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REGISTERED NUMBER: 02574950 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PORTLAND MORTGAGES LIMITED

PORTLAND MORTGAGES LIMITED (REGISTERED NUMBER: 02574950)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTLAND MORTGAGES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J N Bucknall
T S Bucknall





REGISTERED OFFICE: 148 Portland Road
Hove
East Sussex
BN3 5QL





REGISTERED NUMBER: 02574950 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

PORTLAND MORTGAGES LIMITED (REGISTERED NUMBER: 02574950)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,261 483
Investment property 5 630,000 -
631,261 483

CURRENT ASSETS
Stocks 2,595,428 2,984,096
Debtors 6 3,575 96,256
Investments 7 - 11,874
Cash at bank 133,916 239,576
2,732,919 3,331,802
CREDITORS
Amounts falling due within one year 8 845,678 933,146
NET CURRENT ASSETS 1,887,241 2,398,656
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,518,502

2,399,139

CREDITORS
Amounts falling due after more than one
year

9

2,611,078

2,621,505
NET LIABILITIES (92,576 ) (222,366 )

CAPITAL AND RESERVES
Called up share capital 160 100
Retained earnings (92,736 ) (222,466 )
SHAREHOLDERS' FUNDS (92,576 ) (222,366 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

PORTLAND MORTGAGES LIMITED (REGISTERED NUMBER: 02574950)

BALANCE SHEET - continued
31 MARCH 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





J N Bucknall - Director


PORTLAND MORTGAGES LIMITED (REGISTERED NUMBER: 02574950)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Portland Mortgages Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents the sale of properties and is measured at the fair value of the consideration received or receivable.

Turnover is recognised at the point of exchange on the sale of a property where there exists a legal obligation to sell.

Other income
Rents receivable are recognised in line with the rental agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks comprise properties held for resale measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

The directors have considered the estimated selling price less costs to complete and sell for each property based on their knowledge of the property market and development.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PORTLAND MORTGAGES LIMITED (REGISTERED NUMBER: 02574950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Going concern
After reviewing the company's forecasts, the directors believe that the company has adequate resources to continue for the foreseeable future and therefore, the company continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and
equipment
£   
COST
At 1 April 2023 26,259
Additions 1,052
At 31 March 2024 27,311
DEPRECIATION
At 1 April 2023 25,776
Charge for year 274
At 31 March 2024 26,050
NET BOOK VALUE
At 31 March 2024 1,261
At 31 March 2023 483

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 630,000
At 31 March 2024 630,000
NET BOOK VALUE
At 31 March 2024 630,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,765 1,481
Other debtors 810 94,775
3,575 96,256

Included in other debtors is an amount totalling £750 (2023: £94,775) due from entities under common control.

PORTLAND MORTGAGES LIMITED (REGISTERED NUMBER: 02574950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Portland Properties (SE) LLP - 11,874

Portland Mortgages Limited ceased to be a member of Portland Properties (SE) LLP.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,118 9,868
Tax - 14,070
Other creditors 6,852 5,544
Directors' current accounts 391,773 695,236
Accruals and deferred income 436,935 208,428
845,678 933,146

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,374 10,118
Bank loans - 2-5 years 5,279 15,650
Bank loans more than 5 years 2,253,096 1,864,908
Other loans - 2-5 years 342,329 330,829
Accruals and deferred income - 400,000
2,611,078 2,621,505

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years 2,253,096 1,864,908

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,278,867 1,900,544
Other loans 342,329 330,829
2,621,196 2,231,373

The long term loans are secured on the properties held by the company.