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
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
Portland Market Development Limited
Statement of financial position
as at 30 June 2024
Investment property
625,000
875,000
Cash at bank and in hand
8,808
11,369
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
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
Portland Market Development Limited
Notes to the Accounts
for the year ended 30 June 2024
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.
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.
Fair value at 1 July 2023
875,000
Net loss from fair value adjustments
(250,000)
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.
Amounts falling due after more than one year
Trade debtors
14,470
47,094
Accrued income and prepayments
-
240
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
9,272
10,504
Loans from directors
1,860
1,860
Portland Market Development Limited
Notes to the Accounts
for the year ended 30 June 2024
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).