Porter Property Holdings Limited Filleted accounts for Companies House (small and micro)

PORTER PROPERTY HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI630662

Porter Property Holdings Limited

Filleted Unaudited Financial Statements

31 March 2019

Porter Property Holdings Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3

Porter Property Holdings Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Porter Property Holdings Limited

Year ended 31 March 2019

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2019, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

MANEELY Mc CANN Chartered Accountants

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

12 November 2019

Porter Property Holdings Limited

Statement of Financial Position

31 March 2019

	2019	2018
Note	£	£

Fixed assets

Investments	4	802	802

Current assets

Debtors	5	4,638,628	4,654,043
Cash at bank and in hand		912	35
		------------	------------
		4,639,540	4,654,078

Creditors: amounts falling due within one year	6	4,565,572	4,559,193
		------------	------------
Net current assets		73,968	94,885
		--------	--------
Total assets less current liabilities		74,770	95,687
		--------	--------

Capital and reserves

Called up share capital	602	702
Profit and loss account	74,168	94,985
	--------	--------
Shareholders funds	74,770	95,687
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2019 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 12 November 2019 , and are signed on behalf of the board by:

Mr W Porter
Director

Company registration number: NI630662

Porter Property Holdings Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Investments

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates 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/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.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities 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/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 joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2018 and 31 March 2019	802
	----
Impairment
At 1 April 2018 and 31 March 2019	–
	----

Carrying amount
At 31 March 2019	802
	----
At 31 March 2018	802
	----

5. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	4,638,026	4,653,341
Other debtors	602	702
	------------	------------
	4,638,628	4,654,043
	------------	------------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,426,455	4,044,567
Social security and other taxes	150,877	–
Other creditors	988,240	514,626
	------------	------------
	4,565,572	4,559,193
	------------	------------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr W Porter	( 210,122)	( 493,115)	( 703,237)
	---------	---------	---------

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr W Porter	( 796,558)	586,436	( 210,122)
	---------	---------	---------

8. Related party transactions

Control Mr W Porter is deemed the ultimate controlling party by virtue of his shareholding in Porter Property Holdings Limited . Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures. Mr James Porter is a shareholder in Porter Property Holdings Limited . At the year end Porter Property Holdings Limited owed James Porter £285,003 (2018:£304,504). This balance is disclosed with Other Creditors in the accounts.