Company Registration No. 03126987 (England and Wales)
PROPERTY PORTFOLIOS LONDON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Star House
Star Hill
Rochester
Kent
ME1 1UX
PROPERTY PORTFOLIOS LONDON LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
PROPERTY PORTFOLIOS LONDON LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D Willis
Mrs M Willis
(Appointed 6 July 2023)
Mrs L Carter
Secretary
Mrs M Willis
Company number
03126987
Registered office
40a Lambton Road
Raynes Park
London
SW20 0LP
Accountants
TC Group
Star House
Star Hill
Rochester
Kent
ME1 1UX
PROPERTY PORTFOLIOS LONDON LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
1,602,643
1,602,643
Current assets
Debtors
4
17,981
13,017
Cash at bank and in hand
2,506
1,623
20,487
14,640
Creditors: amounts falling due within one year
5
(171,915)
(114,178)
Net current liabilities
(151,428)
(99,538)
Total assets less current liabilities
1,451,215
1,503,105
Creditors: amounts falling due after more than one year
6
(780,163)
(782,946)
Provisions for liabilities
(113,959)
(120,816)
Net assets
557,093
599,343
Capital and reserves
Called up share capital
160
160
Revaluation reserve
635,876
635,876
Profit and loss reserves
(78,943)
(36,693)
Total equity
557,093
599,343
PROPERTY PORTFOLIOS LONDON LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
Mrs L Carter
Director
Company registration number 03126987 (England and Wales)
PROPERTY PORTFOLIOS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Property Portfolios London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40a Lambton Road, Raynes Park, London, SW20 0LP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 March 2024 are the first financial statements of Property Portfolios London Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2022. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

PROPERTY PORTFOLIOS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PROPERTY PORTFOLIOS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
2
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,602,643
PROPERTY PORTFOLIOS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
400
400
Other debtors
17,581
12,617
17,981
13,017
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,905
1,608
Taxation and social security
4,841
4,471
Deferred income
1,250
1,250
Other creditors
160,037
101,940
Accruals and deferred income
3,882
4,909
171,915
114,178
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
780,163
782,946
7
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2022
2023
£
£
Equity as reported under previous UK GAAP and under FRS 102
725,666
720,159
Adjustments to prior year (note 8)
-
(120,816)
As restated
725,666
599,343
PROPERTY PORTFOLIOS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Reconciliations on adoption of FRS 102
(Continued)
- 8 -
Reconciliation of loss for the financial period
2023
£
Loss as reported under previous UK GAAP and under FRS 102
(2,308)
Adjustments to prior year (note 8)
(794)
As restated
(3,102)
Notes to reconciliations on adoption of FRS 102
8
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
-
(120,816)
Equity as previously reported
725,666
720,159
Equity as adjusted before transition adjustments
725,666
599,343
Analysis of the effect upon equity
Profit and loss reserves
-
(120,816)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
(794)
Loss as previously reported
(2,308)
Loss as adjusted before transition adjustments
(3,102)
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