Company Registration No. 08408215 (England and Wales)
Portolivia Limited
Unaudited accounts
for the year ended 28 February 2021
Portolivia Limited
Unaudited accounts
Contents
Portolivia Limited
Company Information
for the year ended 28 February 2021
Directors
A Bailey
T L Bailey
Company Number
08408215 (England and Wales)
Registered Office
73a High Street
Egham
Surrey
TW20 9HE
Accountants
Howard and Company
73a High Street
Egham
Surrey
TW20 9HE
Portolivia Limited
Statement of financial position
as at 28 February 2021
Tangible assets
14,671
14,031
Investment property
2,305,000
2,305,000
Cash at bank and in hand
134,205
82,934
Creditors: amounts falling due within one year
(192,090)
(195,214)
Net current liabilities
(51,228)
(106,209)
Total assets less current liabilities
2,268,443
2,212,822
Creditors: amounts falling due after more than one year
(1,884,245)
(1,835,078)
Provisions for liabilities
Deferred tax
(55,171)
(41,728)
Net assets
329,027
336,016
Called up share capital
100
100
Profit and loss account
328,927
335,916
Shareholders' funds
329,027
336,016
For the year ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2021 and were signed on its behalf by
A Bailey
Director
Company Registration No. 08408215
Portolivia Limited
Notes to the Accounts
for the year ended 28 February 2021
Portolivia Limited is a private company, limited by shares, registered in England and Wales, registration number 08408215. The registered office is 73a High Street, Egham, Surrey, TW20 9HE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value of rents receiveable. Where rent has been received in advance or is in arrears at the balance sheet date provision is made within creditors as deferred income, or within debtors as appropriate.
Government grants are credited to profit and loss account in the period in which the associated expenditure is charged to profit and loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Investment property is included at fair market value. Increases and decreases in value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Portolivia Limited
Notes to the Accounts
for the year ended 28 February 2021
4
Tangible fixed assets
Plant & machinery
At 28 February 2021
56,268
At 28 February 2021
41,597
At 28 February 2021
14,671
At 29 February 2020
14,031
Fair value at 1 March 2020
2,305,000
At 28 February 2021
2,305,000
The book value of investment properties had they not been adjusted for fair value would have been £2,099,122 (2020 - £2,099,122).
The company's investment properties were revalued during the year by the directors using an estimate of the market value.
6
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
496
485
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
833
-
Taxes and social security
1,526
215
Loans from directors
160,167
161,074
Portolivia Limited
Notes to the Accounts
for the year ended 28 February 2021
8
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
1,884,245
1,835,078
Aggregate of amounts that fall due for payment after five years
1,844,245
1,835,078
£1,835,078 of bank loans are secured by legal charges in favour of Paragon Mortgages Limited over the company's freehold properties situated at:
12 Brookside Terrace Chester,
43 Ermine Road Chester,
55 Ermine Road Chester,
4 Gladstone Road Chester,
7 Henshall Street Chester,
46 Louise Street Chester,
10 Sydney Road Chester,
20 Sydney Road Chester, and
32 Upper Northgate Street Chester,
and by a first floating charge over the company's undertaking, property, assets and rights.
9
Deferred taxation
2021
2020
Accelerated capital allowances
3,701
2,611
Revaluation of investment property
51,470
39,117
Provision at start of year
41,728
37,971
Charged to the profit and loss account
13,443
3,757
Provision at end of year
55,171
41,728
Deferred taxation has been provided at 25%, this being the rate that will be applicable from April 2022. The provision for 2020 was at 19%.
10
Average number of employees
During the year the average number of employees was 3 (2020: 2).
