0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,860,683 1,093,487 5,954,170 5,954,170 4,860,683 xbrli:pure xbrli:shares iso4217:EUR 11396943 2023-07-01 2024-06-30 11396943 2024-06-30 11396943 2023-06-30 11396943 2022-07-01 2023-06-30 11396943 2023-06-30 11396943 2022-06-30 11396943 bus:Director1 2023-07-01 2024-06-30 11396943 core:WithinOneYear 2024-06-30 11396943 core:WithinOneYear 2023-06-30 11396943 core:AfterOneYear 2024-06-30 11396943 core:AfterOneYear 2023-06-30 11396943 core:ShareCapital 2024-06-30 11396943 core:ShareCapital 2023-06-30 11396943 core:RetainedEarningsAccumulatedLosses 2024-06-30 11396943 core:RetainedEarningsAccumulatedLosses 2023-06-30 11396943 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 11396943 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-06-30 11396943 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 11396943 core:Non-currentFinancialInstruments 2024-06-30 11396943 core:Non-currentFinancialInstruments 2023-06-30 11396943 bus:SmallEntities 2023-07-01 2024-06-30 11396943 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 11396943 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11396943 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11396943 bus:FullAccounts 2023-07-01 2024-06-30 11396943 core:RevaluationReserve 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 11396943
Port Road Apartments Limited
Filleted Unaudited Financial Statements
30 June 2024
Port Road Apartments Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
Fixed assets
Investments
3
5,954,170
4,860,683
Current assets
Debtors
4
2,928
Cash at bank and in hand
46,191
131,916
--------
---------
49,119
131,916
Creditors: amounts falling due within one year
5
( 2,213,123)
( 1,258,928)
------------
------------
Net current liabilities
( 2,164,004)
( 1,127,012)
------------
------------
Total assets less current liabilities
3,790,166
3,733,671
Creditors: amounts falling due after more than one year
6
( 1,701,759)
( 1,981,887)
Provisions
( 384,894)
( 384,894)
------------
------------
Net assets
1,703,513
1,366,890
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
8
1,703,511
1,366,888
------------
------------
Shareholders funds
1,703,513
1,366,890
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Port Road Apartments Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr B Morrissey
Director
Company registration number: 11396943
Port Road Apartments Limited
Accounting Policies
Year ended 30 June 2024
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in euros, which is the functional currency of the entity.
Going concern
As at 30.06.24 the company has net current liabilities of €2,164,004 (2023:€1,127,012) The Shareholders and Directors have provided loans to the company in order to finance the development and repairs of the investment property. Interest of 10% (2023:10%) on the capital amount and additions has been applied. As at the year end the amounts owed to the Shareholders and Directors was €1,730,705 (2023:€824,234). These loans are only repayable when the company has sufficient cash flow and capability to do so.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
The Shareholders have provided an independent valuation from Colliers as at 21.05.21. The Investment Property has been revalued by €1,539,576 to reflect the market value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Port Road Apartments Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 123 Enterprise Place, 175 Church Street East, Woking, GU21 6AG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Investments
Investment Property
Cost
At 1 July 2023
4,860,683
Additions
1,093,487
------------
At 30 June 2024
5,954,170
------------
Impairment
At 1 July 2023 and 30 June 2024
------------
Carrying amount
At 30 June 2024
5,954,170
------------
At 30 June 2023
4,860,683
------------
Included within the cost of €5,954,170 is a revaluation amount of €1,539,576. The Shareholders have provided an independent valuation, the Investment Property has been revalued to reflect the market value.
4. Debtors
2024
2023
Other debtors
2,928
-------
----
5. Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
277,407
274,687
Corporation tax
112,506
74,806
Other creditors
1,823,210
909,435
------------
------------
2,213,123
1,258,928
------------
------------
6. Creditors: amounts falling due after more than one year
2024
2023
Bank loans and overdrafts
1,701,759
1,981,887
------------
------------
7. Deferred tax
As at 30.06.24 there is a Deferred Tax liability of €384,894 (2023:€384,894) this is the estimated future tax liability regarding the revaluation of the Investment Property.
8. Reserves
As at 30.06.24 the Profit and Loss Reserves include non - distributable Unrealised Revaluation Gains of €1,539,576.
9. Directors' advances, credits and guarantees
During the year the Directors charged interest of €74,927 (2023:€57,489) on their loan accounts at a rate of 10%. As at the year end the amount owed to the Directors was €1,147,527 (2023:€632,834). In addition to the Directors loans, companies under common control charged interest of €31,777 (2023:€17,400) at a rate of 10%. As at the year end the amount owed to these companies was €583,177 (2023:€191,400).