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Registered number: 10727796
PORTOBELLO 95 PROPERTY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 APRIL 2018
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PORTOBELLO 95 PROPERTY LIMITED
REGISTERED NUMBER: 10727796
BALANCE SHEET
AS AT 30 APRIL 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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PORTOBELLO 95 PROPERTY LIMITED
REGISTERED NUMBER: 10727796
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2018
Portobello 95 Property Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
2.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 unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company has elected to apply all amendments to Financial Reporting Standard 102, as set out in the triennial review published in December 2017, prior to the mandatory adoption for accounting periods beginning on or after 1 January 2019.
The preparation of financial statements in compliance with Financial Reporting Standard 102 requires the use of certain critical accounting estimates and the exercise of judgment in applying the Company's accounting policies.
There were no significant judgments and/or sources of estimation uncertainty made in applying the Company's accounting policies towards the preparation of these financial statements.
The directors having reviewed the financial performance and position of the Company, and the group of which the Company is a subsidiary undertaking of, up to the date these financial statements were approved and taking into account possible changes that may transpire determine that the Company will be able to operate within the level of its current facilities and have a reasonable expectation that the Company has adequate resources available at its disposal to continue in operational existence for the foreseeable future.
While there will always remain inherent uncertainty, the directors consider it appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and have not recognised any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency
Turnover comprises revenue recognised by the Company in respect of rental income receivable during the reporting period, exclusive of Value Added Tax.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2018
2.Accounting policies (continued)
Rentals payable towards or receivable from operating leases are charged or credited to profit or loss, as part of total comprehensive income, on a straight line basis over the term of the underlying lease agreement.
Amounts receivable or payable in respect of incentives and/or premiums upon entering into an operating lease are recognised as a reduction against the related income or expenditure over the lease term on a straight line basis, unless another systematic basis is considered to be a more appropriate representation of the time pattern over which the underlying incentive/premium is to be amortised.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Over the term of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed and adjusted for prospectively where appropriate or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account as part of total comprehensive income.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities (e.g. debtors, creditors, cash and cash equivalents) are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial assets and liabilities held at fair value through profit and loss are initially, and subsequently re-measured at each balance sheet date, at fair value with any gains or losses on re-measurement immediately recognised in total comprehensive income as part of profit or loss.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2018
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets and liabilities deemed to be short term in nature are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment. Other financial assets and liabilities deemed not to be short term are initially measured at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest method with the interest income or expense recognised on an effective yield basis.
Transaction costs that are directly attributable towards the acquisition or issue of financial assets and liabilities are added to or deducted from the fair value, as appropriate, on initial recognition; except for financial assets and liabilities held at fair value through profit or loss for which transaction costs are recognised immediately in profit or loss as part of total comprehensive income.
Ordinary share capital, shown in equity, is initially measured at transaction price with incremental costs directly attributable to the issue of said Ordinary shares shown in equity as a deduction, net of tax, from consideration receivable.
Equity dividends are recognised during the financial reporting period in which they become legally payable within the statement of changes in equity. Interim equity dividends are recognised when paid and final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Financial instruments are derecognised when either;
∙the contractual rights to the cash flows expire or are settled, or;
∙substantially all the risks and rewards of ownership are transferred to another party, or;
∙despite having retained some significant risks and rewards of ownership, control has been transferred to another party who has the practical ability to unilaterally trade the instrument to an unrelated third party without imposing additional restrictions.
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The average monthly number of employees, including directors, during the period was 3.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2018
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Short-term leasehold property
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Included in short-term leasehold properties, as disclosed above, are investment properties which the Company rents to fellow group undertakings.
In accordance with the amendments to Financial Reporting Standard 102, as set out in the triennial review published in December 2017, the Company has elected to account for such properties using the cost model and as at the balance sheet date, the net book value of such properties was £684,479.
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PORTOBELLO 95 PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2018
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest-free and repayable on demand with no fixed date of repayment.
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The Company held no financial instruments during the current financial reporting period that would be considered reportable as part of these financial statements under Sections 1A, 11 and 12 of Financial Reporting Standard 102 or paragraph 36 of Schedule 1 to the UK Companies Act.
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Related party transactions
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The Company has taken advantage of the exemption provided by paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with wholly-owned group undertakings. Outstanding aggregated balances with the Company's fellow wholly-owned group undertakings as at the balance sheet date are disclosed, where applicable, within notes 5 and 6 of these financial statements.
At the balance sheet date, a director was owed £255 by the Company in respect of expenses paid on the Company's behalf. Amounts owed to the director are interest-free, unsecured and repayable on demand with no fixed date of repayment.
There were no further related party transactions and/or reporting period end balances to report.
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The immediate and ultimate parent company is Portobello 95 Group Limited, a company incorporated under the UK Companies Act, which holds a 100% interest in the issued share capital of the Company.
The registered office of Portobello 95 Group Limited is Regina House, 124 Finchley Road, London, NW3 5JS. Copies of consolidated group financial statements for Portobello 95 Group Limited are not publicly available on the grounds of exemption available under the Companies Act 2006 for small groups and companies.
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