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REGISTERED NUMBER: 08783686 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

PORTLAND PROPERTIES (NORTH WEST)
LIMITED

PORTLAND PROPERTIES (NORTH WEST)
LIMITED (REGISTERED NUMBER: 08783686)

Contents of the Financial Statements
for the year ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTLAND PROPERTIES (NORTH WEST)
LIMITED

Company Information
for the year ended 29 February 2024







Director: L H Chhung





Registered office: 6 Suite 59
6 Wilmslow Road
Manchester
M14 5TP





Registered number: 08783686 (England and Wales)





Accountants: Evelyn Partners (Manchester) Limited
Accountants
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

PORTLAND PROPERTIES (NORTH WEST)
LIMITED (REGISTERED NUMBER: 08783686)

Balance Sheet
29 February 2024

2024 2023
Notes £ £ £ £
Fixed assets
Investment property 5 1,425,610 1,425,610

Current assets
Stocks 201,598 170,948
Debtors 6 300,010 300,010
Cash at bank and in hand 286 635
501,894 471,593
Creditors
Amounts falling due within one year 7 774,734 748,379
Net current liabilities (272,840 ) (276,786 )
Total assets less current liabilities 1,152,770 1,148,824

Creditors
Amounts falling due after more than one
year

8

(325,248

)

(369,484

)

Provisions for liabilities (168,368 ) (168,368 )
Net assets 659,154 610,972

Capital and reserves
Called up share capital 10 100 100
Fair value reserve 11 726,236 726,236
Retained earnings (67,182 ) (115,364 )
Shareholders' funds 659,154 610,972

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 director acknowledges his 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 PROPERTIES (NORTH WEST)
LIMITED (REGISTERED NUMBER: 08783686)

Balance Sheet - continued
29 February 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by:





L H Chhung - Director


PORTLAND PROPERTIES (NORTH WEST)
LIMITED (REGISTERED NUMBER: 08783686)

Notes to the Financial Statements
for the year ended 29 February 2024


1. Statutory information

Portland Properties (North West) Limited 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. Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Stocks
Stock comprises of the amount spent on purchasing and developing properties and are valued at the lower of cost and net realisable value. Net realisable value is based on anticipated selling price less anticipated costs to completion and selling costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

4. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

PORTLAND PROPERTIES (NORTH WEST)
LIMITED (REGISTERED NUMBER: 08783686)

Notes to the Financial Statements - continued
for the year ended 29 February 2024


5. Investment property
Total
£
Fair value
At 1 March 2023
and 29 February 2024 1,425,610
Net book value
At 29 February 2024 1,425,610
At 28 February 2023 1,425,610

The investment property class of fixed assets was revalued on 28 February 2023 by the director who is internal to the company. The basis of this valuation was open market value with existing use. This class of asset has a current value of £1,425,610 (2023 - £1,425,610) and a carrying amount at historical cost of £699,374 (2023 - £699,374).

6. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors 300,010 300,010

7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 43,948 43,948
Taxation and social security 37,394 31,078
Other creditors 693,392 673,353
774,734 748,379

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 325,248 369,484

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 121,675 162,643

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 369,196 413,432
Other loans 150,000 150,000
519,196 563,432

The loans and overdrafts are secured by fixed and floating charges over all the company assets.

PORTLAND PROPERTIES (NORTH WEST)
LIMITED (REGISTERED NUMBER: 08783686)

Notes to the Financial Statements - continued
for the year ended 29 February 2024


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary shares £1 100 100

11. Reserves
Fair value
reserve
£
At 1 March 2023
and 29 February 2024 726,236