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REGISTERED NUMBER: 09356152 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

PORTLAND FREEHOUSE COMPANY LTD

PORTLAND FREEHOUSE COMPANY LTD (REGISTERED NUMBER: 09356152)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

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Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTLAND FREEHOUSE COMPANY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







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DIRECTORS: Ms M Gearing
D Gearing
T J Taylor
M J Taylor





REGISTERED OFFICE: 80 High Street
Worthing
West Sussex
BN11 1DJ





REGISTERED NUMBER: 09356152 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

PORTLAND FREEHOUSE COMPANY LTD (REGISTERED NUMBER: 09356152)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
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FIXED ASSETS
Tangible assets 3 28,816 35,129

CURRENT ASSETS
Stocks 4 9,000 8,600
Debtors 5 24,846 21,595
Cash at bank and in hand 160,054 133,709
193,900 163,904
CREDITORS
Amounts falling due within one year 6 109,766 102,822
NET CURRENT ASSETS 84,134 61,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

112,950

96,211

CREDITORS
Amounts falling due after more than one
year

7

(12,854

)

(22,860

)

PROVISIONS FOR LIABILITIES (1,693 ) (1,688 )
NET ASSETS 98,403 71,663

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 97,403 70,663
98,403 71,663

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

PORTLAND FREEHOUSE COMPANY LTD (REGISTERED NUMBER: 09356152)

BALANCE SHEET - continued
29 FEBRUARY 2024

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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:




D Gearing - Director M J Taylor - Director




T J Taylor - Director Ms M Gearing - Director


PORTLAND FREEHOUSE COMPANY LTD (REGISTERED NUMBER: 09356152)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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1. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 50% on cost
Improvements to property - 7% on cost
Plant and machinery - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 21 ) .

PORTLAND FREEHOUSE COMPANY LTD (REGISTERED NUMBER: 09356152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024
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3. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery Totals
£    £    £    £   
COST
At 1 March 2023 111,500 60,000 168,188 339,688
Additions - - 1,003 1,003
At 29 February 2024 111,500 60,000 169,191 340,691
DEPRECIATION
At 1 March 2023 111,500 33,757 159,302 304,559
Charge for year - 4,200 3,116 7,316
At 29 February 2024 111,500 37,957 162,418 311,875
NET BOOK VALUE
At 29 February 2024 - 22,043 6,773 28,816
At 28 February 2023 - 26,243 8,886 35,129

4. STOCKS
2024 2023
£    £   
Stocks 9,000 8,600

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 12,437 8,824
Amounts owed by associates 7,394 7,394
Other debtors - 186
Accruals 1,359 1,625
Prepayments 3,656 3,566
24,846 21,595

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,283 10,160
Trade creditors 41,292 38,170
Amounts owed to associates 17,960 17,960
Tax 10,669 12,745
Social security and other taxes 6,162 4,384
VAT 16,571 14,458
Other creditors 742 -
Accrued expenses 6,087 4,945
109,766 102,822

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,283 10,160
Bank loans - 2-5 years 2,571 12,700
12,854 22,860

PORTLAND FREEHOUSE COMPANY LTD (REGISTERED NUMBER: 09356152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024
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8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 41,785 39,645
Between one and five years 143,344 136,003
In more than five years 36,592 87,858
221,721 263,506

9. RELATED PARTY DISCLOSURES

As at 29 February 2024, the company owed Our Eating House Company Limited £20,071 (2023: £11,717). Of this balance, £6,837 is included within trade creditors. The loan is interest free and repayable on demand.

As at 29 February 2024, The Beach House Company Limited owed the company £10,234 (2023: £9,602).
Of this balance, £4,505 is included within trade debtors and £1,665 within trade creditors. The loan is interest free and repayable on demand.

As at 29 February 2024, the company owed Tap House Company Limited £1,386 (2023: £4,781). Of this balance, £3,698 is included within trade debtors and £357 within trade creditors. The loan is interest free and repayable on demand.

During the year Portland Freehouse Company Limited recharged the following wages to:

The Beach House Company Limited - £8,981
Tap House Company Limited - £28,482

10. ULTIMATE CONTROLLING PARTY

This was by virtue of Mr D Gearing and Ms M Gearing's 51% holding of the issued share capital.