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Registered Number: 11684745
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 November 2024

for

PORTOFINO PROPERTY LTD

 
 
Notes
 
2024
£
  2023
£
Fixed assets
Tangible fixed assets 2 722    429 
Financial assets 3 315,000    315,000 
315,722    315,429 
Current assets
Debtors 4 2,126    2,126 
Cash at bank and in hand 1,198    10,238 
3,324    12,364 
Creditors: amount falling due within one year 5 (52,685)   (48,997)
Net current assets/(liabilities) (49,361)   (36,633)
 
Total assets less current liabilities 266,361    278,796 
Creditors: amount falling due after more than one year 6 (188,516)   (184,386)
Provisions for liabilities 7 (12,852)   (12,852)
Net assets/(liabilities) 64,993    81,558 
 

Capital and reserves
Called up share capital 2    2 
Reserves 8 74,528    74,528 
Profit and loss account 9 (9,537)   7,028 
Shareholders fund 64,993    81,558 
 
For the year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of Part 15 of the Companies Act 2006.
Signed on behalf of the board of directors:


----------------------------------
Gurdip Singh
Director

Date approved: 08 August 2025
1
Statutory Information
PORTOFINO PROPERTY LTD is a private limited company, limited by shares, domiciled in England and Wales, registration number 11684745, registration address 35 Tamar Road, Hockley, Tamworth, B77 5QG, United Kingdom.

The presentation currency is £ sterling.
1.

Accounting Policies

Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
Going Concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
2.

Tangible fixed assets

Cost or Valuation   Computer equipment   Total
    £   £
At 01 December 2023   2,801    2,801 
Additions   649    649 
At 30 November 2024   3,450    3,450 
Depreciation
At 01 December 2023   2,372    2,372 
Charge for year   356    356 
At 30 November 2024   2,728    2,728 
Net book values
Closing balance as at 30 November 2024   722    722 
Opening balance as at 01 December 2023   429    429 

3.

Financial assets

Cost or Valuation   Investment in property   Total
    £   £
At 01 December 2023   315,000    315,000 
Additions    
At 30 November 2024   315,000    315,000 
Depreciation
At 01 December 2023    
At 30 November 2024    
Net book values
At 30 November 2024   315,000    315,000 
At 01 December 2023   315,000    315,000 
4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade debtors 1,501    1,501 
Deposits paid 625    625 
2,126    2,126 
5.

Creditors: amount falling due within one year

2024
£
  2023
£
Accrued expenses 838    1,904 
Purchase reserve 68    68 
Directors' current account 51,779    46,244 
Corporation tax   781 
52,685    48,997 
6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank loans & overdrafts 188,516    184,386 
188,516    184,386 


Amounts falling due in more than five years:  
Repayable by installments

 
Bank loans & overdrafts 188,516    184,386 
188,516    184,386 
7.

Provisions for liabilities

2024
£
  2023
£
Deferred tax 12,852    12,852 
12,852    12,852 
8.

Reserves

2024
£
  2023
£
Revaluation reserve b/fwd 74,528    74,528 
74,528    74,528 
9.

Profit and loss account

  2024
£
Balance at 01 December 2023 7,028 
Loss for the year (16,565)
Balance at 30 November 2024 (9,537)

10.

Average number of employees

Average number of employees during the year was 0 (2023: 0).
2