Company registration number 06150272 (England and Wales)
PORTLAND STREET ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PORTLAND STREET ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PORTLAND STREET ESTATES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
5,065,197
5,000,000
Current assets
Debtors
6
720,566
747,844
Cash at bank and in hand
3,222
88,976
723,788
836,820
Creditors: amounts falling due within one year
7
(3,260,769)
(3,359,836)
Net current liabilities
(2,536,981)
(2,523,016)
Total assets less current liabilities
2,528,216
2,476,984
Creditors: amounts falling due after more than one year
8
(4,239,642)
(4,229,285)
Net liabilities
(1,711,426)
(1,752,301)
Capital and reserves
Called up share capital
9
1,000
1,000
Non-distributable profits reserve
10
(3,606,556)
(3,606,556)
Distributable profit and loss reserves
1,894,130
1,853,255
Total equity
(1,711,426)
(1,752,301)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 July 2025
S E Elias
Director
Company Registration No. 06150272
PORTLAND STREET ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Portland Street Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 1 Ashley Road, Altrincham, WA14 2DT.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for rents and services net of VAT.
Revenue is recognised on the commencement of and in accordance with a lease, adjusted for any incentives as required by FRS102.
1.4
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.
1.5
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 current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
PORTLAND STREET ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.
Classification of 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 deducting all of its liabilities.
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.
1.7
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.
PORTLAND STREET ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 1 (2023: 1).
4
Taxation
The company has losses of £2,576,580 (2023 - £2,628,046) available for carry forward against future trading profits.
On the basis of these financial statements no provision has been made for corporation tax.
A deferred tax asset has been provided on the tax losses carried forward of £644,145 (2023 - £657,012).
5
Investment property
2024
£
Fair value
At 1 January 2024
5,000,000
Additions
65,197
At 31 December 2024
5,065,197
The company's investment property is stated at the Directors' opinion of its fair value as at the year end.
PORTLAND STREET ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Investment property
(Continued)
- 5 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
8,671,753
8,606,556
Accumulated depreciation
-
-
Carrying amount
8,671,753
8,606,556
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,275
2,838
Other debtors
75,146
87,994
76,421
90,832
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
644,145
657,012
Total debtors
720,566
747,844
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,242
12,632
Other creditors
3,248,527
3,347,204
3,260,769
3,359,836
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
4,239,642
4,229,285
The loan is secured on the property.
PORTLAND STREET ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1000 Ordinary shares of £1 each
1,000
1,000
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
(3,606,556)
(1,245,674)
Non distributable profits/(losses) in the year
-
(2,360,882)
At the end of the year
(3,606,556)
(3,606,556)
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Jason Selig BA ACA CTA DChA
Statutory Auditor:
Lopian Gross Barnett & Co
Date of audit report:
14 July 2025
12
Financial commitments, guarantees and contingent liabilities
The company has cross guarantees with regards to the loan with the following connected companies:- Charlotte Street Estates Ltd and King Street Estates Ltd.
13
Events after the reporting date
There were no post balance sheet events which require disclosure at the balance sheet date.
14
Related party transactions
There were no related party transactions outside the normal course of business.