Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 1,950,000 | 1,950,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| 140,622 | 74,612 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| Net current liabilities | (997,832) | (1,020,493) | ||
| Total assets less current liabilities | 952,168 | 929,507 | ||
| Provision for liabilities | 6 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of 75 Portobello Road Limited (registered number:
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W B Todd
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
75 Portobello Road Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets by £997,832.
The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from fellow group companies and if required from other connected companies under common control, to enable it to pay its debts as they fall due for at least 12 months from the date of approval of these financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The fair value model is determined by the directors with the benefit of professional external valuers and derived from the current market rents and investment property yields for comparable real estates, adjusted if necessary for any difference in nature, location or condition of the specific asset.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2025 |
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| As at 31 December 2025 |
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The fair value of investment properties at the reporting date was based on a valuation carried out by the directors. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields.
On an historical cost basis these would have been included at an original cost of £ 1,039,795 (2024: £ 1,039,795)
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Other creditors |
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| £ | £ | ||
| Deferred tax |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts due to related parties | 1,085,323 | 1,047,830 | |
| Amounts due from related parties | 137,763 | 71,400 |
The amounts were outstanding at the reporting end date.
The company has taken advantage of the exemption available under section 1A C.35 of FRS 102 “Related party disclosures” whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.
Revaluation reserve
Revaluation reserve relates to non-distributable reserves arising from revaluation of investment property less deferred tax.
Profit and loss reserves
Retained earnings represent accumulated comprehensive income for the year and prior periods less dividends paid.
As at 31 December 2025, DB Bank UK Limited holds fixed and floating charges over the investment property to secure loans in the name of Portobello Properties (London) Ltd. At the year end the total loans owed to DB Bank UK Limited was £6,855,750 (2024 : £6,855,750).