| PORTVILLE DEVELOPMENTS LIMITED |
| Registered number: |
05703728 |
| Balance Sheet |
| as at 28 February 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
865,000 |
|
|
800,000 |
|
| Current assets |
| Debtors |
4 |
|
6,210 |
|
|
6,000 |
| Cash at bank and in hand |
|
|
12,541 |
|
|
5,192 |
|
|
|
18,751 |
|
|
11,192 |
|
| Creditors: amounts falling due within one year |
5 |
|
(58,566) |
|
|
(45,959) |
|
| Net current liabilities |
|
|
|
(39,815) |
|
|
(34,767) |
|
| Total assets less current liabilities |
|
|
|
825,185 |
|
|
765,233 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(369,075) |
|
|
(369,650) |
|
| Provisions for liabilities |
|
|
|
(56,822) |
|
|
(44,472) |
|
|
| Net assets |
|
|
|
399,288 |
|
|
351,111 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Revaluation reserve |
7 |
|
|
242,242 |
|
|
189,592 |
| Profit and loss account |
|
|
|
156,946 |
|
|
161,419 |
|
| Shareholders' funds |
|
|
|
399,288 |
|
|
351,111 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| 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. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr Subhash Kanji Lakhani |
| Director |
| Approved by the board on 11 June 2025 |
|
| PORTVILLE DEVELOPMENTS LIMITED |
| Notes to the Accounts |
| for the year ended 28 February 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration receivable. Turnover includes rental income from Investment property. |
|
|
Tangible fixed assets |
|
Tangible fixed assets consist of Investment Properties. Investment Properties are revalued at the year end by the company's Directors based on open market values. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment Properties |
| £ |
|
Cost/ Valuation |
Valuation |
|
|
At 1 March 2024 |
800,000 |
|
Surplus on revaluation |
65,000 |
|
At 28 February 2025 |
865,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 28 February 2025 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2025 |
865,000 |
|
At 29 February 2024 |
800,000 |
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2025 |
|
2024 |
| £ |
£ |
|
Historical cost |
565,936 |
|
565,936 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
565,936 |
|
565,936 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Amounts owed by associate company ( see note 8 below) |
|
6,000 |
|
6,000 |
|
Other debtors |
210 |
|
- |
|
|
|
|
|
|
6,210 |
|
6,000 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Amounts owed to associate company ( see note 8 below) |
|
13,000 |
|
3,000 |
|
Other creditors |
45,566 |
|
42,959 |
|
|
|
|
|
|
58,566 |
|
45,959 |
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loan |
369,075 |
|
369,650 |
|
|
The bank loan is secured by a debenture over the investment property owned by the company. |
|
| 7 |
Revaluation reserve |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 March 2024 |
189,592 |
|
149,092 |
|
Gain on revaluation of land and buildings |
65,000 |
|
50,000 |
|
Deferred taxation arising on the revaluation of land and buildings |
(12,350) |
|
(9,500) |
|
|
At 28 February 2025 |
242,242 |
|
189,592 |
|
|
|
|
|
|
|
|
|
|
This related to the gain arising on the revaluation of the company's investment properties as at |
|
28 February 2025, based on a valuation conducted by the directors of the company based on |
|
open market values. The directors are not aware of any material change in value since the |
|
date of valuation. |
|
| 8 |
Related party transactions |
|
|
At the year end, the company was owed £6,000 (2024 -£6,000) from Shirade Properties Limited, a company under common control and directorship. |
|
|
At the year end, the company owed £13,000 (2023 -£3,000) to Lakhani Estates Limited, a company under common control and directorship. |
|
| 9 |
Controlling party |
|
|
The company was under the control of Mr S K Lakani, a director and shareholder during the year and close family members. |
|
| 10 |
Other information |
|
|
PORTVILLE DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
309 Hoe Street |
|
Walthamstow |
|
London |
|
E17 9BG |