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Company Registration No. 09521097 (England and Wales)
Porter Channing Investments Limited Unaudited accounts for the year ended 31 March 2024
Porter Channing Investments Limited Unaudited accounts Contents
Page
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Porter Channing Investments Limited Company Information for the year ended 31 March 2024
Directors
Melvin Robert Porter Sharon Elizabeth Porter
Company Number
09521097 (England and Wales)
Registered Office
Co striveX Ltd Beacon House Ibstone Road Stokenchurch High Wycombe Buckinghamshire HP14 3FE England
Accountants
striveX Ltd Beacon House Ibstone Road Stokenchurch Buckinghamshire HP14 3FE
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Porter Channing Investments Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
4,180,000 
4,280,000 
Current assets
Debtors
47,046 
55,008 
Cash at bank and in hand
- 
74,148 
47,046 
129,156 
Creditors: amounts falling due within one year
(1,357,303)
(1,428,680)
Net current liabilities
(1,310,257)
(1,299,524)
Total assets less current liabilities
2,869,743 
2,980,476 
Creditors: amounts falling due after more than one year
(4,076,957)
(4,210,757)
Net liabilities
(1,207,214)
(1,230,281)
Capital and reserves
Called up share capital
10,000 
10,000 
Profit and loss account
(1,217,214)
(1,240,281)
Shareholders' funds
(1,207,214)
(1,230,281)
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
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
Melvin Robert Porter Director Company Registration No. 09521097
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Porter Channing Investments Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Porter Channing Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 09521097. The registered office is Co striveX Ltd Beacon House Ibstone Road, Stokenchurch, High Wycombe, Buckinghamshire, HP14 3FE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
At the year end the Company had net liabilities of £1,207,214, as a result of a historic fall in the fair value of the investment property portfolio. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents rents receivable and recharged insurance, net of VAT.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years straight line
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. The Directors' have confirmed that the value of the properties shown in the accounts is a fair reflection of their value under market conditions as at 31 March 2024.
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Porter Channing Investments Limited Notes to the Accounts for the year ended 31 March 2024
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial liabilities
Debt instruments are carried at amortised cost, using the effective interest rate method.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 April 2023
2,397 
At 31 March 2024
2,397 
Depreciation
At 1 April 2023
2,397 
At 31 March 2024
2,397 
Net book value
At 31 March 2024
- 
5
Investment property
2024 
£ 
Fair value at 1 April 2023
4,280,000 
Net loss from fair value adjustments
(100,000)
At 31 March 2024
4,180,000 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
25,302 
32,159 
Accrued income and prepayments
21,744 
22,706 
Other debtors
- 
143 
47,046 
55,008 
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Porter Channing Investments Limited Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
1,040,408 
1,001,307 
VAT
3,687 
16,348 
Taxes and social security
41,577 
58,811 
Other creditors
198,839 
269,696 
Loans from directors
2,404 
2,092 
Accruals
70,388 
80,426 
1,357,303 
1,428,680 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
4,076,957 
4,210,757 
The directors, Mr & Mrs M Porter, both hold fixed and floating charges dated 1 May 2015 over all the freehold property of the Company. Handlesbanken also holds 4 separate charges, three are dated 22 January 2016 and one is dated 1 December 2017. One has a fixed & floating charge covering all the property or undertaking of the Company and three separate fixed charges over specific properties within the company's portfolio. The loans from the directors secured against the freehold of the investment properties as at 31st March 2024 were £1,534,880. The book value of the investment properties as at 31st March 2024 was £4,180,000. Interest on the loans is payable on a monthly basis at 1% above the base rate of RBS Natwest Bank PLC. The loans from Handlesbanken secured against the freehold of the investment properties as at 31st March 2024 were £1,013,939. The book value of the investment properties as at 31st March 2024 was £4,180,000. The loans are repayable in full on the maturity date and interest is charged on a monthly basis at 1.5% above Libor.
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
7,490 Ordinary shares of £1 each
7,490 
7,490 
2,510 Redeemable shares of £1 each
2,510 
2,510 
10,000 
10,000 
- of £- each
- 
- 
10,000 
10,000 
10
Loans to directors
At 1 April 2023 the Company owed a director £2,092. During the year, the director received repayments of £0 (2023: £763) and paid expenses on the company's behalf of £312 (2023: £1,103). As at 31 March 2024 the Company owed the director £2,404.
11
Transactions with related parties
All transactions with related parties were concluded under normal market conditions, and therefore no disclosure is required.
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Porter Channing Investments Limited Notes to the Accounts for the year ended 31 March 2024
12
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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