Portnall Estates Limited - Period Ending 2022-03-31
Portnall Estates Limited - Period Ending 2022-03-31
Registration number:
Portnall Estates Limited
for the Year Ended 31 March 2022
Portnall Estates Limited
(Registration number: 02321845)
Statement of Financial Position as at 31 March 2022
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2022 |
2021 |
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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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Shareholders' funds |
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For the financial year ending 31 March 2022 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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Portnall Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Investment property
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
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.
Portnall Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2022 |
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At 1 April 2021 |
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At 31 March 2022 |
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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.
Debtors |
2022 |
2021 |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Accruals and deferred income |
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Other creditors |
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