Portgrove Estates Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10052790 (England and Wales)

PORTGROVE ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2024 TO 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J E K Davies

REGISTERED OFFICE:

2nd Floor, One Hobbs House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

REGISTERED NUMBER:

10052790 (England and Wales)

ACCOUNTANTS:

KHI Albury Limited

2nd Floor, One Hobbs House,

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

FIXED ASSETS

Tangible assets

4

1,728

2,304

Investment property

5

789,696

791,424

792,000

CURRENT ASSETS

Debtors

6

81,544

111,400

Cash at bank

717

8,947

82,261

120,347

CREDITORS

Amounts falling due within one year

7

969,091

938,338

NET CURRENT LIABILITIES

(886,830

)

(817,991

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(95,406

)

(25,991

)

CAPITAL AND RESERVES

Called up share capital

9

10

Revaluation reserve

10

125,340

Retained earnings

10

(220,756

)

(151,341

)

SHAREHOLDERS' FUNDS

(95,406

)

(25,991

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 19 December 2025 and were signed by:

J E K Davies - Director

1.	STATUTORY INFORMATION

Portgrove Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

The Financial Statements have been prepared on a going concern basis, as the director has confirmed that funds will continue to be made available for the company to meet its day to day commitments for the foreseeable future. The financial statements do not include any adjustments that may result from the withdrawal of this support and the director is of the opinion that the going concern basis is therefore appropriate to the preparation of these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2024

and 31 December 2024

33,773

DEPRECIATION

At 1 October 2024

31,469

Charge for period

576

At 31 December 2024

32,045

NET BOOK VALUE

At 31 December 2024

1,728

At 30 September 2024

2,304

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2024

and 31 December 2024

789,696

NET BOOK VALUE

At 31 December 2024

789,696

At 30 September 2024

789,696

Following a review by the director, investment properties that originally cost £664,357 have been revalued to

£789,696 in the year ended 30 September 2024. No revaluation was done in the period ended 31 December 2024. The difference between the carrying value and the original cost, being £125,340, has been included in Revaluation Reserves.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2021

662,481

Valuation in 2022

212,519

Valuation in 2023

(9,000

)

Valuation in 2024

(76,304

)

789,696

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

£

Other debtors

6,000

36,000

Directors' current accounts

57,371

57,338

Tax

18,074

18,062

Prepayments

99

-

81,544

111,400

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

£

Other loans

310,343

Trade creditors

1,099

2,203

Amounts owed to associates

646,598

617,392

Tax

11

-

Accrued expenses

11,040

8,400

969,091

938,338

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

£

Other loans

310,343

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

value:

£

10

Ordinary A Shares

£1

10

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

At 1 October 2024

(151,341

)

125,340

(26,001

)

Deficit for the period

(69,415

)

(69,415

)

At 31 December 2024

(220,756

)

125,340

(95,416

)

11.	RELATED PARTY DISCLOSURES

At the year-end date, included within debtors, is an amount of £57,3371(2024: £57,338) owed from the director Mr J E K Davies.

These amounts are unsecured, interest-free and payable on demand.

At the year-end date, included within creditors, amounts falling due within one year, is an amount of £646,597 (2024: £617,392) owed to related entities in which the director Mr J E K Davies has beneficial interest.

This amount is unsecured, interest-free and payable on demand.

12.	POST BALANCE SHEET EVENTS

Since the balance sheet date, the company has completed the disposal of all its investment properties. The sales transactions were finalised after the year end and resulted in the realisation of the investment property values recorded at 31 December 2024. These disposals represent a significant development in the company's operations post year end.

In addition, the Directors' Loan Account was fully settled on 31 March 2025. The outstanding balances due to and from the Directors as at 31 December 2024 have been repaid in full, thereby extinguishing any related party balances with the Directors.

These post balance sheet events have been considered by the Directors in their assessment of the company's going concern status and financial position at the date the financial statements were approved.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J E K Davies.