Portview Estates Limited Filleted accounts for Companies House (small and micro)
Portview Estates Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04328965
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Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
– |
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Investments |
6 |
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Current assets
Debtors |
7 |
– |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
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Net current liabilities |
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Total assets less current liabilities |
(
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(
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholders deficit |
(
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(
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
28 July 2023
, and are signed on behalf of the board by:
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Director |
Company registration number:
04328965
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Notes to the Financial Statements |
Year ended 30 April 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity and have been prepared subject to the uncertainties referred to in the Directors Report and the Notes to the financial statements and in particular under the headings Revenue recognition and Tangible assets.
Consolidation
Tangible assets
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in joint ventures
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2021:
6
).
5.
Tangible assets
Land and buildings |
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£ |
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Valuation |
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At 1 May 2021 |
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Disposals |
(
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At 30 April 2022 |
– |
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Depreciation |
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At 1 May 2021 and 30 April 2022 |
– |
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Carrying amount |
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At 30 April 2022 |
– |
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At 30 April 2021 |
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Under the terms of the Debenture LPA Receivers were appointed and thereafter the company's property was sold. Despite numerous requests for information, the Receivers did not supply either the company or its' accountants with any information whatsoever referable to the sale and the sale proceeds were determined only by reference to Land Registry entries. A very significant capital loss was incurred even without taking into account selling expenditure.
6.
Investments
Other investments other than loans |
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£ |
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Cost |
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At 1 May 2021 and 30 April 2022 |
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Impairment |
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At 1 May 2021 and 30 April 2022 |
– |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 |
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The company holds 100% of the issued share capital in Tepford Ltd, a Company incorporated in England.
7.
Debtors
2022 |
2021 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
– |
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Other debtors |
– |
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– |
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8.
Creditors:
amounts falling due within one year
2022 |
2021 |
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£ |
£ |
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Bank loans and overdrafts |
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Other creditors |
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Included in the total of bank loans and overdrafts is a bank loan of £23,651,608 (2021 - £26,901,608). This is repayable on demand. The quantum of the loan outstanding at 30th April 2022 is subject to the uncertainties referred to both in the Directors report and in the notes to the accounts.
9.
Related party transactions
The ultimate parent company is Inremco 26 Limited, which is registered in England and Wales. The largest group in which the results of the company are consolidated is that headed by Inremco 26 Limited. The smallest group in which the results of the company are consolidated is that headed by Portvale Management Limited. The consolidated accounts of the group are available to the public at the company's registered office namely Hallswelle House, 1 Hallswelle Road, London NW11 0DH. The company has taken advantage of the exemption in Financial Reporting Standard No 8 from disclosing transactions with related parties that are part of the Inremco 26 Limited group and investees of that group.
10.
Controlling party
The ultimate holding company is Inremco 26 Ltd, a company incorporated in United Kingdom.