REGISTERED NUMBER: |
PORTLAND PROPERTY HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
REGISTERED NUMBER: |
PORTLAND PROPERTY HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
PORTLAND PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 13436390) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PORTLAND PROPERTY HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants and |
Chartered Tax Advisers |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
PORTLAND PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 13436390) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PORTLAND PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 13436390) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Portland Property Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
In preparing these financial statements, the company's critical accounting judgements and estimates are in respect of the the impairment of assets and the recoverability of amounts owed by customers. Details of these judgements and estimates are described in the relevant accounting policy, the notes to the financial statements and below: |
- In estimating the recoverability of amounts owed by customers. The directors best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection. |
- In determining the market value of the investment property, the directors best estimate based at the most recent valuation. |
Estimates and judgements include the likely outcome of future events; these are made after reviewing historical data and assessing all other pertinent information. |
It is possible that new information could come to light that might result in material adjustments to the items above. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
PORTLAND PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 13436390) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Cash at bank and in hand |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
PORTLAND PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 13436390) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | INVESTMENT PROPERTY - continued |
The investment property was purchased on 1 November 2022 at the restated cost as shown in these accounts for 2023, please refer to prior year adjustment note. In the opinion of the directors, the value of the property has not changed significantly at the year end. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
During the year, the company: |
- borrowed £25,496 (2023: £75,168) from a director. |
- was charged interest of £34,779 by a director's related company on it's loan to the company, at an annual interest rate of 7% per annum. No fixed term have been laid down as to repayment of capital. |
At the Balance Sheet date, the company owed £100,664 (2023: £75,168) to a director, £333,050 (2023: £298,271) to a director's related company and £1,193,854 (2023: £1,193,854) to a shareholder of the company; Unless already disclosed elsewhere, no fixed terms have been laid down as to payment of interest or repayment of capital in respect of these loans. |