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Company No: 09246511 (England and Wales)

FJ PORTUS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

FJ PORTUS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

FJ PORTUS LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
FJ PORTUS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Mr. N. Seager
Mrs. P. Seager
REGISTERED OFFICE Century House
Wargrave Road
Henley-On-Thames
England
RG9 2LT
United Kingdom
COMPANY NUMBER 09246511 (England and Wales)
ACCOUNTANT Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
FJ PORTUS LIMITED

BALANCE SHEET

As at 30 September 2024
FJ PORTUS LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,573 8,771
Investment property 4 995,000 995,000
1,002,573 1,003,771
Current assets
Debtors 5 35,149 21,690
Cash at bank and in hand 10,546 14,801
45,695 36,491
Creditors: amounts falling due within one year 6 ( 679,939) ( 665,616)
Net current liabilities (634,244) (629,125)
Total assets less current liabilities 368,329 374,646
Creditors: amounts falling due after more than one year 7 ( 215,749) ( 217,439)
Net assets 152,580 157,207
Capital and reserves
Called-up share capital 8 100 100
Fair value reserve 61,148 61,148
Profit and loss account 91,332 95,959
Total shareholder's funds 152,580 157,207

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of FJ Portus Limited (registered number: 09246511) were approved and authorised for issue by the Board of Directors on 05 June 2025. They were signed on its behalf by:

Mr. N. Seager
Director
FJ PORTUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
FJ PORTUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FJ Portus Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Wargrave Road, Henley-On-Thames, England, RG9 2LT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the balance sheet date the company's current liabilities exceeded its current assets. The day to day operation of the company is dependent upon support from its directors and lenders. On the assumption that such support will continue to be forthcoming, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income in the normal course of business.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 October 2023 45,076 45,076
Additions 1,110 1,110
At 30 September 2024 46,186 46,186
Accumulated depreciation
At 01 October 2023 36,305 36,305
Charge for the financial year 2,308 2,308
At 30 September 2024 38,613 38,613
Net book value
At 30 September 2024 7,573 7,573
At 30 September 2023 8,771 8,771

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 995,000
As at 30 September 2024 995,000

Valuation

The directors confirmed that at the balance sheet date the property valuation is a fair reflection of market values.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 933,852 933,852

5. Debtors

2024 2023
£ £
Trade debtors 25,087 16,515
Prepayments 10,062 5,175
35,149 21,690

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 18,093 19,814
Trade creditors 467 3,094
Amounts owed to related parties 616,748 613,721
Amounts owed to directors 268 268
Accruals and deferred income 44,363 27,720
Taxation and social security 0 999
679,939 665,616

The aggregate amount of creditors for which security has been given amounted to £18,093 (2023 - £19,814).

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 215,749 217,439

The aggregate amount of creditors for which security has been given amounted to £215,749 (2023 - £217,439).

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Ultimate controlling party

The company was under the control of the directors throughout the current and previous year by virtue of their majority shareholdings in the parent company, Fraser John Limited.