PORTFORGE_LIMITED - Accounts

PORTFORGE LIMITED - Company Information

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Company Registration No. 01346424 (England and Wales)

PORTFORGE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

PORTFORGE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

PORTFORGE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

2,001,883

2,287,830

Investments

260,325

263,654

2,262,208

2,551,484

Current assets

Debtors

19,046

16,159

Cash at bank and in hand

423,419

92,907

442,465

109,066

Creditors: amounts falling due within one year

(905,578)

(884,994)

Net current liabilities

(463,113)

(775,928)

Total assets less current liabilities

1,799,095

1,775,556

Provisions for liabilities

(568)

(758)

1,798,527

1,774,798

Capital and reserves

Called up share capital

100

Revaluation reserve

746,847

778,299

Profit and loss account

1,051,580

996,399

Shareholders' funds

1,798,527

1,774,798

PORTFORGE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2014

- 2 -

For the financial year ended 31 December 2014 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 financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 11 September 2015

Mr G M Green

Director

Company Registration No. 01346424

PORTFORGE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents income receivable from investment properties.

1.4

Tangible fixed assets and depreciation

In accordance with SSAP 19 i) investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve; and ii) no depreciation or amortisation is provided in respect of freehold properties and leasehold investment properties with more than twenty years to run. The directors consider that this accounting policy results in the financial statements giving a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown can not be separately identified or quantified.

Motor vehicles

25% reducing balance

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Investment properties

Investment properties shown in the financial statements as freehold land and buildings, are held for the generation of rental income. These assets are revalued at the balance sheet date on the basis of open market valuation, the surplus/deficit being included in revaluation reserve. On disposal, net proceeds are included in the profit and loss account and taxed in accordance with capital gains tax legislation. The difference between initial cost and balance sheet valuation is adjusted on the revaluation reserve.

PORTFORGE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 January 2014

2,289,093

263,654

2,552,747

Additions

17,671

Disposals

(285,000)

(21,000)

(306,000)

At 31 December 2014

2,004,093

260,325

2,264,418

Depreciation

At 1 January 2014

1,263

Charge for the year

947

At 31 December 2014

2,210

Net book value

At 31 December 2014

2,001,883

260,325

2,262,208

At 31 December 2013

2,287,830

263,654

2,551,484

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Participating interests

Westfield Properties

N/A

20.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2014

Principal activity

Westfield Properties

Commercial lettings

455,014

91,472

Mr R H Green, a director and shareholder of Portforge Limited, also has a 20% stake in the partnership known as Westfield Properties.

The company's share of the profits in Westfield Properties of £17,671 (2013: £15,743) is included under income from investment properties in the profit and loss account.

PORTFORGE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 5 -

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100