Portland Road LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC394478 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st July 2020

for

Portland Road LLP

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

335

447

Investment property

6

551,892

551,892

552,227

552,339

CURRENT ASSETS

Debtors

10,667

89,667

Cash at bank

192,168

4,947

202,835

94,614

CREDITORS

Amounts falling due within one year

48,467

32,472

NET CURRENT ASSETS

154,368

62,142

TOTAL ASSETS LESS CURRENT LIABILITIES

706,595

614,481

CREDITORS

Amounts falling due after more than one year

7

232,380

227,337

NET ASSETS ATTRIBUTABLE TO MEMBERS

474,215

387,144

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

474,215

387,144

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

474,215

387,144

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st July 2020.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st July 2020 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss accounts has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24th April 2021 and were signed by:

Mr. M N Pons - Designated member

1.	STATUTORY INFORMATION

Portland Road LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC394478

Registered office:

Kings Lodge

London Road

West Kingsdown

Sevenoaks

Kent

TN15 6AR

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Sales comprise the fair value of the consideration received or receivable for rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

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 when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2019 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st August 2019

and 31st July 2020

1,413

DEPRECIATION

At 1st August 2019

966

Charge for year

112

At 31st July 2020

1,078

NET BOOK VALUE

At 31st July 2020

335

At 31st July 2019

447

6.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st August 2019

and 31st July 2020

551,892

NET BOOK VALUE

At 31st July 2020

551,892

At 31st July 2019

551,892

Cost or valuation at 31st July 2020 is represented by:

£

Valuation in 2019

12,631

Cost

539,261

551,892

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

111,335

121,042

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The balances shown above would rank below unsecured creditors from the proceeds of a winding-up of the LLP.

9.	ULTIMATE CONTROLLING PARTY

During the period, the ultimate controlling party was Mr M Pons by virtue of having control of the designated members.