Portnall Estates Limited - Period Ending 2019-03-31
Portnall Estates Limited - Period Ending 2019-03-31
Registration number:
Portnall Estates Limited
for the Year Ended 31 March 2019
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
Portnall Estates Limited
Contents
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Company Information |
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Accountants' Report |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Portnall Estates Limited
Company Information
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Directors |
Mr P J Morton Mr J S Morton Mr S R Morton |
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Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Portnall Estates Limited
for the Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Portnall Estates Limited for the year ended 31 March 2019 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Portnall Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Portnall Estates Limited and state those matters that we have agreed to state to the Board of Directors of Portnall Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portnall Estates Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Portnall Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Portnall Estates Limited. You consider that Portnall Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Portnall Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Knoll Road
Camberley
Surrey
GU15 3SY
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Page 2 |
Portnall Estates Limited
(Registration number: 02321845)
Statement of Financial Position as at 31 March 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Total equity |
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For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared 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'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Director
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Page 3 |
Portnall Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Investment property
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
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Page 4 |
Portnall Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade creditors
Short term creditors are measured at the transaction price.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investment properties |
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2019 |
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At 1 April 2018 |
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At 31 March 2019 |
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At the year-end the freehold investment property was valued by the directors at its fair value. Due to the nature and location of the property the directors consider that the existing valuation is still a reasonable estimate of its current fair value and therefore no adjustment is necessary. Due to the reduction in value there is no need for a deferred tax provision as no liability would arise if the property were sold at this valuation.
There has been no valuation of investment property by an independent valuer.
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Debtors |
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2019 |
2018 |
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Prepayments |
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Page 5 |
Portnall Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
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Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Page 6 |