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REGISTERED NUMBER: 08846544 (England and Wales)




















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: Mr D R Mumford
Mrs E L Mumford





REGISTERED OFFICE: Unit 6 Basset Court
Loake Close
Grange Park
Northampton
Northamptonshire
NN4 5EZ





REGISTERED NUMBER: 08846544 (England and Wales)





ACCOUNTANTS: Clifford Roberts
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 64 127
Investment property 5 755,000 730,000
755,064 730,127

CURRENT ASSETS
Debtors 6 575 553
Cash at bank 4,705 67,082
5,280 67,635
CREDITORS
Amounts falling due within one year 7 4,334 5,609
NET CURRENT ASSETS 946 62,026
TOTAL ASSETS LESS CURRENT
LIABILITIES

756,010

792,153

CREDITORS
Amounts falling due after more than one
year

8

(489,205

)

(555,500

)

PROVISIONS FOR LIABILITIES (42,558 ) (36,308 )
NET ASSETS 224,247 200,345

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 127,673 108,923
Retained earnings 96,474 91,322
SHAREHOLDERS' FUNDS 224,247 200,345

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.

Substantia Portfolio Ltd (Registered number: 08846544)

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 Income Statement has not been delivered.

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





Mr D R Mumford - Director


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 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.

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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 3,314
DEPRECIATION
At 1 April 2023 3,187
Charge for year 63
At 31 March 2024 3,250
NET BOOK VALUE
At 31 March 2024 64
At 31 March 2023 127

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 730,000
Revaluations 25,000
At 31 March 2024 755,000
NET BOOK VALUE
At 31 March 2024 755,000
At 31 March 2023 730,000

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 575 553

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 2,782 4,318
Other creditors 1,552 1,291
4,334 5,609

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 342,870 342,870
Other creditors 146,335 212,630
489,205 555,500

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 342,870 342,870

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: £    £   
100 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 108,923
Reserve transfer 18,750

At 31 March 2024 127,673

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.