Company registration number 00600244 (England and Wales)
PORTWAY INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PORTWAY INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
PORTWAY INVESTMENTS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
10,420,936
10,111,219
Current assets
Debtors
5
376,878
411,415
Cash at bank and in hand
507,726
596,636
884,604
1,008,051
Creditors: amounts falling due within one year
6
(1,354,591)
(301,186)
Net current (liabilities)/assets
(469,987)
706,865
Total assets less current liabilities
9,950,949
10,818,084
Creditors: amounts falling due after more than one year
8
-
0
(1,160,209)
Net assets
9,950,949
9,657,875
Capital and reserves
Called up share capital
54,000
54,000
Non-distributable profits reserve
9
1,527,479
1,347,479
Distributable profit and loss reserves
8,369,470
8,256,396
Total equity
9,950,949
9,657,875

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
Geoffrey Oakley
Director
Company registration number 00600244 (England and Wales)
PORTWAY INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
54,000
1,347,479
8,097,346
9,498,825
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
327,350
327,350
Dividends
-
-
(168,300)
(168,300)
Balance at 28 February 2023
54,000
1,347,479
8,256,396
9,657,875
Year ended 29 February 2024:
Profit and total comprehensive income
-
180,000
281,374
461,374
Dividends
-
-
(168,300)
(168,300)
Balance at 29 February 2024
54,000
1,527,479
8,369,470
9,950,949
PORTWAY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Portway Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is No 4 Castle Court 2, Castlegate Way, Dudley, West Midlands, DY1 4RH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are comfortable the company can continue as a going concern. The company is showing net current liabilities, but this is only due to the fact that one of the loan facilities was up for renewal. This has been re-financed after the balance sheet date.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
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. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

PORTWAY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

PORTWAY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of Investment Property

The company uses a variety of sources to ensure that the investment properties are held at fair value. Formal valuations, discussions with experts and their own experience of the market is used to establish the fair value on the properties which is inherently an area of estimation uncertainty.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
PORTWAY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 March 2023
10,111,219
Additions
129,717
Revaluations
180,000
At 29 February 2024
10,420,936
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
270,679
271,492
Other debtors
106,199
139,923
376,878
411,415
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,169,743
64,408
Trade creditors
19,064
42,867
Corporation tax
91,518
76,817
Other taxation and social security
16,375
38,034
Other creditors
57,891
79,060
1,354,591
301,186
7
Loans and overdrafts
2024
2023
£
£
Bank loans
1,169,743
1,224,617
Payable within one year
1,169,743
64,408
Payable after one year
-
0
1,160,209

The long-term loans are secured by a first and only legal charge over 3 of the investment properties.

 

The loans are all shown as due within less than one year. After the year end, the company refinanced the loans.

 

PORTWAY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
1,160,209
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
1,347,479
1,347,479
Non distributable profits in the year
180,000
-
At the end of the year
1,527,479
1,347,479
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mark Nicholls
Statutory Auditor:
CK Audit
Date of audit report:
5 November 2024
2024-02-292023-03-01false05 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedDoreen Hodges (Deceased)Geoffrey OakleyNicholas OakleyJim Clayfalsefalse006002442023-03-012024-02-29006002442024-02-29006002442023-02-2800600244core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2900600244core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2800600244core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2900600244core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2800600244core:CurrentFinancialInstruments2024-02-2900600244core:CurrentFinancialInstruments2023-02-2800600244core:ShareCapital2024-02-2900600244core:ShareCapital2023-02-2800600244core:FurtherSpecificReserve1ComponentTotalEquity2024-02-2900600244core:FurtherSpecificReserve1ComponentTotalEquity2023-02-2800600244core:RetainedEarningsAccumulatedLosses2024-02-2900600244core:RetainedEarningsAccumulatedLosses2023-02-2800600244core:ShareCapital2022-02-2800600244core:FurtherSpecificReserve1ComponentTotalEquity2022-02-2800600244core:RetainedEarningsAccumulatedLosses2022-02-2800600244bus:Director22023-03-012024-02-2900600244core:RetainedEarningsAccumulatedLosses2022-03-012023-02-28006002442022-03-012023-02-2800600244core:RetainedEarningsAccumulatedLosses2023-03-012024-02-29006002442023-02-2800600244core:WithinOneYear2024-02-2900600244core:WithinOneYear2023-02-2800600244core:Non-currentFinancialInstruments2024-02-2900600244core:Non-currentFinancialInstruments2023-02-2800600244bus:PrivateLimitedCompanyLtd2023-03-012024-02-2900600244bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2900600244bus:FRS1022023-03-012024-02-2900600244bus:Audited2023-03-012024-02-2900600244bus:Director12023-03-012024-02-2900600244bus:Director32023-03-012024-02-2900600244bus:Director42023-03-012024-02-2900600244bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP