| PORTMAIN ESTATES LTD |
|
| Report to the directors on the preparation of the unaudited abbreviated accounts of PORTMAIN ESTATES LTD for the year ended 29 February 2016 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of PORTMAIN ESTATES LTD for the year ended 29 February 2016 which comprise of 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/ |
| Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
|
| Fergus & Fergus |
| Chartered Certified Accountants |
| 24 Oswald Road |
| Chorlton-cum-Hardy |
| Manchester |
| Lancashire |
| M21 9LP |
|
| 13 June 2016 |
|
| PORTMAIN ESTATES LTD |
| Registered number: |
03927087 |
| Abbreviated Balance Sheet |
| as at 29 February 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
2,163 |
|
|
2,326 |
| Investments |
3 |
|
|
260,500 |
|
|
397,788 |
|
|
|
|
262,663 |
|
|
400,114 |
|
| Current assets |
| Cash at bank and in hand |
|
|
55,141 |
|
|
47,267 |
|
| Creditors: amounts falling due within one year |
|
|
(11,458) |
|
|
(1,963) |
|
| Net current assets |
|
|
|
43,683 |
|
|
45,304 |
|
| Total assets less current liabilities |
|
|
|
306,346 |
|
|
445,418 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(196,820) |
|
|
(320,144) |
|
|
|
| Net assets |
|
|
|
109,526 |
|
|
125,274 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
100 |
|
|
100 |
| Revaluation reserve |
|
|
|
13,007 |
|
|
100,558 |
| Profit and loss account |
|
|
|
96,419 |
|
|
24,616 |
|
| Shareholders' funds |
|
|
|
109,526 |
|
|
125,274 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Mr P A Nolan |
| Director |
| Approved by the board on 13 June 2016 |
|
| PORTMAIN ESTATES LTD |
| Notes to the Abbreviated Accounts |
| for the year ended 29 February 2016 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts are prepared under the historical cost convention as modified by the revaluation of land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) |
|
|
Turnover |
|
Turnover comprises rents receivable in the year. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Fixtures and fittings |
15% per annum reducing balance basis |
|
|
|
|
Fixed assets - Investments |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Land and buildings - valuation |
|
|
|
|
260,500 |
|
397,788 |
|
- cost |
|
|
|
|
247,493 |
|
297,230 |
|
|
|
Due to the nature of properties held, for investment purposes, which are maintained to a high standard of repair, depreciation is not applied as the carrying values are not anticipated to diminish. The investments have been valued at open market value by the directors. The difference between valuation and original cost is transferred to the investment revaluation reserve. This accounting policy complies with Accounting Standards but is a departure from the Companies Act 2006, deemed necessary to give a true and fair view. |
|
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Pensions |
|
The company did not operate a pension scheme during the year. |
|
|
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 March 2015 |
6,903 |
|
Additions |
218 |
|
At 29 February 2016 |
7,121 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2015 |
4,577 |
|
Charge for the year |
381 |
|
At 29 February 2016 |
4,958 |
|
|
|
|
|
|
|
|
|
Net book value |
|
At 29 February 2016 |
2,163 |
|
At 28 February 2015 |
2,326 |
|
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
£ |
|
|
Cost |
|
At 1 March 2015 |
397,788 |
|
Disposals |
(137,288) |
|
|
At 29 February 2016 |
260,500 |
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
Amounts falling due for payment after more than five years |
196,820 |
|
320,144 |
|
Secured bank loans |
196,820 |
|
320,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
