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REGISTERED NUMBER: 13338273 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024

FOR

PORRITT STREET INVESTMENTS LIMITED

PORRITT STREET INVESTMENTS LIMITED (REGISTERED NUMBER: 13338273)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st August 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PORRITT STREET INVESTMENTS LIMITED

COMPANY INFORMATION
for the Year Ended 31st August 2024







DIRECTORS: Mr M D Goldman
Mr R S Goldman
Mr H S Goldman
Mr A P Goldman
Mrs D F Rosenthal





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 13338273 (England and Wales)





ACCOUNTANTS: Xeinadin
100 Barbirolli Square
Manchester
M2 3BD

PORRITT STREET INVESTMENTS LIMITED (REGISTERED NUMBER: 13338273)

BALANCE SHEET
31st August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 1,786,361 1,786,361

CREDITORS
Amounts falling due within one year 5 (1,464,814 ) (1,584,055 )
NET CURRENT LIABILITIES (1,464,814 ) (1,584,055 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

321,547

202,306

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 321,447 202,206
SHAREHOLDERS' FUNDS 321,547 202,306

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

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

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 Board of Directors and authorised for issue on 20th December 2024 and were signed on its behalf by:





Mr R S Goldman - Director


PORRITT STREET INVESTMENTS LIMITED (REGISTERED NUMBER: 13338273)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st August 2024


1. STATUTORY INFORMATION

Porritt Street Investments Limited is a private company limited by share capital, incorporated in England and Wales, registration number 13338273. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD and the principal place of business is Porritt Street, Bury, BL9 6HG.

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 is measured as the fair value of the consideration received or receivable, excluding value added tax. Turnover principally consists of income from the rental of commercial property.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measure at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Taxation
Taxation for the year comprises current 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 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.

Other creditors
Other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st September 2023
and 31st August 2024 1,786,361
NET BOOK VALUE
At 31st August 2024 1,786,361
At 31st August 2023 1,786,361

The valuation of investment properties held was reviewed by the directors as at 31st August 2024. Having reviewed the rental yields, which have not changed greatly compared to prior years, the current valuation is deemed to be a true reflection of current market value.

The value of the investment property if carried under the cost model would be £1,786,361.

PORRITT STREET INVESTMENTS LIMITED (REGISTERED NUMBER: 13338273)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st August 2024


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 59,445 51,471
Other creditors 1,405,369 1,532,584
1,464,814 1,584,055

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
25 Ordinary A £1 25 25
25 Ordinary B £1 25 25
25 Ordinary C £1 25 25
25 Ordinary D £1 25 25
100 100

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in Other debtors is an amount owed from the directors of £100. In the previous period, an amount was owed to the directors of £59,900. Loans with directors are interest free and repayable on demand.

8. RELATED PARTY DISCLOSURES

During the year the company received rental income of £240,000 (2023: £240,000) from a company under common control.

Included in Other creditors is a balance of £1,344,875 (2023: £1,472,384) owed to a company under common control. This loan is interest free and repayable on demand.