Portnall Estates Limited - Period Ending 2021-03-31

Portnall Estates Limited

(Registration number: 02321845)
Statement of Financial Position as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	4	352,511	352,511
Current assets
Debtors	5	6,300	6,300
Cash at bank and in hand		8,447	20,171
		14,747	26,471
Creditors: Amounts falling due within one year	6	(221,256)	(221,238)
Net current liabilities		(206,509)	(194,767)
Net assets		146,002	157,744
Capital and reserves
Called up share capital		3	3
Fair value reserve		(94,176)	(94,176)
Profit and loss account		240,175	251,917
Shareholders' funds		146,002	157,744

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 Board on 5 November 2021 and signed on its behalf by:
 

.........................................

Mr S R Morton
Director

Portnall Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 2021

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

4	Investment properties

	2021 £
At 1 April 2020	352,511
At 31 March 2021	352,511

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.

5

Debtors

	2021 £	2020 £
Prepayments	6,300	6,300
	6,300	6,300

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Accruals and deferred income	756	738
Other creditors	220,500	220,500
	221,256	221,238