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Registered number: 10727796
PORTOBELLO 95 PROPERTY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2021
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PORTOBELLO 95 PROPERTY LIMITED
REGISTERED NUMBER: 10727796
BALANCE SHEET
AS AT 30 APRIL 2021
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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PORTOBELLO 95 PROPERTY LIMITED
REGISTERED NUMBER: 10727796
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Portobello 95 Property Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of Portobello 95 Property Limited have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
As at the date these financial statements were approved by the directors, the following significant factors were considered when considering the going concern status of the Company.
The Company is purely a "group-occupied" investment property holding company with all relevant expenditure incurred towards the sole property held recharged by the Company to its occupant and fellow group undertaking, Portobello 95 Trade Limited; the Company is dependant on Portobello 95 Trade Limited meeting its financial commitments to the Company such that the Company is in turn able to meet its operating lease commitments.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
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Going concern (continued)
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Further details in respect of Portobello 95 Trade Limited and its going concern status can be found in the financial statements of Portobello 95 Trade Limited which do not form part of the Company's financial statements.
The Company continues to act solely as a special purpose vehicle for land and buildings owned and rented out to fellow group undertakings as it has done, with financial performance analogous to that reported to date, since incorporation. There have been no changes to the Company's primary operations to date.
In preparing these financial statements, taking into account the aforementioned and the financial performance and position of the Company up to the date these financial statements were approved; the directors are of the opinion that there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence and, as a result of which, the Company is expected to remain a going concern.
The directors accept that although there does exist an inherent uncertainty that may cast doubt about the ability of the Company to continue as a going concern, as is the case with all companies; the directors considers the uncertainty to be sufficiently insignificant such that the application of going concern basis in preparing the Company's financial statements remains appropriate and in turn have prepared the Company's financial statements under said basis.
Revenue comprises turnover recognised by the Company in respect of rental income and related recharged expenditure receivable during the year with amounts recognised in accordance with the underlying contractual arrangement on a straight line basis over the term of occupancy and is measured as the fair value of the consideration received or receivable exclusive of Value Added Tax.
The Company does not expect to have any contracts where the period between the transfer of the contracted goods and services and their related payment exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
Operating leases, net of benefits receivable as an incentive, are charged to the profit and loss account on a straight line basis over the lease term.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Exceptional items are items that are unusual because of their size, nature or incidence and which the directors consider should be disclosed separately to enable a full understanding of the Company's results.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended upon acquisition.
In accordance with those amendments to Financial Reporting Standard 102, as set out in the triennial review published in December 2017, investment property rented to other group entities and accounted for under the cost model is reported under either freehold or leasehold property and stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Over the term of the lease
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Depreciation of a tangible fixed asset commences once the asset is available for use. The residual value and depreciation basis of tangible fixed assets are reviewed, and adjusted prospectively where deemed appropriate, if there is an indication of a significant change since the last balance sheet date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is as outlined below:
Debtors and creditors
Debtors and creditors deemed to be short term in nature are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets. The Company held no debtors deemed not to be short term in nature during the current or preceding financial reporting periods. Creditors deemed not to be short term comprise solely of commercial bank loans initially measured at fair value and subsequently measured at amortised cost using the effective interest method with the interest expense recognised on an effective yield basis.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
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Financial instruments (continued)
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Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from a share premium account.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
In the opinion of the directors, there were no judgments, estimates and/or assumptions made in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.
The average monthly number of employees, including directors, during the year was nil (2020: nil).
In accordance with UK legislation, office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Short-term leasehold property
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Charge for the year on owned assets
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Included in short-term leasehold properties, as disclosed above, are investment properties which the Company rents to fellow group undertakings.
In accordance with the amendments to Financial Reporting Standard 102, as set out in the triennial review published in December 2017, the Company has elected to account for such properties using the cost model and as at the balance sheet date, the net book value of such properties was £542,437 (2020: £589,741).
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Falling due within one year
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Prepayments and accrued income
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest-free and repayable on demand with no fixed date of repayment.
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Creditors: Amounts falling due after more than one year
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Bank loans are repayable by the Company to National Westminster Bank plc in quarterly installments ending in 2024 and are secured by way of a debenture and legal mortgage as outlined in note 12 to the financial statements.
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The Company held no financial instruments during either the current or preceding financial reporting periods that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
The Company is party to a debenture in which a fixed and floating charge over all present and future assets of the Company has been granted in respect of any amounts owed by the Company and its fellow group undertakings to National Westminster Bank plc.
All legal interest by way of a legal mortgage in the short-term leasehold property held by the Company has been charged to National Westminster Bank plc as security in respect of a loan agreement entered into by the aforementioned parties.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Commitments under operating leases
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At 30 April 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings. Outstanding aggregated balances with the Company's fellow wholly-owned group undertakings as at the balance sheet date are disclosed within notes 6 and/or 8 of these financial statements.
There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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The immediate parent undertaking is Portobello 95 Group Limited, a company incorporated under the UK Companies Act 2006, which holds a 100% interest in the total voting rights of Portobello 95 Property Limited.
Portobello 95 Group Limited is the parent undertaking of the smallest group to consolidate these financial statements. Copies of consolidated group financial statements for Portobello 95 Group Limited are not publicly available by virtue of exemptions granted under sections 383 and 399 of the Companies Act 2006.
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