Company Registration No. 09055217 (England and Wales)
Portland Estate Agents Ltd
Filleted accounts
for the year ended 31 May 2024
Portland Estate Agents Ltd
Filleted accounts
Contents
Portland Estate Agents Ltd
Company Information
for the year ended 31 May 2024
Director
Mr Darren Somaiya
Company Number
09055217 (England and Wales)
Registered Office
90 Walm Lane
London
NW2 4QY
Accountants
YP Finance
Hawthorne House
17A Hawthorne Drive
Leicester
Leicestershire
LE5 6DL
Portland Estate Agents Ltd
Statement of financial position
as at 31 May 2024
Tangible assets
104,898
85,772
Cash at bank and in hand
215,505
132,844
Creditors: amounts falling due within one year
(94,131)
(71,338)
Net current assets
132,789
119,999
Total assets less current liabilities
237,687
205,771
Creditors: amounts falling due after more than one year
-
(27,981)
Net assets
237,687
177,790
Called up share capital
100
100
Profit and loss account
237,587
177,690
Shareholders' funds
237,687
177,790
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 February 2025 and were signed on its behalf by
Mr Darren Somaiya
Director
Company Registration No. 09055217
Portland Estate Agents Ltd
Notes to the Accounts
for the year ended 31 May 2024
Portland Estate Agents Ltd is a private company, limited by shares, registered in England and Wales, registration number 09055217. The registered office is 90 Walm Lane, London , NW2 4QY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Portland Estate Agents Ltd
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Fixtures & fittings
Charge for the year
65,886
Amounts falling due within one year
Trade debtors
11,415
58,493
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
17,344
-
Trade creditors
15,422
40,058
Taxes and social security
17,843
15,516
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the year the average number of employees was 4 (2023: 4).