1 January 2024 v2025.46.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP033746612024-01-012024-12-31033746612024-12-31033746612023-12-3103374661core:WithinOneYear2024-12-3103374661core:WithinOneYear2023-12-3103374661core:AfterOneYear2024-12-3103374661core:AfterOneYear2023-12-3103374661core:ShareCapital2024-12-3103374661core:ShareCapital2023-12-3103374661core:RetainedEarningsAccumulatedLosses2024-12-3103374661core:RetainedEarningsAccumulatedLosses2023-12-3103374661bus:Director12024-01-012024-12-3103374661bus:RegisteredOffice2024-01-012024-12-3103374661core:FurnitureFittings2024-01-012024-12-31033746612023-01-012023-12-3103374661core:LandBuildings2024-01-0103374661core:PlantMachinery2024-01-01033746612024-01-0103374661core:LandBuildings2024-01-012024-12-3103374661core:LandBuildings2024-12-3103374661core:PlantMachinery2024-12-3103374661core:PlantMachinery2024-01-012024-12-3103374661core:LandBuildings2023-12-3103374661core:PlantMachinery2023-12-3103374661core:CostValuation2024-01-0103374661core:CostValuation2024-12-310337466112024-01-012024-12-3103374661countries:EnglandWales2024-01-012024-12-3103374661bus:AuditExempt-NoAccountantsReport2024-01-012024-12-3103374661bus:PrivateLimitedCompanyLtd2024-01-012024-12-3103374661bus:SmallEntities2024-01-012024-12-3103374661bus:FullAccounts2024-01-012024-12-31
Company registration number:
03374661
Porte A Porte (Holdings) Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Porte A Porte (Holdings) Limited
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Tangible assets 5
9,588,267
 
9,585,372
 
Investments 6
1,164,500
 
1,164,500
 
10,752,767
 
10,749,872
 
Current assets    
Debtors 7
1,221,826
 
1,264,198
 
Investments 8
117,869
 
133,180
 
Cash at bank and in hand
28,369
 
34,365
 
1,368,064
 
1,431,743
 
Creditors: amounts falling due within one year 9
(104,301
 )
(176,081
 )
Net current assets
1,263,763
 
1,255,662
 
Total assets less current liabilities 12,016,530   12,005,534  
Creditors: amounts falling due after more than one year 10
(5,725,900
 )
(5,735,900
 )
Provisions for liabilities
(1,118,472
 )
(1,118,472
 )
Net assets
5,172,158
 
5,151,162
 
Capital and reserves    
Called up share capital
11,000
 
11,000
 
Profit and loss account
5,161,158
 
5,140,162
 
Shareholders funds
5,172,158
 
5,151,162
 
For the year ending
31 December 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • 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 their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
29 July 2025
, and are signed on behalf of the board by:
F Gemayel
Director
Company registration number:
03374661
Porte A Porte (Holdings) Limited
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
1 Kings Avenue
,
Winchmore Hill
,
London
,
N21 3NA
, United Kingdom.
The principal activity of the company is that of property investment and investment in shares and gold.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the presentation and functional currency of the company.
The following accounting policies have been applied consistently throughout the year.

Judgements and key sources of estimation uncertainty

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future,actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.
- Useful lives of depreciable assets
Management reviews the useful lives of depreciable assets at each reporting date to ensure that the useful lives represent a reasonable estimate of likely period of benefit to the Company. Actual useful lives, however, may vary due to unforseen events.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
20% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
2
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2024
9,584,846
 
53,265
 
9,638,111
 
Additions
3,000
  -  
3,000
 
At
31 December 2024
9,587,846
 
53,265
 
9,641,111
 
Depreciation      
At
1 January 2024
 -  
52,739
 
52,739
 
Charge -  
105
 
105
 
At
31 December 2024
 -  
52,844
 
52,844
 
Carrying amount      
At
31 December 2024
9,587,846
 
421
 
9,588,267
 
At 31 December 2023
9,584,846
 
526
 
9,585,372
 
The fair value of the property at 31 December 2024 has been arrived at on the basis of a valuation carried out at the date by the director of the company who is not a professionally qualified surveyor.
The historic cost of freehold properties is £3,495,525 (2023 - £3,492,525)

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 January 2024
1,164,500
 
At
31 December 2024
1,164,500
 
Impairment  
At
1 January 2024
and
31 December 2024
 -  
Carrying amount  
At
31 December 2024
1,164,500
 
At 31 December 2023
1,164,500
 

7 Debtors

20242023
££
Trade debtors -  
22,717
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
238,339
 
404,902
 
Other debtors
983,487
 
836,579
 
1,221,826
 
1,264,198
 

8 Investments

20242023
££
Other current asset investments
117,869
 
133,180
 

9 Creditors: amounts falling due within one year

20242023
££
Other creditors
104,301
 
176,081
 

10 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
4,725,900
 
4,635,900
 
Other creditors
1,000,000
 
1,100,000
 
5,725,900
 
5,735,900
 
In 2025 the company refinanced its existing loan with EFG Private Bank Limited.This is a 5 year interest only loan with interest charge at 1% per annum over libor. The loan balance as at the year end was £3,150,000 (2023: £3,000,000) and is secured by the first legal charge over the property of the company.
In 2021 the company refinanced its existing loan with EFG Private Bank Limited. This is a 5 year interest only loan with interest charge varying between 1% to 2.5% per annum over libor. The loan balance as at the year end was £1,575,900 (2023: £1,635,900) and is secured by the first legal charge over the property of the company.

12 Controlling party

There is no single ultimate controlling party in the company.