Portland Place Management Limited - Limited company accounts 11.6
Portland Place Management Limited - Limited company accounts 11.6
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| FOR |
| PORTLAND PLACE MANAGEMENT LIMITED |
| PORTLAND PLACE MANAGEMENT LIMITED (REGISTERED NUMBER: 02012746) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Profit and Loss Account | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 |
| PORTLAND PLACE MANAGEMENT LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| PORTLAND PLACE MANAGEMENT LIMITED (REGISTERED NUMBER: 02012746) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| The directors present their report with the financial statements of the company for the year ended |
| 31 March 2014. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2013 to the date of this |
| report. |
| Other changes in directors holding office are as follows: |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act |
| 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| PORTLAND PLACE MANAGEMENT LIMITED (REGISTERED NUMBER: 02012746) |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| 31.3.14 | 31.3.13 |
| Notes | £ | £ |
| TURNOVER |
| Property outgoings |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT/(LOSS) | 2 | ( |
) |
| Interest receivable and similar income |
| PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION |
( |
) |
| Tax on profit/(loss) on ordinary activities | 3 |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| PORTLAND PLACE MANAGEMENT LIMITED (REGISTERED NUMBER: 02012746) |
| BALANCE SHEET |
| 31 MARCH 2014 |
| 31.3.14 | 31.3.13 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Profit and loss account | 8 |
| 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. |
| The financial statements were approved by the Board of Directors on behalf by: |
| PORTLAND PLACE MANAGEMENT LIMITED (REGISTERED NUMBER: 02012746) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The following accounting policies have been applied consistently in dealing with items which are |
| considered material in relation to the company's accounts : |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance |
| with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Turnover |
| Turnover comprises ground rents receivable from the lessees of Portland Place. |
| Service charge funds |
| The company receives contributions towards property outgoings from the lessees ('service charge |
| funds'). However, as set out in Section 42 of The Landlord & Tenant Act 1987, the company holds |
| these funds in trust for the lessees and, in accordance with recommended practice issued by Institute |
| of Chartered Accountants in England and Wales, these contributions are not reflected in the accounts. |
| 2. | OPERATING PROFIT/(LOSS) |
| The directors received no remuneration in respect of their services to the company for the period. |
| 3. | TAXATION |
| In the directors' opinion the company is not liable to corporation tax on its results as there is mutual |
| ownership between the contributing lessees and the shareholders of the company. All expenditure |
| incurred by the company is in respect of Portland Place for the mutual benefit of the lessees and |
| shareholders. |
| Service charge funds are held by the company in trust for the tenants and hence any income tax |
| chargeable at the rate applicable to such trusts is not reflected in these accounts. |
| 4. | TANGIBLE FIXED ASSETS |
| The company owns the reversionary freehold interest in Portland Place which was purchased for nil |
| consideration. In the directors' opinion the property does not qualify as an Investment Property as |
| defined by Financial Reporting Standards for Smaller Entities (effective 2008) as the property is not |
| held for its investment potential and as the rental income has not been negotiated at arm's length. |
| Therefore the property is held on the balance sheet at £Nil, being the cost to the company of the |
| freehold interest. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.14 | 31.3.13 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.14 | 31.3.13 |
| £ | £ |
| Other creditors and accruals |
| PORTLAND PLACE MANAGEMENT LIMITED (REGISTERED NUMBER: 02012746) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2014 |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.14 | 31.3.13 |
| value: | £ | £ |
| Ordinary | £1 |
| At the balance sheet date, the called up share capital of the company remained unpaid in respect of 93 |
| Ordinary Shares. |
| 8. | RESERVES |
| Profit |
| and loss |
| account |
| £ |
| At 1 April 2013 |
| Profit for the year |
| At 31 March 2014 |
| 9. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by a voting majority of its shareholders and accordingly there is no |
| controlling party. |