1 July 2023 false No description of principal activity Taxfiler 2024.6 02511387business:PrivateLimitedCompanyLtd2023-07-012024-06-30 025113872023-06-30 025113872023-07-012024-06-30 02511387business:AuditExemptWithAccountantsReport2023-07-012024-06-30 02511387business:FilletedAccounts2023-07-012024-06-30 025113872024-06-30 02511387business:Director12023-07-012024-06-30 02511387business:Director22023-07-012024-06-30 02511387business:CompanySecretary12023-07-012024-06-30 02511387business:RegisteredOffice2023-07-012024-06-30 025113872023-06-30 02511387core:WithinOneYear2024-06-30 02511387core:WithinOneYear2023-06-30 02511387core:ShareCapitalcore:PreviouslyStatedAmount2024-06-30 02511387core:ShareCapitalcore:PreviouslyStatedAmount2023-06-30 02511387core:RevaluationReservecore:PreviouslyStatedAmount2024-06-30 02511387core:RevaluationReservecore:PreviouslyStatedAmount2023-06-30 02511387core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-06-30 02511387core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-06-30 02511387core:PreviouslyStatedAmount2024-06-30 02511387core:PreviouslyStatedAmount2023-06-30 02511387business:SmallEntities2023-07-012024-06-30 02511387countries:EnglandWales2023-07-012024-06-30 02511387core:AfterOneYear2024-06-30 02511387core:AfterOneYear2023-06-30 025113872022-07-012023-06-30 iso4217:GBP xbrli:pure
Company Registration No. 02511387 (England and Wales)
Portland Market Development Limited Unaudited accounts for the year ended 30 June 2024
Portland Market Development Limited Unaudited accounts Contents
Page
- 2 -
Portland Market Development Limited Company Information for the year ended 30 June 2024
Directors
James Christopher Groves Jennifer Mary Ives
Secretary
Valerie Joanne Joy
Company Number
02511387 (England and Wales)
Registered Office
30 Bishops Road Hove East Sussex BN3 6PN England
Accountants
Keymer Haslam & Co 4/6 Church Road Burgess Hill West Sussex RH15 9AE
- 3 -
Portland Market Development Limited Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
625,000 
875,000 
Current assets
Debtors
20,016 
48,426 
Cash at bank and in hand
8,808 
11,369 
28,824 
59,795 
Creditors: amounts falling due within one year
(24,911)
(65,410)
Net current assets/(liabilities)
3,913 
(5,615)
Net assets
628,913 
869,385 
Capital and reserves
Called up share capital
100 
100 
Revaluation reserve
52,785 
302,785 
Profit and loss account
576,028 
566,500 
Shareholders' funds
628,913 
869,385 
For the year ending 30 June 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 directors acknowledge their 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 of Directors and authorised for issue on 1 March 2025 and were signed on its behalf by
James Christopher Groves Director Company Registration No. 02511387
- 4 -
Portland Market Development Limited Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Portland Market Development Limited is a private company, limited by shares, registered in England and Wales, registration number 02511387. The registered office is 30 Bishops Road, Hove, East Sussex, BN3 6PN, England.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
4
Investment property
2024 
£ 
Fair value at 1 July 2023
875,000 
Net loss from fair value adjustments
(250,000)
At 30 June 2024
625,000 
Investment property comprises commercial property held on a long lease. The fair value of the investment property has been arrived at on the basis of a valuation carried out by J. C. Groves, Chartered Surveyor, a director of the Company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due after more than one year
Trade debtors
14,470 
47,094 
Accrued income and prepayments
- 
240 
Other debtors
5,546 
1,092 
20,016 
48,426 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
9,249 
22,005 
Taxes and social security
9,272 
10,504 
Loans from directors
1,860 
1,860 
Accruals
4,530 
6,323 
Deferred income
- 
24,718 
24,911 
65,410 
- 5 -
Portland Market Development Limited Notes to the Accounts for the year ended 30 June 2024
7
Loans to directors
At the balance sheet date the company owed J. Groves, a director, £1,860 (2023: £1,860) and this is included in creditors.
8
Transactions with related parties
The company paid rents of £9,450 (2023: £10,558) to key management personnel and £27,353 (2023: £28,350) to other related parties.
9
Average number of employees
During the year the average number of employees was 1 (2023: 2).
- 6 -