note 8 below) 3,000 1,000
Corporation tax (210) 912
Other creditors 43,169 42,692
45,959 53,104
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan 369,650 360,705
The bank loan is secured by a debenture over the investment property owned by the company.
7 Revaluation reserve 2024 2023
£ £
At 1 March 2023 149,092 149,092
Gain on revaluation of land and buildings 50,000 -
Deferred taxation arising on the revaluation of land and buildings (9,500) -
At 28 February 2024 189,592 149,092
This related to the gain arising on the revaluation of the company's investment properties as at
28 February 2024, based on a valuation conducted by the directors of the company based on
open market values. The directors are not aware of any material change in value since the
date of valuation.
8 Related party transactions
At the year end, the company was owed £6,000 (2023 -£6,000) from Shirade Properties Limited, a company under common control and directorship.
At the year end, the company owed £3,000 (2023 -£1,000) to Lakhani Estates Limited, a company under common control and directorship.
9 Controlling party
There is no ultimate control party in the company throughout the year.
10 Other information
PORTVILLE DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
London
E17 9BG
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