Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 07497984 Mr Atif Malik iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07497984 2023-01-31 07497984 2024-01-31 07497984 2023-02-01 2024-01-31 07497984 frs-core:CurrentFinancialInstruments 2024-01-31 07497984 frs-core:Non-currentFinancialInstruments 2024-01-31 07497984 frs-core:ShareCapital 2024-01-31 07497984 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 07497984 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07497984 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 07497984 frs-bus:SmallEntities 2023-02-01 2024-01-31 07497984 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07497984 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07497984 frs-bus:Director1 2023-02-01 2024-01-31 07497984 frs-countries:EnglandWales 2023-02-01 2024-01-31 07497984 2022-01-31 07497984 2023-01-31 07497984 2022-02-01 2023-01-31 07497984 frs-core:CurrentFinancialInstruments 2023-01-31 07497984 frs-core:Non-currentFinancialInstruments 2023-01-31 07497984 frs-core:ShareCapital 2023-01-31 07497984 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 07497984
Portfolio Lets Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Bennett Verby Limited
7 St Petersgate
Stockport
Cheshire
SK1 1EB
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 07497984
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 509,860 541,123
Cash at bank and in hand - 847
509,860 541,970
Creditors: Amounts Falling Due Within One Year 5 (483,654 ) (554,991 )
NET CURRENT ASSETS (LIABILITIES) 26,206 (13,021 )
TOTAL ASSETS LESS CURRENT LIABILITIES 26,206 (13,021 )
Creditors: Amounts Falling Due After More Than One Year 6 (31,661 ) (35,180 )
NET LIABILITIES (5,455 ) (48,201 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (5,555 ) (48,301 )
SHAREHOLDERS' FUNDS (5,455) (48,201)
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Atif Malik
Director
16 September 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Portfolio Lets Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07497984 . The registered office is Prospect House, Featherstall Road South, Oldham, OL9 6HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 470,360 501,623
Other debtors 39,500 39,500
509,860 541,123
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 6,164 6,164
Amounts owed to participating interests 37,248 10,820
Other creditors 418,197 421,727
Taxation and social security 22,045 116,280
483,654 554,991
Page 2
Page 3
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 31,661 35,180
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
Included in other debtors at the year end are the following balances owed by Individuals or companies that either have a business relationship with or are either wholly or partially owned by Mr Atif Riaz Malik sole shareholder and Director of Portfolio Lets Limited
Connected by Ownership
• Northwest Securities Limited owed the company £21,257 (2023: £21,257)
• Last Seconds (UK) Limited owed the company £36,331 (2023: £33,241)
• Retailer UK Limited owed the company £124,264 (2023: £124,264)
• A&S Manchester Limited owed the company £31,365 (2023: £31,365)
• Portfolio Lets (UK) Limited owed the company £240,477 (2023: £259,825) 
• Grecian Mill Limited owed the company £953 (2023: £953)
• Infinity Aesthetics Limited owed the company NIL (2023: £1,690)
• Northwest Property Manchester Limited owed the company £10,033 (2023: £8,413)
Connected Company 
• Puri Properties Limited owed the company £2,890 (2023: £2,890)
• Unicorn Securities Limited owed the company £8,000 (2023: NIL)
Included in other creditors at the year end are the following balances owed to Individuals or companies that either have a business relationship with or are either wholly or partially owned by Mr Atif Riaz Malik sole shareholder and Director of Portfolio Lets Limited
Connected by Ownership
• Property Group MCR Limited was owed £21,257 (2023: £21,257) by the company.
• Alex Hunt Estates (Sales) Limited was owed £1,770 (2023: £1,220) by the company.
• Last Seconds Manchester Limited was owed £25,878 (2023: £17,725 owed to the company) by the company.
Connected Company 
• Mohammed Saad A Althaqeb was owed £13,175 (2023: £13,175) by the company.
Page 3