Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-242024-03-242023-03-25falseNo description of principal activity1315truetrue 3959507 2023-03-25 2024-03-24 3959507 2022-03-25 2023-03-24 3959507 2024-03-24 3959507 2023-03-24 3959507 c:Director6 2023-03-25 2024-03-24 3959507 d:Buildings 2023-03-25 2024-03-24 3959507 d:Buildings 2024-03-24 3959507 d:Buildings 2023-03-24 3959507 d:CurrentFinancialInstruments 2024-03-24 3959507 d:CurrentFinancialInstruments 2023-03-24 3959507 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-24 3959507 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-24 3959507 d:ShareCapital 2024-03-24 3959507 d:ShareCapital 2023-03-24 3959507 d:OtherMiscellaneousReserve 2024-03-24 3959507 d:OtherMiscellaneousReserve 2023-03-24 3959507 d:RetainedEarningsAccumulatedLosses 2024-03-24 3959507 d:RetainedEarningsAccumulatedLosses 2023-03-24 3959507 c:OrdinaryShareClass1 2023-03-25 2024-03-24 3959507 c:OrdinaryShareClass1 2024-03-24 3959507 c:OrdinaryShareClass1 2023-03-24 3959507 c:FRS102 2023-03-25 2024-03-24 3959507 c:Audited 2023-03-25 2024-03-24 3959507 c:FullAccounts 2023-03-25 2024-03-24 3959507 c:PrivateLimitedCompanyLtd 2023-03-25 2024-03-24 3959507 c:SmallCompaniesRegimeForAccounts 2023-03-25 2024-03-24 3959507 e:PoundSterling 2023-03-25 2024-03-24 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 3959507









PORTMAN GATE (FREEHOLD) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 24 MARCH 2024

 
PORTMAN GATE (FREEHOLD) LIMITED
REGISTERED NUMBER: 3959507

STATEMENT OF FINANCIAL POSITION
AS AT 24 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1
1,364

  
1
1,364

Current assets
  

Debtors: amounts falling due within one year
 5 
15,597
45

Cash at bank and in hand
  
211,282
221,639

  
226,879
221,684

Creditors: amounts falling due within one year
 6 
(69,183)
(87,535)

Net current assets
  
 
 
157,696
 
 
134,149

Total assets less current liabilities
  
157,697
135,513

  

Net assets
  
157,697
135,513


Capital and reserves
  

Called up share capital 
 7 
113
112

Other reserves
  
2,054
2,054

Profit and loss account
  
155,530
133,347

  
157,697
135,513


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 income and retained earnings 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: 






A K Gupta
Director

Date: 7 April 2025


The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
PORTMAN GATE (FREEHOLD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024

1.


General information

The principal activity of Portman Gate (Freehold) Limited (''the Company'') is that of the ownership of the property known as Portman Gate Estate, 102 to 110 (even) Lisson Grove, 39 to 53 (odd) Broadley Terrace, 14 to 34 St. Edwards Terrace, The Leisure Centre and Offices (excluding houses 1 to 14), 41 Broadley Terrace, London NW1.
The Company is a private company limited by shares and is incorporated in England and Wales with registration number 3959507. The address of the Registered Office is 35 Ballards Lane, London, N3 1XW.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised by the company in respect of ground rent receivable during the year exclusive of Value Added Tax. Grount rent revenue is recognised on an accrual basis.
Revenue also includes salary costs that are fully recharged to a related party.

  
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.
No depreciation is provided on freehold property. The cost of the property capitalised relates to property on which 999 year leases were issued that commenced 25th March 1986. The directors consider that the present value of the land exceeds the total cost of the freehold property capitalised.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2

 
PORTMAN GATE (FREEHOLD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, accruals and loans from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including loans from related parties, other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 3

 
PORTMAN GATE (FREEHOLD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
5
6



Employees
8
9

13
15

Page 4

 
PORTMAN GATE (FREEHOLD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024

4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 25 March 2023
1,364


Disposals
(1,363)



At 24 March 2024

1






Net book value



At 24 March 2024
1



At 24 March 2023
1,364


5.


Debtors

2024
2023
£
£


Other debtors
15,597
45



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
36,260
36,260

Other creditors
100
21,193

Accruals and deferred income
32,823
30,082

69,183
87,535


Page 5

 
PORTMAN GATE (FREEHOLD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



113 (2023 - 112) ordinary shares of £1.00 each
113
112


For the year ended 24th March 2024, 1  £1 ordinary shares have been issued at par.


8.


Pension commitments

No amounts were payable at the year end to the defined contribution scheme.


9.


Related party transactions

Included within other creditors is £Nil (2023 - £21,193) due to entites with common directors. The balance is unsecured and interest free, with no fixed repayment terms.
Included within other debtors is £15,597 (2022 - £Nil) due from entites with common directors. The balance is unsecured and interest free, with no fixed repayment terms.
Included within turnover is £289,211 recharged to entities with common directors, for costs incurred on their behalf.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 24 March 2024 was unqualified.

The audit report was signed on 7 April 2025 by Michael Wedge FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

Page 6