ACCOUNTS - Final Accounts preparation

Company registration number: 01693061

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	PORTLAND DEVELOPMENTS LIMITED


PORTLAND DEVELOPMENTS LIMITED

COMPANY INFORMATION

Directors	A P T Nickalls
	J Nickalls
	P J T Nickalls


Company secretary	A P T Nickalls


Registered number	01693061


Registered office	Richmond House
	Walkern Road
	Stevenage
	SG1 3QP


Accountants	Menzies LLP
	Chartered Accountants
	Richmond House
	Walkern Road
	Stevenage
	Herts
	SG1 3QP


PORTLAND DEVELOPMENTS LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


PORTLAND DEVELOPMENTS LIMITED REGISTERED NUMBER:01693061

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investment property			5,935,000		5,935,000
			5,935,000		5,935,000
Current assets
Debtors: amounts falling due within one year	6	2,545		3,368
Cash at bank and in hand		47,503		100,426
		50,048		103,794
Creditors: amounts falling due within one year	7	(75,397)		(122,381)
Net current liabilities			(25,349)		(18,587)
Total assets less current liabilities			5,909,651		5,916,413
Creditors: amounts falling due after more than one year	8		(414,882)		(399,815)
Provisions for liabilities
Deferred tax		(870,854)		(870,854)
			(870,854)		(870,854)
Net assets			4,623,915		4,645,744

Capital and reserves
Called up share capital	368,000	368,000
Investment property fair value	3,386,729	3,386,729
Profit and loss account	869,186	891,015
	4,623,915	4,645,744

Page 1


PORTLAND DEVELOPMENTS LIMITED REGISTERED NUMBER:01693061

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J Nickalls

Director

Date: 13 November 2025

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

Page 2


PORTLAND DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Portland Developments 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.
The presentation currency of the financial statements is the Pound Sterling (£).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Revenue

Rental income is recognised on a straight-line basis over the year in which the rental relates.

2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3


PORTLAND DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value are recognised in the income statement.

2.7

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Page 4


PORTLAND DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 4).

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 January 2024	10,028
	At 31 December 2024	10,028
	Depreciation
	At 1 January 2024	10,028
	At 31 December 2024	10,028
	Net book value
	At 31 December 2024	-
	At 31 December 2023	-

5.	Investment property

		Investment property
		£
	Valuation
	At 1 January 2024	5,935,000
	At 31 December 2024	5,935,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2024	2023
	£	£

	Historic cost	1,677,417	1,677,417
		1,677,417	1,677,417

Page 5


PORTLAND DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Prepayments and accrued income	2,545	3,368
	2,545	3,368

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	15,110	45,245
Trade creditors	2,006	2,159
Corporation tax	3,863	15,835
Other taxation and social security	461	1,832
Other creditors	45,249	49,296
Accruals and deferred income	8,708	8,014
	75,397	122,381

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	414,882	399,815
	414,882	399,815

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	429,992	445,060
	429,992	445,060

Details of security provided:

The bank loan is secured by a fixed and floating charge over the company's assets.

Page 6