Registered number
03927087
PORTMAIN ESTATES LTD
Filleted Accounts
29 February 2024
PORTMAIN ESTATES LTD
Registered number: 03927087
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 687 808
Investments 4 335,500 335,500
336,187 336,308
Current assets
Cash at bank and in hand 19,542 48,853
Creditors: amounts falling due within one year 5 (56,236) (58,586)
Net current liabilities (36,694) (9,733)
Total assets less current liabilities 299,493 326,575
Creditors: amounts falling due after more than one year 6 (96,085) (126,045)
Provisions for liabilities (16,852) (16,874)
Net assets 186,556 183,656
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 71,286 71,286
Profit and loss account 115,170 112,270
Shareholders' funds 186,556 183,656
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 P A Nolan
Director
Approved by the board on 7 October 2024
PORTMAIN ESTATES LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover comprises rents receivable in the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 15% per annum reducing balance basis
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
The company did not operate a pension scheme during the year.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures & fittings
£
Cost
At 1 March 2023 7,476
At 29 February 2024 7,476
Depreciation
At 1 March 2023 6,668
Charge for the year 121
At 29 February 2024 6,789
Net book value
At 29 February 2024 687
At 28 February 2023 808
4 Investments
Other
investments
£
Cost
At 1 March 2023 335,500
At 29 February 2024 335,500
Historical cost
At 1 March 2023 335,500
At 29 February 2024 335,500
The investments were revalued by the directors in the year.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors and accruals 532 1,080
Corporation tax 704 2,506
Other creditors - directors' loan accounts 55,000 55,000
56,236 58,586
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 96,085 126,045
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 96,085 126,045
Secured bank loans 96,085 126,045
The loans are secured by fixed charges over the company's investment properties.
8 Profit/(loss) - non-distributable 2024 2023
£ £
At 1 March 2023 71,286 71,286
At 29 February 2024 71,286 71,286
9 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
10 Contingent liabilities
There were no contingent liabilities in existence at the year end.
11 Controlling party
The two directors each own 50% of the issued ordinary share capital of the company.
12 Other information
PORTMAIN ESTATES LTD is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
PORTMAIN ESTATES LTD 03927087 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts April 2024 Mr P A Nolan No description of principal activity 03927087 2022-03-01 2023-02-28 03927087 core:WithinOneYear 2023-02-28 03927087 core:AfterOneYear 2023-02-28 03927087 core:ShareCapital 2023-02-28 03927087 core:OtherReservesSubtotal 2023-02-28 03927087 core:RetainedEarningsAccumulatedLosses 2023-02-28 03927087 core:RevaluationReserve 2022-02-28 03927087 2023-03-01 2024-02-29 03927087 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03927087 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03927087 bus:Director40 2023-03-01 2024-02-29 03927087 2 2023-03-01 2024-02-29 03927087 core:PlantMachinery 2023-03-01 2024-02-29 03927087 countries:England 2023-03-01 2024-02-29 03927087 bus:FRS102 2023-03-01 2024-02-29 03927087 bus:FilletedAccounts 2023-03-01 2024-02-29 03927087 2024-02-29 03927087 core:WithinOneYear 2024-02-29 03927087 core:AfterOneYear 2024-02-29 03927087 core:ShareCapital 2024-02-29 03927087 core:OtherReservesSubtotal 2024-02-29 03927087 core:RetainedEarningsAccumulatedLosses 2024-02-29 03927087 core:PlantMachinery 2024-02-29 03927087 core:RevaluationReserve 2024-02-29 03927087 2023-02-28 03927087 core:PlantMachinery 2023-02-28 03927087 core:RevaluationReserve 2023-02-28 iso4217:GBP xbrli:pure