REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Substantia Portfolio Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Substantia Portfolio Ltd |
Substantia Portfolio Ltd (Registered number: 08846544) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
Substantia Portfolio Ltd |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Substantia Portfolio Ltd (Registered number: 08846544) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Substantia Portfolio Ltd (Registered number: 08846544) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Substantia Portfolio Ltd (Registered number: 08846544) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Substantia Portfolio Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£) and cover the period to the 31st March each year. |
Going Concern |
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 net invoiced sales of goods, excluding value added tax, based on delivery of goods. |
Rent and services are invoiced and recognised as income when due and consumed. |
Tangible fixed assets |
Fixtures and fittings | - |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Substantia Portfolio Ltd (Registered number: 08846544) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 25,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Substantia Portfolio Ltd (Registered number: 08846544) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2016 | 60,711 |
Valuation in 2020 | 39,089 |
Valuation in 2021 | 65,430 |
Valuation in 2022 | (20,000 | ) |
Valuation in 2024 | 25,000 |
Cost | 584,770 |
755,000 |
If Investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 584,770 | 584,770 |
In the opinion of the directors the investment properties are carried at market value. The properties have all been professional revalued previously to what is considered to be market value by various professionals, and the directors have subsequently revalued amounts to what are deemed to be an accurate reflection of the market value at the balance sheet date. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Substantia Portfolio Ltd (Registered number: 08846544) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
At the balance sheet date the company had eight mortgage charges registered, two in favour of HSBC Bank Plc, three in favour of Aldermore Bank Plc, one in favour of Keystone Property Finance Limited and two in favour of Paratus AMC Limited. Seven of the charges are secured by both fixed and floating charge over all of the company's investment properties, the other one in favour of Aldermore mortgages is a full title guarantee. The borrowing in relation to HSBC and Aldermore has been repaid in full and the directors plan to satisfy the charges in the coming months. After the year end there was an additional charge registered in favour of Paratus AMC Limited. |
10. | FINANCIAL RISK MANAGEMENT |
The company has some exposure to credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below. |
Credit risk |
The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage, references and credit checks are undertaken on potential tenants to assess their likelihood that they will default. |
Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. |
Market risk |
There is a market risk associated with the fluctuation in demand residential property and rental space offered by the entity, which at the moment is not an issue, with no shortage of potential tenants for either the commercial or residential property. |
Interest rate risk |
The company has significant borrowings which are impacted by the interest rate set by the Bank of England, and so the company is sensitive to movements in the base rate. |
The company holds no derivative financial instruments at the year end. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Substantia Portfolio Ltd (Registered number: 08846544) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
12. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
Reserve transfer | 18,750 |
At 31 March 2024 |
13. | RELATED PARTY DISCLOSURES |
During the current, and prior, year, the company rented an investment property to a company in which the director of the reporting entity was also a director. The rent charged, £21,000, was an arms length market rate, and at the balance sheet date there were no amount outstanding in respect of the rent. |
At Balance Sheet date the company owed £146,335 (2023 - £212,630) to the persons of significant control. |