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Registered number: 07067476














PORTOBELLO RIGHTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

 
PORTOBELLO RIGHTS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
PORTOBELLO RIGHTS LIMITED
REGISTERED NUMBER:07067476

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,636
3,515

Investments
 6 
1,034,634
892,356

  
1,037,270
895,871

Current assets
  

Debtors: amounts falling due within one year
 7 
193
1,799

Cash at bank and in hand
  
264,088
200,269

  
264,281
202,068

Creditors: amounts falling due within one year
 8 
(8,366)
(8,071)

Net current assets
  
 
 
255,915
 
 
193,997

Total assets less current liabilities
  
1,293,185
1,089,868

  

Net assets
  
1,293,185
1,089,868


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
1,293,184
1,089,867

  
1,293,185
1,089,868


Page 1

 
PORTOBELLO RIGHTS LIMITED
REGISTERED NUMBER:07067476
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G E Andreae
Director

Date: 11 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PORTOBELLO RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Portobello Rights Limited is a limited liability company registered in England and Wales with its registered office at 5 Elstree Gate,Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.

The Company's principal activity was that of the creation and exploitation of intellectual property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of royalties received during the period, exclusive of Value Added Tax and trade discounts.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Investments in associates are measured at cost less accumulated impairment.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 3

 
PORTOBELLO RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.6

Creditors

Short term creditors are measured at the transaction price

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 2).

Page 4

 
PORTOBELLO RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 December 2023
900,000



At 30 November 2024

900,000



Amortisation


At 1 December 2023
900,000



At 30 November 2024

900,000



Net book value



At 30 November 2024
-



At 30 November 2023
-



Page 5

 
PORTOBELLO RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 December 2023
34,330



At 30 November 2024

34,330



Depreciation


At 1 December 2023
30,815


Charge for the year on owned assets
879



At 30 November 2024

31,694



Net book value



At 30 November 2024
2,636



At 30 November 2023
3,515

Page 6

 
PORTOBELLO RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.


Fixed asset investments





Investments in associates
Listed investments
Total

£
£
£



Cost or valuation


At 1 December 2023
1
892,355
892,356


Additions
-
128,713
128,713


Disposals
-
(113,070)
(113,070)


Revaluations
-
126,635
126,635



At 30 November 2024
1
1,034,633
1,034,634





7.


Debtors

2024
2023
£
£


Other debtors
193
1,799

193
1,799



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
120
42

Amounts owed to associates
1
1

Other taxation and social security
91
-

Other creditors
1,879
2,028

Accruals and deferred income
6,275
6,000

8,366
8,071


Page 7

 
PORTOBELLO RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1


 
Page 8