REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
PORTLAND PROPERTIES (NORTH WEST) |
LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
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 | 10 |
Fair value reserve | 11 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds |
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 were approved by the director and authorised for issue on |
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 |
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 |
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 |
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 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
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 |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
Other loans |
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: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | Reserves |
Fair value |
reserve |
£ |
At 1 March 2023 |
and 29 February 2024 |