Portland Mortgages Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02574950 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

PORTLAND MORTGAGES

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J N Bucknall

D A Sheahan

T S Bucknall

G E Sheahan

SECRETARY:

D A Sheahan

REGISTERED OFFICE:

148 Portland Road

HOVE

East Sussex

BN3 5QL

REGISTERED NUMBER:

02574950 (England and Wales)

ACCOUNTANTS:

Galloways Accounting

30 New Road

Brighton

East Sussex

BN1 1BN

FIXED ASSETS

Tangible assets

4

1,146

1,528

CURRENT ASSETS

Stocks

3,501,805

4,303,055

Debtors

5

50,815

42,754

Investments

6

11,874

11,874

Cash at bank

482,430

396,387

4,046,924

4,754,070

CREDITORS

Amounts falling due within one year

7

1,047,777

1,246,442

NET CURRENT ASSETS

2,999,147

3,507,628

TOTAL ASSETS LESS CURRENT LIABILITIES

3,000,293

3,509,156

CREDITORS

Amounts falling due after more than one year

8

2,855,416

3,522,493

NET ASSETS/(LIABILITIES)

144,877

(13,337

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

144,777

(13,437

)

SHAREHOLDERS' FUNDS

144,877

(13,337

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2020 and were signed on its behalf by:

J N Bucknall - Director

1.	STATUTORY INFORMATION

Portland Mortgages 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 directors do not anticipate that the recent COVID-19 outbreak will affect the company's ability to continue for the

foreseeable future and therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover represents the sale of properties and is measured at the fair value of the consideration received or

receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings and equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as

intended.

Stocks

Stocks comprise properties held for resale measured at the lower of cost and estimated selling price less costs to

complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related

revenue is recognised.

The directors have considered the estimated selling price less costs to complete and sell for each property based on

their knowledge of the property market and development.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly

in equity.

Current or deferred taxation assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

equipment

£

COST

At 1 April 2019

and 31 March 2020

26,259

DEPRECIATION

At 1 April 2019

24,731

Charge for year

382

At 31 March 2020

25,113

NET BOOK VALUE

At 31 March 2020

1,146

At 31 March 2019

1,528

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,628

880

Other debtors

48,187

41,874

50,815

42,754

6.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Portland Properties (SE) LLP

11,874

11,874

Portland Mortgages Limited is a member of Portland Properties (SE) LLP.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Tax

17,864

6,807

Social security and other taxes

389

11,851

Other creditors

27,856

19,330

Directors' current accounts

984,395

1,191,054

Accruals and deferred income

17,273

17,400

1,047,777

1,246,442

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans more than 5 years

2,359,191

3,024,268

Other loans - 2-5 years

496,225

498,225

2,855,416

3,522,493

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more than 5 years

2,359,191

3,024,268

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

2,359,191

3,024,268

Other loans

496,225

498,225

2,855,416

3,522,493

The long term loans are secured on the properties held by the company.