Portland Place Management Limited - Limited company accounts 16.3

REGISTERED NUMBER: 02012746 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

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

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 2016.

PRINCIPAL ACTIVITY

The Company owns the reversionary freehold title of the property known as Portland Place, Portland Road,

London N15. The company's principal activities comprise the control, supervision, management and collection

of ground rents in respect of this property.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2015 to the date of this

report.

K Brooks

G Henry

Other changes in directors holding office are as follows:

J Franks , B S Van Toen and J Velastegui ceased to be directors after 31 March 2016 but prior to the date of this report.

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 provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

K Brooks - Director

24 March 2017

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 2016 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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 ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portland Place Management Limited 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

24 March 2017

TURNOVER

91,913

107,068

Service charge expenditure

(89,078

)

(104,253

)

GROSS PROFIT

2,835

2,815

Administrative expenses

(1,418

)

(1,248

)

OPERATING PROFIT

2

1,417

1,567

Interest receivable and similar income

41

32

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

1,458

1,599

Tax on profit on ordinary activities

3

-

-

PROFIT FOR THE FINANCIAL YEAR

1,458

1,599

FIXED ASSETS

Tangible assets

5

-

-

CURRENT ASSETS

Debtors

6

19,409

19,350

Cash at bank

34,268

34,246

53,677

53,596

CREDITORS

Amounts falling due within one year

7

(18,761

)

(20,138

)

NET CURRENT ASSETS

34,916

33,458

TOTAL ASSETS LESS CURRENT LIABILITIES

34,916

33,458

CAPITAL AND RESERVES

Called up share capital

8

144

144

Profit and loss account

9

34,772

33,314

SHAREHOLDERS' FUNDS

34,916

33,458

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Directors on 24 March 2017 and were signed on its behalf by:

K Brooks - Director

1.	ACCOUNTING POLICIES

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 January 2015). The financial

statements are also prepared in accordance with the Institute of Chartered Accountants in England

and Wales ("ICAEW") Technical Release "Tech 03/11" and taking account of subsequent legal

counsel's opinion obtained separately by both ICAEW and the Financial Reporting Council.

Turnover

Turnover comprises revenue recognised by the company in respect of ground rents and service

charge income from the tenants of Portland Place, Portland Road, London N15.

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.	PRIOR YEAR ADJUSTMENT

Accounting Convention:

The financial statements for year ended 31 March 2015 were prepared on the basis that the company

held the property's service charge funds in trust as set out in Section 42 of The Landlord & Tenant Act

1987. Furthermore, the accounts were prepared on the basis that the company was not acting as

principal when undertaking service charge transactions with third party suppliers.

In these financial statements the accounting convention set out above in Note 1 has been adopted and

the accounting policies have been amended to include service charges receivable as turnover, with the

corresponding outgoings reflected in cost of sales. The balance sheet includes all of the company's

own assets and liabilities.

5.	TANGIBLE FIXED ASSETS

The company owns the reversionary freehold interest in Portland Place, Portland Road, London N15

which was purchased for nil consideration. In the directors' opinion the property does not qualify as an

Investment Property as defined by FRSSE (effective January 2015) 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 at £Nil, being the cost to the company of the freehold interest.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

as

restated

£

£

Other debtors

19,409

19,350

Included within other debtors is a balance of £7,420 (2015: £7,745) due from the service charge fund

which is held in trust by the company for the benefit of the lessees of Portland Place, Portland Road,

London N15.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

as

restated

£

£

Trade creditors

14,314

14,819

Other creditors and accruals

4,447

5,319

18,761

20,138

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

as restated

£

£

144

Ordinary

£1

144

144

9.

RESERVES

Profit

and loss

account

£

At 1 April 2015

33,314

Profit for the year

1,458

At 31 March 2016

34,772

10.	ULTIMATE CONTROLLING PARTY

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

controlling party.