Portland Road LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC394478 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st July 2023

for

Portland Road LLP

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

142

189

Investment property

6

585,000

595,000

585,142

595,189

CURRENT ASSETS

Cash at bank and in hand

2,140

4,883

CREDITORS

Amounts falling due within one year

34,345

29,322

NET CURRENT LIABILITIES

(32,205

)

(24,439

)

TOTAL ASSETS LESS CURRENT LIABILITIES

552,937

570,750

CREDITORS

Amounts falling due after more than one year

7

187,208

205,737

NET ASSETS ATTRIBUTABLE TO MEMBERS

365,729

365,013

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

365,729

365,013

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

365,729

365,013

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st July 2023.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st July 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss accounts has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 26th March 2024 and were signed by:

Mr. M N Pons - Designated member

1.	STATUTORY INFORMATION

Portland Road LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC394478

Registered office:

Kings Lodge

London Road

West Kingsdown

Sevenoaks

Kent

TN15 6AR

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Sales comprise the fair value of the consideration received or receivable for rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

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 when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial instruments

The company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2022 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st August 2022

and 31st July 2023

1,413

DEPRECIATION

At 1st August 2022

1,224

Charge for year

47

At 31st July 2023

1,271

NET BOOK VALUE

At 31st July 2023

142

At 31st July 2022

189

6.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st August 2022

595,000

Revaluations

(10,000

)

At 31st July 2023

585,000

NET BOOK VALUE

At 31st July 2023

585,000

At 31st July 2022

595,000

Cost or valuation at 31st July 2023 is represented by:

£

Valuation in 2019

12,631

Valuation in 2021

43,108

Valuation in 2023

(10,000

)

Cost

539,261

585,000

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2023

2022

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

75,377

84,692

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The balances shown above would rank below unsecured creditors from the proceeds of a winding-up of the LLP.

9.	ULTIMATE CONTROLLING PARTY

During the period, the ultimate controlling party was Mr M Pons by virtue of having control of the designated members.