Registered number
03343791
Portman-Lomas Properties Limited
Filleted Accounts
30 April 2024
Portman-Lomas Properties Limited
Registered number: 03343791
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 132,186 134,592
Current assets
Debtors 4 13,624 12,580
Cash at bank and in hand 12,778 7,471
26,402 20,051
Creditors: amounts falling due within one year 5 (202,972) (197,525)
Net current liabilities (176,570) (177,474)
Net liabilities (44,384) (42,882)
Capital and reserves
Called up share capital 4 4
Profit and loss account (44,388) (42,886)
Shareholders' funds (44,384) (42,882)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Burns
Director
Approved by the board on 24 September 2024
Portman-Lomas Properties Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the rents received or receivable, net of discounts by reference to the time occupied in the property by the tenant.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 180,302 4,466 184,768
At 30 April 2024 180,302 4,466 184,768
Depreciation
At 1 May 2023 45,710 4,466 50,176
Charge for the year 2,406 - 2,406
At 30 April 2024 48,116 4,466 52,582
Net book value
At 30 April 2024 132,186 - 132,186
At 30 April 2023 134,592 - 134,592
4 Debtors 2024 2023
£ £
Other debtors 13,624 12,580
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 212 266
Director's loan account 136,892 137,385
Other creditors 65,868 59,874
202,972 197,525
6 Other information
Portman-Lomas Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Basepoint Business Centre
Rivermead Drive
Swindon
Wilts
SN5 7EX
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