Company registration number 13006759 (England and Wales)
Portnall & London Limited
Financial Statements
For the year ended
30 November 2024
Pages for filing with registrar
Portnall & London Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Portnall & London Limited
Statement Of Financial Position
As at 30 November 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
5
4,052,434
1,521,235
Current assets
Stocks
593,499
651,013
Debtors
6
241,005
244,953
Cash at bank and in hand
34,270
103,293
868,774
999,259
Creditors: amounts falling due within one year
7
(5,307,849)
(2,834,654)
Net current liabilities
(4,439,075)
(1,835,395)
Total assets less current liabilities
(386,641)
(314,160)
Creditors: amounts falling due after more than one year
8
(21,600)
-
Net liabilities
(408,241)
(314,160)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(408,341)
(314,260)
Total equity
(408,241)
(314,160)

The notes on pages 3 to 6 form part of these financial statements.

Portnall & London Limited
Statement Of Financial Position (Continued)
As at 30 November 2024
- 2 -

For the financial 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.

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 income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 August 2025
S.S.H. Rizvi
Director
Company registration number 13006759 (England and Wales)
Portnall & London Limited
Notes To The Financial Statements
For the year ended 30 November 2024
- 3 -
1
General information

Portnall & London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Gloucester Place, London, W1U 8HR.

2
Accounting policies
2.1
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.The principal accounting policies adopted are set out below.

2.2
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.

 

As of January 2025 the company has begun generating rental income from its investment properties and is also actively marketing the property it holds as stock for sale. The shareholders have also confirmed that they will support the company for all third party liabilities arising for a period of at least twelve months from the date of signing of the financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

Turnover comprises the sale of properties in the ordinary course of business. Turnover is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer (usually on the completion date stipulated in the contract), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4
Investment property

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.

2.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

2.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Portnall & London Limited
Notes To The Financial Statements (Continued)
For the year ended 30 November 2024
2
Accounting policies
(Continued)
- 4 -
2.7
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 classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from related parties are initially recognised at transaction price.

 

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.

3
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.

4
Employees

The company employed no persons during the period.

5
Investment property
2024
£
Fair value
At 1 December 2023
1,540,710
Additions
2,511,724
At 30 November 2024
4,052,434

Investment property comprises properties under construction which on completion will be held to earn rental income and for capital appreciation. The director has valued the properties on an open market value basis and considers the fair value of the properties to be £4,052,434 (2023 - £1,540,710).

Portnall & London Limited
Notes To The Financial Statements (Continued)
For the year ended 30 November 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
241,005
244,953
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,144
16,091
Other creditors
5,268,705
2,818,563
5,307,849
2,834,654
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
21,600
-
0
9
Financial commitments, guarantees and contingent liabilities

At the balance sheet date the company had commitments totalling £186,860 in respect of the construction of an investment property (2023 - £220,467 in respect of a property held as stock).

10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
10,211
46,360
11
Events after the reporting date

On 19 December 2024 the company acquired 100% of the share capital of Regents Terrace Resi Limited for cash consideration of £1,000.

 

On 21 May 2025 the company acquired a freehold investment property for cash consideration of £1,456,374, including directly attributable costs.

12
Related party transactions

At the balance sheet date the company owed £2,378,690 (2023 - £28,723) to owners holding a participating interest in the company. This amount is unsecured, interest-free and repayable on demand.

Portnall & London Limited
Notes To The Financial Statements (Continued)
For the year ended 30 November 2024
- 6 -
13
Prior period adjustment

A property that is being constructed by the company to earn rental income was incorrectly classified as stock in the financial statements for the year ended 30 November 2022 and 30 November 2023. Therefore a prior year adjustment has been made to reclassify the property from stock to investment property. The effect of the restatement as is follows:

Changes to the statement of financial position
As previously reported
Adjustment
As restated at 30 Nov 2023
£
£
£
Fixed assets
Investment properties
-
1,521,235
1,521,235
Current assets
Stocks
2,172,248
(1,521,235)
651,013
Net assets
(314,160)
-
(314,160)
Capital and reserves
Total equity
(314,160)
-
(314,160)
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