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REGISTERED NUMBER: SC565816 (Scotland)















PORTEOUS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024






PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTEOUS PROPERTIES LIMITED

COMPANY INFORMATION
For The Year Ended 31 May 2024







DIRECTORS: J E P Arundell
K E Izat





REGISTERED OFFICE: 12B Geocrab
Isle of Harris
HS3 3HB





REGISTERED NUMBER: SC565816 (Scotland)





ACCOUNTANTS: Benham Conway & Co
16 Royal Crescent
Glasgow
G3 7SL

PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

BALANCE SHEET
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 78,027 78,569

CURRENT ASSETS
Debtors 5 2,493 2,106
Cash at bank 2,580 1,315
5,073 3,421
CREDITORS
Amounts falling due within one year 6 80,713 74,764
NET CURRENT LIABILITIES (75,640 ) (71,343 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,387

7,226

CREDITORS
Amounts falling due after more than one
year

7

2,250

4,500
NET ASSETS 137 2,726

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 37 2,626
SHAREHOLDERS' FUNDS 137 2,726

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

BALANCE SHEET - continued
31 May 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 29 November 2024 and were signed on its behalf by:





J E P Arundell - Director


PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024


1. STATUTORY INFORMATION

Porteous Properties Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover represents income from short term lets and holding events.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold Improvements - 2% on cost
Plant and machinery etc - 20% on cost

Financial instruments
Basic financial instruments, including trade creditors and other creditors, bank loans and other loans that are classified as debt, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current 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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


4. TANGIBLE FIXED ASSETS
Plant and
Leasehold machinery
improvements etc Totals
£    £    £   
COST
At 1 June 2023 87,421 13,922 101,343
Additions - 1,916 1,916
Disposals - (258 ) (258 )
At 31 May 2024 87,421 15,580 103,001
DEPRECIATION
At 1 June 2023 10,482 12,292 22,774
Charge for year 1,748 710 2,458
Eliminated on disposal - (258 ) (258 )
At 31 May 2024 12,230 12,744 24,974
NET BOOK VALUE
At 31 May 2024 75,191 2,836 78,027
At 31 May 2023 76,939 1,630 78,569

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 575 -
Other debtors 1,918 2,106
2,493 2,106

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 2,250 2,250
Directors' loan account 55,264 53,417
Taxation and social security 2,804 3,868
Other creditors 20,395 15,229
80,713 74,764

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 2,250 4,500

PORTEOUS PROPERTIES LIMITED (REGISTERED NUMBER: SC565816)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


8. RELATED PARTY DISCLOSURES

At 31 May 2024 the company's directors had provided the company with interest free loans of £55,264 (2023, £53,417). There are no fixed repayment terms for these loans.

The business operates from premises owned by the directors on which no rent is charged.