Company registration number 12571841 (England and Wales)
PORTAVIA DEVELOPMENTS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
PORTAVIA DEVELOPMENTS LTD
COMPANY INFORMATION
Director
Mr BL Edwards
Company number
12571841
Registered office
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
West Glamorgan
SA1 8QY
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
PORTAVIA DEVELOPMENTS LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 5
PORTAVIA DEVELOPMENTS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -
The director presents his annual report and financial statements for the year ended 31 January 2025.
Principal activities
The principal activity of the company continued to be that of a property letting company.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr BL Edwards
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr BL Edwards
Director
11 May 2025
PORTAVIA DEVELOPMENTS LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PORTAVIA DEVELOPMENTS LTD FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Portavia Developments Ltd for the year ended 31 January 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Portavia Developments Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Portavia Developments Ltd and state those matters that we have agreed to state to the board of directors of Portavia Developments Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portavia Developments Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Portavia Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Portavia Developments Ltd. You consider that Portavia Developments Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Portavia Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WBV Limited
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
SA1 8QY
Wales
11 May 2025
PORTAVIA DEVELOPMENTS LTD
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 3 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
3
1,975,147
1,975,147
Current assets
Debtors
4
229,742
85,815
Cash at bank and in hand
50,100
50,035
279,842
135,850
Creditors: amounts falling due within one year
5
(1,929,842)
(1,602,782)
Net current liabilities
(1,650,000)
(1,466,932)
Net assets
325,147
508,215
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
325,047
508,115
Total equity
325,147
508,215
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 11 May 2025
Mr BL Edwards
Director
Company registration number 12571841 (England and Wales)
PORTAVIA DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
1
Accounting policies
Company information
Portavia Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Third Floor, Langdon House, Langdon Road, SA1 Swansea Waterfront, Swansea, West Glamorgan, SA1 8QY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PORTAVIA DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
1
3
Investment property
2025
£
Fair value
At 1 February 2024 and 31 January 2025
1,975,147
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
227,999
84,000
Other debtors
1,743
1,815
229,742
85,815
5
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
138,977
119,797
Other creditors
1,790,865
1,482,985
1,929,842
1,602,782