| Portuguese Holdings Limited |
| Registered number: |
04942765 |
| Statement of Financial Position |
| as at 31 December 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Investments |
3 |
|
|
1,000 |
|
|
1,000 |
|
| Creditors: amounts falling due within one year |
4 |
|
(1,081,039) |
|
|
(1,075,439) |
|
| Net current liabilities |
|
|
|
(1,081,039) |
|
|
(1,075,439) |
|
| Net liabilities |
|
|
|
(1,080,039) |
|
|
(1,074,439) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
5 |
|
|
5 |
| Share premium |
|
|
|
11,881,750 |
|
|
11,881,750 |
| Profit and loss account |
|
|
|
(12,961,794) |
|
|
(12,956,194) |
|
| Shareholders' funds |
|
|
|
(1,080,039) |
|
|
(1,074,439) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
| The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The statement of income and directors' report have been delivered to the Registrar of Companies. |
|
|
|
|
| S Smith |
| Director |
| Approved by the board on 07 September 2021 |
|
| Portuguese Holdings Limited |
| Notes to the Financial Statements |
| for the year ended 31 December 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the statement of income. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement. |
|
|
Going concern |
|
The director has considered the company's financial position noting that its costs continue to be borne by its holding company. In addition the director has considered the company's liability to its lender under the banking facility referred to in note [3] and the guarantee the company has given to the lender in respect of amounts payable by its fellow subsidiaries. The aggregate liability amount changes from €17,017,000 to €16,443,000 of which €15,134,000 is a contingent liability for PHL and RLL with a corrected comparative of €15,708,000. All amounts due to the lender were due to be repaid on 7 August 2017 but were not and the company was therefore in breach of the borrowing agreement as at 31 December 2017 and 2018. In October 2019 the company, its parent company and its fellow subsidiaries signed an agreement (the "New Borrowing Agreement") with the lender under which all amounts are to be repaid by 31 December 2021 and Rio Laranja - Empreendimentos Turisticos Limitada is required to meet various obligations prior to that date. The company is not in a position to meet its obligations under the New Borrowing Agreement without the support of its parent and fellow subsidiary companies. |
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Opening balance |
|
At 1 January 2020 |
1,000 |
|
|
At 31 December 2020 |
1,000 |
|
|
The investment in subsidiary undertaking is a 50% ownership of Rio Laranja Empreendimentos Turisticos Lda which is based in Portugal. The director has reviewed the carrying value of the investment as at 31 December 2020 based on the underlying net asset value and future prospects and has determined that the carrying value of the investment should remain at £1,000. |
|
|
| 4 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans and overdrafts |
1,081,039 |
|
1,075,439 |
|
|
|
|
|
|
|
|
|
|
On 5 March 2014 €1,250,000 of bank debt was assumed by Portuguese Holdings Limited in exchange for an intercompany loan due by Rio Laranja Empreendimentos Turisticos Lda (RLET). Portuguese Holdings Limited obligations in respect of the loan have been guaranteed by its parent company Rio Laranja Holdings Limited and its fellow subsidiaries. The loan is in Euros and is stated in the accounts at the exchange rate applying at the start of the loan inclusive of unpaid interest. |
|
|
| 5 |
Share capital |
Nominal |
|
2020 |
|
2020 |
|
2019 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
5 |
|
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Share premium |
2020 |
|
2019 |
| £ |
£ |
|
|
At 1 January 2020 and 31 December 2020 |
11,881,750 |
|
11,881,750 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Contingent liabilities |
|
|
The company has guaranteed the obligations of its parent company and its fellow subsidiaries in respect of borrowing facilities provided by Barclays Bank Plc, Lisbon branch but transferred to Bankinter SA Lisbon branch in April 2016 and transferred again in October 2019 to Magnetiprovide - Unipessoal Limitada (the "Borrowing Facilities"); the total amount outstanding under these facilities at 31 December 2020 was €16,443,000 (31 Dec 2019 €17,017,000). |
|
|
| 8 |
Ultimate controlling party |
|
|
The ultimate parent company and controlling party is Rio Laranja Holdings Limited. |
|
|
| 9 |
Other information |
|
|
Portuguese Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Central House |
|
124 High Street |
|
Hampton Hill |
|
Middlesex |
|
TW12 1NS |
