Portland Place Management Limited - Limited company accounts 11.9

REGISTERED NUMBER: 02012746 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

FOR

PORTLAND PLACE MANAGEMENT LIMITED

Page

Company Information

1

Report of the Directors

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

K Brooks

J Franks

B S Van Toen

J Velastegui

G Henry

SECRETARY:

Michael Laurie Magar Limited

REGISTERED OFFICE:

c/o Michael Laurie Magar

2nd Floor, Premiere House

Elstree Way

Borehamwood

WD6 1JH

REGISTERED NUMBER:

02012746 (England and Wales)

ACCOUNTANTS:

Websters

12 Melcombe Place

Marylebone

London

NW1 6JJ

The directors present their report with the financial statements of the company for the year ended 31 March 2015.

PRINCIPAL ACTIVITY

The company owns the reversionary freehold interest in the site known as Portland Place, Portland Road,

London N15. The company collects ground rents and has the responsibility to control, supervise and manage

this site on behalf of the lessees.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2014 to the date of this

report.

K Brooks

J Franks

B S Van Toen

J Velastegui

Other changes in directors holding office are as follows:

G Henry - appointed 17 December 2014

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in

accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law

the directors have elected to prepare the financial statements in accordance with United Kingdom Generally

Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company

law the directors must not approve the financial statements unless they are satisfied that they give a true and

fair view of the state of affairs of the company and of the profit or loss of the company for that period. In

preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain

the company's transactions and disclose with reasonable accuracy at any time the financial position of the

company and enable them to ensure that the financial statements comply with the Companies Act 2006. They

are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for

the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

B S Van Toen - Director

26 February 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Portland Place Management Limited for the year ended 31 March 2015 which

comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Portland Place Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Portland Place Management Limited and state those matters that we have agreed to state to the Board of Directors of Portland Place Management Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Portland Place Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Portland Place Management Limited. You consider that Portland Place Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Portland Place

Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting

records or information and explanations you have given to us and we do not, therefore, express any opinion

on the statutory financial statements.

Websters

12 Melcombe Place

Marylebone

London

NW1 6JJ

26 February 2016

TURNOVER

2,815

2,803

Property outgoings

-

(756

)

GROSS PROFIT

2,815

2,047

Administrative expenses

(1,248

)

(1,418

)

OPERATING PROFIT

2

1,567

629

Interest receivable and similar income

32

1

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

1,599

630

Tax on profit on ordinary activities

3

-

PROFIT FOR THE FINANCIAL YEAR

1,599

630

FIXED ASSETS

Tangible assets

4

-

CURRENT ASSETS

Debtors

5

1,491

280

Cash at bank

34,246

35,737

34,526

CREDITORS

Amounts falling due within one year

6

(2,279

)

(2,667

)

NET CURRENT ASSETS

33,458

31,859

TOTAL ASSETS LESS CURRENT
LIABILITIES

33,458

31,859

CAPITAL AND RESERVES

Called up share capital

7

144

Profit and loss account

8

33,314

31,715

SHAREHOLDERS' FUNDS

33,458

31,859

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 26 February 2016 and were signed on
its behalf by:

B S Van Toen - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The following accounting policies have been applied consistently in dealing with items which are

considered material in relation to the company's accounts :

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover comprises ground rents receivable from the lessees of Portland Place.

Service charge funds

The company receives contributions towards property outgoings from the lessees ('service charge

funds'). However, as set out in Section 42 of The Landlord & Tenant Act 1987, the company holds

these funds in trust for the lessees and, in accordance with recommended practice issued by Institute

of Chartered Accountants in England and Wales, these contributions are not reflected in the accounts.

2.	OPERATING PROFIT

The directors received no remuneration in respect of their services to the company for the period.

3.

TAXATION

In the directors' opinion the company is not liable to corporation tax on its results as there is mutual

ownership between the contributing lessees and the shareholders of the company. All expenditure

incurred by the company is in respect of Portland Place for the mutual benefit of the lessees and

shareholders.

Service charge funds are held by the company in trust for the tenants and hence any income tax

chargeable at the rate applicable to such trusts is not reflected in these accounts.

4.	TANGIBLE FIXED ASSETS

The company owns the reversionary freehold interest in Portland Place which was purchased for nil

consideration. In the directors' opinion the property does not qualify as an Investment Property as

defined by Financial Reporting Standards for Smaller Entities (effective 2008) as the property is not

held for its investment potential and as the rental income has not been negotiated at arm's length.

Therefore the property is held on the balance sheet at £Nil, being the cost to the company of the

freehold interest.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.15

31.3.14

£

Other debtors

1,491

280

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.15

31.3.14

£

Other creditors and accruals

2,279

2,667

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.15

31.3.14

value:

£

144

Ordinary

£1

144

At the balance sheet date, the called up share capital of the company remained unpaid in respect of 93

Ordinary Shares.

8.

RESERVES

Profit

and loss

account

£

At 1 April 2014

31,715

Profit for the year

1,599

At 31 March 2015

33,314

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by a voting majority of its shareholders and accordingly there is no

controlling party.