| PORTMAIN ESTATES LTD |
| Registered number: |
03927087 |
| Balance Sheet |
| as at 28 February 2018 |
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,819 |
|
|
2,140 |
| Investments |
4 |
|
|
320,500 |
|
|
320,500 |
|
|
|
|
322,319 |
|
|
322,640 |
| Current assets |
| Debtors |
5 |
|
180 |
|
|
- |
| Cash at bank and in hand |
|
|
20,813 |
|
|
11,514 |
|
|
|
20,993 |
|
|
11,514 |
|
| Creditors: amounts falling due within one year |
6 |
|
(3,825) |
|
|
(2,425) |
|
| Net current assets |
|
|
|
17,168 |
|
|
9,089 |
|
| Total assets less current liabilities |
|
|
|
339,487 |
|
|
331,729 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(196,820) |
|
|
(196,820) |
|
| Provisions for liabilities |
|
|
|
(14,216) |
|
|
(13,871) |
|
| Net assets |
|
|
|
128,451 |
|
|
121,038 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account - (non-distributable) |
9 |
|
|
59,136 |
|
|
59,136 |
| Profit and loss account - (distributable) |
|
|
|
69,215 |
|
|
61,802 |
|
| Shareholders' funds |
|
|
|
128,451 |
|
|
121,038 |
|
|
|
|
|
|
|
|
| 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. |
| The 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Mr P A Nolan |
| Director |
| Approved by the board on 28 November 2018 |
|
| PORTMAIN ESTATES LTD |
| Notes to the Accounts |
| for the year ended 28 February 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, as modified by the revaluation of fixed investments, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover comprises rents receivable in the year. |
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
|
Fixtures and fittings |
15% per annum reducing balance basis |
|
|
|
Fixed assets - Investments |
2018 |
|
2017 |
| £ |
£ |
|
|
Land and buildings - Valuation |
320,500 |
|
320,500 |
|
- Cost |
247,493 |
|
247,493 |
|
|
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 profit and loss non-distributable 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. |
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
|
Pensions |
|
The company did not operate a pension scheme during the year. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Fixtures and fittings |
| £ |
|
Cost |
|
At 1 March 2017 |
7,476 |
|
At 28 February 2018 |
7,476 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2017 |
5,336 |
|
Charge for the year |
321 |
|
At 28 February 2018 |
5,657 |
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2018 |
1,819 |
|
At 28 February 2017 |
2,140 |
|
|
|
| 4 |
Investments |
|
| Other |
| investments |
| £ |
|
Cost/valuation |
|
At 1 March 2017 |
320,500 |
|
|
At 28 February 2018 |
320,500 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 March 2017 |
247,493 |
|
At 28 February 2018 |
247,493 |
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors and prepayments |
180 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors and accruals |
1,920 |
|
480 |
|
Corporation tax |
1,905 |
|
1,945 |
|
|
|
|
|
|
3,825 |
|
2,425 |
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans |
196,820 |
|
196,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2018 |
|
2017 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
196,820 |
|
196,820 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
196,820 |
|
196,820 |
|
|
|
|
|
|
|
|
|
|
The loans are secured by fixed charges over the company's investment properties. |
|
|
|
| 9 |
Profit and loss - non-distributable |
2018 |
|
2017 |
| £ |
£ |
|
|
At 1 March 2017 |
59,136 |
|
10,536 |
|
Gain on revaluation of land and buildings |
- |
|
60,000 |
|
Deferred taxation arising on the revaluation of land and buildings |
- |
|
(11,400) |
|
|
At 28 February 2018 |
59,136 |
|
59,136 |
|
|
|
|
|
|
|
|
|
|
|
|
| 10 |
Events after the reporting date |
|
There were no events after the reporting date which would affect the user's understanding of these accounts. |
|
|
|
| 11 |
Contingent liabilities |
|
There were no contingent liabilities in existence at the year end. |
|
|
|
| 12 |
Controlling party |
|
The two directors each own 50% of the issued ordinary share capital of the company. |
|
|
|
| 13 |
Other information |
|
|
PORTMAIN ESTATES LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
24 Oswald Road |
|
Chorlton Cum Hardy |
|
Manchester |
|
M21 9LP |
