Portland Industrial Est Management Ltd - Limited company - abbreviated - 11.6
Portland Industrial Est Management Ltd - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2014 |
| FOR |
| PORTLAND INDUSTRIAL ESTATE MANAGEMENT |
| LIMITED |
| PORTLAND INDUSTRIAL ESTATE MANAGEMENT |
| LIMITED (REGISTERED NUMBER: 00975257) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MAY 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| PORTLAND INDUSTRIAL ESTATE MANAGEMENT |
| LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| PORTLAND INDUSTRIAL ESTATE MANAGEMENT |
| LIMITED (REGISTERED NUMBER: 00975257) |
| ABBREVIATED BALANCE SHEET |
| 31 MAY 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 3 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
4 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Revaluation reserve |
| Profit and loss account | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| PORTLAND INDUSTRIAL ESTATE MANAGEMENT |
| LIMITED (REGISTERED NUMBER: 00975257) |
| ABBREVIATED BALANCE SHEET - continued |
| 31 MAY 2014 |
| The financial statements were approved by the Board of Directors on its behalf by: |
| PORTLAND INDUSTRIAL ESTATE MANAGEMENT |
| LIMITED (REGISTERED NUMBER: 00975257) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MAY 2014 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared on a going concern basis. The use of the going concern basis of |
| accounting is appropriate because there are no material uncertainties related to events or conditions |
| that may cast significant doubt about the ability of the company to continue as a going concern. |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention as modified by the |
| revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller |
| Entities (effective April 2008). |
| Turnover |
| Turnover represents administration and management services relating to the period, adjusted for any |
| work in progress. |
| Investment property |
| In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), |
| investment properties are revalued annually to open market value and the aggregate surplus or deficit |
| is transferred to revaluation reserve. No depreciation is provided in respect of investment properties. |
| The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts |
| with the generally accepted accounting principle set out in the Financial Reporting Standard for Smaller |
| Entities (effective April 2008). The directors consider that, because these properties are not held for |
| consumption, but for investment potential, to depreciate them would not give a true and fair view and |
| that it is necessary to adopt the Financial Reporting Standard for Smaller Entities (effective April 2008) |
| in order to give a true and fair view. |
| If this departure from the Act had not been made, the profit for the financial year would have been |
| reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified, |
| because depreciation is only one of many factors reflected in the annual valuation and the amount |
| which might otherwise have been shown cannot be separately identified or quantified. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
| over the period of the lease. |
| PORTLAND INDUSTRIAL ESTATE MANAGEMENT |
| LIMITED (REGISTERED NUMBER: 00975257) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MAY 2014 |
| 2. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST OR VALUATION |
| At 1 June 2013 |
| Additions |
| Revaluations |
| At 31 May 2014 |
| NET BOOK VALUE |
| At 31 May 2014 |
| At 31 May 2013 |
| 3. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| The aggregate total of debtors falling due after more than one year is £ |
| 4. | CREDITORS |
| Creditors include an amount of £ |
| They also include the following debts falling due in more than five years: |
| 2014 | 2013 |
| £ | £ |
| Repayable by instalments | 893,719 | 796,557 |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | £1 |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 May 2014 and |
| 31 May 2013: |
| 2014 | 2013 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year |
| PORTLAND INDUSTRIAL ESTATE MANAGEMENT |
| LIMITED (REGISTERED NUMBER: 00975257) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MAY 2014 |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year |