Registered number: 10716653
PORTOBELLO 95 GROUP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024
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PORTOBELLO 95 GROUP LIMITED
REGISTERED NUMBER: 10716653
BALANCE SHEET
AS AT 30 APRIL 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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PORTOBELLO 95 GROUP LIMITED
REGISTERED NUMBER: 10716653
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The directors consider 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 directors acknowledge their 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:
The notes on pages 3 to 7 form part of these financial statements.
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PORTOBELLO 95 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Portobello 95 Group Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company 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 preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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Exemption from preparing consolidated financial statements
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The Company is exempt from the requirement to prepare consolidated financial statements by virtue of sections 383 and 399 of the Companies Act 2006 as the Company and its subsidiary undertakings, both individually and on consolidation, are subject to the small companies regime.
The financial statements therefore present information about the Company as an individual undertaking and not about its group.
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PORTOBELLO 95 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
As at the date these financial statements were approved by the directors, the following significant factors were considered when considering the going concern status of the Company.
Financial position at the balance sheet date
At the balance sheet date, the Company holds net assets of £769,191 with the majority of the underlying gross assets comprising of amounts owed by group undertakings.
The directors are of the opinion that amounts owed by its group undertakings are fully recoverable and all amounts payable to creditors by the Company will be met in full as they should fall due.
Financial performance to date
The Company continues to act solely as an group investment holding entity as it has done, with financial performance analogous to that reported to date, since incorporation.
In preparing these financial statements, taking into account the aforementioned and the financial performance and position of the Company up to the date these financial statements were approved; the directors are of the opinion that there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence and, as a result of which, the Company is expected to remain a going concern.
The directors accept that although there does exist an inherent uncertainty that may cast doubt about the ability of the Company to continue as a going concern; the directors considers the uncertainty to be sufficiently insignificant such that the application of going concern basis in preparing the Company's financial statements remains appropriate and in turn have prepared the Company's financial statements under said basis.
Fixed asset investments comprise of holdings in unlisted company shares of subsidiary undertakings. Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
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PORTOBELLO 95 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is as outlined below:
Debtors and creditors
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors
Creditors are initially measured and subsequently held at transaction price (i.e fair value) except where originating from an arrangement that is a financing transaction. Under such an arrangement, creditors are initially measured at the present value of the future cash payments discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method with the interest expense recognised on an effective yield basis.
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from a share premium account. Dividends are recognised when they become legally payable upon approval by the Company's directors.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
In the opinion of the directors, there were no judgments, estimates and/or assumptions made in applying the principal accounting policies, as outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.
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PORTOBELLO 95 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The average monthly number of employees, including directors, during the year was nil (2023 - nil).
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.
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Investments in subsidiary companies
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Falling due within one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest-free, repayable on demand with no fixed date of repayment and, in the opinion of the directors, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against amounts owed by group undertaking falling due within one year was £nil (2023: £nil).
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Cash and cash equivalents
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PORTOBELLO 95 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Creditors: Amounts falling due within one year
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Other loans of £883,499 (2023: £908,365) are unsecured and repayable on demand with no fixed date of repayment.
Other loans of £nil (2023: £732,500) are secured by way of a fixed and floating charge over all present and future assets of the assets of the Company, interest-free and recognised at their discounted present value using an estimated effective market rate of interest of 9.0% per annum in accordance with the requirements of Section 11.13 of Financial Reporting Standard 102. The timing and amount of repayment in respect of the loans is entirely at the discretion of the Company provided the loans are repaid in full on or before 22 June 2022. Following 22 June 2022, the loans became repayable on demand.
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The Company held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
As at the balance sheet date, the Company was party to a debenture in which a fixed and floating charge over all present and future assets of the Company was granted in respect of any amounts owed by the Company and its fellow group undertakings to National Westminster Bank plc.
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Related party transactions
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The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
During the year, directors of the Company continued to provide the Company with loans, included within other loans falling due within one year, to the value of £534,598 (2023: £547,032). Further details in relation to these loans are disclosed within note 8 of the financial statements.
During the year, a director continued to provide the Company with a long-term interest-free loan of £366,250 which was repaid prior to 30 April 2024. Further details in relation to this loan are disclosed within note 8 of the financial statements.
There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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