Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-10-01falseproperty investment34falsetruefalse 02829586 2023-10-01 2024-09-30 02829586 2022-10-01 2023-09-30 02829586 2024-09-30 02829586 2023-09-30 02829586 c:Director4 2023-10-01 2024-09-30 02829586 d:FreeholdInvestmentProperty 2023-10-01 2024-09-30 02829586 d:FreeholdInvestmentProperty 2024-09-30 02829586 d:FreeholdInvestmentProperty 2023-09-30 02829586 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 02829586 d:CurrentFinancialInstruments 2024-09-30 02829586 d:CurrentFinancialInstruments 2023-09-30 02829586 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 02829586 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02829586 d:ShareCapital 2024-09-30 02829586 d:ShareCapital 2023-09-30 02829586 d:InvestmentPropertiesRevaluationReserve 2023-10-01 2024-09-30 02829586 d:InvestmentPropertiesRevaluationReserve 2024-09-30 02829586 d:InvestmentPropertiesRevaluationReserve 2023-09-30 02829586 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 02829586 d:RetainedEarningsAccumulatedLosses 2024-09-30 02829586 d:RetainedEarningsAccumulatedLosses 2023-09-30 02829586 c:FRS102 2023-10-01 2024-09-30 02829586 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 02829586 c:FullAccounts 2023-10-01 2024-09-30 02829586 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02829586 2 2023-10-01 2024-09-30 02829586 6 2023-10-01 2024-09-30 02829586 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 02829586 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 02829586 d:OtherDeferredTax 2024-09-30 02829586 d:OtherDeferredTax 2023-09-30 02829586 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure
Registered number: 02829586






PORTMOUNT PROPERTY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024









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PORTMOUNT PROPERTY LIMITED
REGISTERED NUMBER:02829586

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
1,005,829
1,005,829

Investment property
 5 
7,181,199
5,402,949

  
8,187,028
6,408,778

Current assets
  

Debtors: amounts falling due within one year
 6 
12,540,204
12,103,573

Cash at bank and in hand
 7 
1,023,531
2,133,889

  
13,563,735
14,237,462

Creditors: amounts falling due within one year
 8 
(466,530)
(1,775,092)

Net current assets
  
 
 
13,097,205
 
 
12,462,370

Total assets less current liabilities
  
21,284,233
18,871,148

Provisions for liabilities
  

Deferred tax
 9 
(932,477)
(502,746)

  
 
 
(932,477)
 
 
(502,746)

Net assets
  
20,351,756
18,368,402


Capital and reserves
  

Called up share capital 
  
24,001
24,001

Investment property reserve
 10 
2,977,221
1,548,419

Profit and loss account
 10 
17,350,534
16,795,982

  
20,351,756
18,368,402


Page 1

 
PORTMOUNT PROPERTY LIMITED
REGISTERED NUMBER:02829586
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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: 




................................................
G L Dunitz
Director

Date: 26 June 2025

Page 2

 
PORTMOUNT PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Portmount Property Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of property investment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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.

Page 3

 
PORTMOUNT PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
PORTMOUNT PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 5

 
PORTMOUNT PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 4).


4.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 October 2023
1
1,005,828
1,005,829



At 30 September 2024
1
1,005,828
1,005,829




Page 6

 
PORTMOUNT PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
5,402,949


Disposals
(90,000)


Surplus on revaluation
1,868,250



At 30 September 2024
7,181,199

Page 7

 
PORTMOUNT PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
5.Investment property (continued)

The 2024 valuations were made by the Directors, on an open market value for existing use basis.




6.


Debtors

2024
2023
£
£


Trade debtors
84,600
-

Amounts owed by group undertakings
12,274,382
11,604,435

Other debtors
181,222
499,138

12,540,204
12,103,573



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,023,531
2,133,889

1,023,531
2,133,889



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
-
948,645

Other taxation and social security
183,345
617,650

Other creditors
161,252
117,611

Accruals and deferred income
121,933
91,186

466,530
1,775,092


The bank loans and overdrafts are secured by charges over the assets of the company.

Page 8

 
PORTMOUNT PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Deferred taxation




2024


£






At beginning of year
502,746


Charged to profit or loss
429,731



At end of year
932,477

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
320,316
320,013

On fair value adjustment
612,161
182,733

932,477
502,746


10.


Reserves

Investment property revaluation reserve

This reserve forms part of the profit and loss reserve representing the non-distributable element arising from the revaluation of investment property, net of deferred tax.

Profit & loss account

All reserves in respect of profit and loss are distributable reserves.

 
Page 9