Portland Place Management Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02012746 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

PORTLAND PLACE MANAGEMENT LIMITED

Page

Company Information

1

Report of the Directors

2

Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

G Henry

B S E Van Toen

SECRETARY:

Michael Laurie Magar Limited

REGISTERED OFFICE:

c/o Michael Laurie Magar

2nd Floor, Premiere House

Elstree Way

Borehamwood

WD6 1JH

REGISTERED NUMBER:

02012746 (England and Wales)

ACCOUNTANTS:

Websters

12 Melcombe Place

London

NW1 6JJ

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

PRINCIPAL ACTIVITY

The Company owns the reversionary freehold title of the property known as Portland Place, Portland Road, London

N15. The company's principal activities comprise the control, supervision, management and collection of ground rents in

respect of this property.

DIRECTORS

G Henry has held office during the whole of the period from 1 April 2018 to the date of this report.

Other changes in directors holding office are as follows:

B S E Van Toen - appointed 28 September 2018

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

G Henry - Director

8 March 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Portland Place Management Limited for the year ended 31 March 2019 which comprise the

Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Portland Place Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Portland Place Management Limited and state those matters that we have agreed to state to the Board of Directors of Portland Place Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portland Place Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Portland Place Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Portland Place Management Limited. You consider that Portland Place Management 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 financial statements of Portland Place Management 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 financial statements.

Websters

12 Melcombe Place

London

NW1 6JJ

9 March 2020

TURNOVER

140,960

135,244

Property Outgoings

(148,299

)

(129,079

)

GROSS (LOSS)/PROFIT

(7,339

)

6,165

Administrative expenses

(1,431

)

(1,430

)

OPERATING (LOSS)/PROFIT

4

(8,770

)

4,735

Interest receivable and similar income

19

3

(LOSS)/PROFIT BEFORE TAXATION

(8,751

)

4,738

Tax on (loss)/profit

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(8,751

)

4,738

FIXED ASSETS

Tangible assets

5

-

CURRENT ASSETS

Debtors

6

81,539

67,505

Cash at bank

121

81,660

67,626

CREDITORS

Amounts falling due within one year

7

(55,445

)

(32,660

)

NET CURRENT ASSETS

26,215

34,966

TOTAL ASSETS LESS CURRENT
LIABILITIES

26,215

34,966

CAPITAL AND RESERVES

Called up share capital

144

Retained earnings

26,071

34,822

SHAREHOLDERS' FUNDS

26,215

34,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 March 2020 and were signed on its behalf by:

G Henry - Director

1.	STATUTORY INFORMATION

Portland Place Management 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are also prepared in accordance with the Institute of Chartered Accountants in England

and Wales ("ICAEW") Technical Release "Tech 03/11" and taking account of subsequent legal counsel's opinion

obtained separately by both ICAEW and the Financial Reporting Council in determining whether a management

company acts as principal when contracting with third party suppliers to the property's service charge.

Turnover

Turnover comprises revenue recognised by the company in respect of ground rents and the reimbursement of

service charge expenditure deployed by the management company on behalf of the service charge fund for

Portland Place, Portland Road, London N15.

Recognition of income

Service charges receivable is recognised in the financial statements concurrently with the recognition of the

service charge expenditure that is being funded.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	OPERATING (LOSS)/PROFIT

The directors received no remuneration in respect of their services to the company for the period.

5.	TANGIBLE FIXED ASSETS

The company owns the reversionary freehold interest in Portland Place, Portland Road, London N15 which was

purchased for nil consideration. In the directors' opinion that the property does not qualify as an Investment

Property as defined by the provisions of Section 16 of FRS102 as the property is held for administrative

purposes and as no rentals are being earned. Therefore the property is held on the balance sheet at at £Nil,

being the cost to the company of the freehold interest.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

Other debtors

81,539

67,505

Included within other debtors is a balance of £16,059 (2018: £9,626) due from the service charge fund which is

held in trust by the company for the benefit of the lessees of Portland Place, Portland Road, London N15.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

Trade creditors

38,650

28,156

Other creditors and accruals

16,795

4,504

55,445

32,660

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by a voting majority of its shareholders and accordingly there is no controlling party.