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Registered number: 01716542
PORTREALM LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
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PORTREALM LIMITED
COMPANY INFORMATION
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V Darkazally (resigned 22 August 2016)
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V J Friend (appointed 20 May 2016)
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PORTREALM LIMITED
CONTENTS
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Notes to the financial statements
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PORTREALM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2016
The directors present their report and the unaudited financial statements for the year ended 30 September 2016.
The principal activity of the company is to act as the service manager of the flats known as 26-27 Egerton Crescent, London SW3 2EB on a non profit basis. The whole of the service and management expenses are recoverable from the lessees in accordance with the terms of their respective leases.
The company acts as trustee in respect of service charge monies collected in connection with the above property. In accordance with recommendations from ARMA (Association of Residential Managing Agents), the service charge monies are excluded from the accounts as the company acts only in a trustee capacity in this connection. Separate service charge accounts are prepared and certified.
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The directors who served during the year were:
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V Darkazally (resigned 22 August 2016)
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V J Friend (appointed 20 May 2016)
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This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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This report was approved by the board and signed on its behalf.
Page 1
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PORTREALM LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PORTREALM LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 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 Portrealm Limited for the year ended 30 September 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 to us.
As a 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 http://www.icaew.com/en/membership/
regulations-standards-and-guidance.
This report is made solely to the Board of directors of Portrealm Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Portrealm Limited and state those matters that we have agreed to state to the Board of directors of Portrealm Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portrealm Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Portrealm 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 Portrealm Limited. You consider that Portrealm Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Portrealm 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.
Gibson Appleby
Chartered Accountants
1-3 Ship Street
Shoreham-by-Sea
West Sussex
BN43 5DH
30 June 2017
Page 2
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PORTREALM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2016
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PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
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Tax on profit on ordinary activities
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PROFIT FOR THE FINANCIAL YEAR
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The notes on pages 5 to 7 form part of these financial statements.
Page 3
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PORTREALM LIMITED
REGISTERED NUMBER: 01716542
BALANCE SHEET
AS AT 30 SEPTEMBER 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question 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 for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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 applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 7 form part of these financial statements.
Page 4
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PORTREALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
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Turnover comprises ground rent receivable.
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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2.TAXATION
3.INVESTMENT PROPERTY
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Freehold investment property
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At 1 October 2015 and 30 September 2016
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The 2016 valuations were made by , on an open market value for existing use basis.
4.INVESTMENT PROPERTY
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Freehold investment property
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At 1 October 2015 and 30 September 2016
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The 2016 valuations were made by , on an open market value for existing use basis.
Page 5
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PORTREALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
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Freehold investment property
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At 1 October 2015 and 30 September 2016
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The 2016 valuations were made by , on an open market value for existing use basis.
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Ground rent control account
Other debtors
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5.CREDITORS:
Amounts falling due within one year
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Amount due to Service Charge Fund
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Ground rent control account
Accruals
Other creditors
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6.SHARE CAPITAL
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Allotted, called up and fully paid
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5,000 Ordinary A shares of £1 each
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3 Ordinary B shares of £1 each
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Page 6
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PORTREALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
7.RESERVES
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Profit for the financial year
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Page 7
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