REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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PORTLAND MORTGAGES |
LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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PORTLAND MORTGAGES |
LIMITED |
PORTLAND MORTGAGES |
LIMITED (REGISTERED NUMBER: 02574950) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PORTLAND MORTGAGES |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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30 New Road |
Brighton |
East Sussex |
BN1 1BN |
PORTLAND MORTGAGES |
LIMITED (REGISTERED NUMBER: 02574950) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Investments | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
PORTLAND MORTGAGES |
LIMITED (REGISTERED NUMBER: 02574950) |
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BALANCE SHEET - continued |
31 MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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PORTLAND MORTGAGES |
LIMITED (REGISTERED NUMBER: 02574950) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Portland Mortgages Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors do not anticipate that the recent COVID-19 outbreak will affect the company's ability to continue for the |
foreseeable future and therefore continues to adopt the going concern basis in preparing its financial statements. |
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Turnover |
Turnover represents the sale of properties and is measured at the fair value of the consideration received or |
receivable. |
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Tangible fixed assets |
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Fixtures, fittings and equipment | - |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as |
intended. |
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Stocks |
Stocks comprise properties held for resale measured at the lower of cost and estimated selling price less costs to |
complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related |
revenue is recognised. |
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The directors have considered the estimated selling price less costs to complete and sell for each property based on |
their knowledge of the property market and development. |
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Financial instruments |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly |
in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PORTLAND MORTGAGES |
LIMITED (REGISTERED NUMBER: 02574950) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
and |
equipment |
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COST |
At 1 April 2019 |
and 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CURRENT ASSET INVESTMENTS |
2020 | 2019 |
£ | £ |
Portland Properties (SE) LLP |
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Portland Mortgages Limited is a member of Portland Properties (SE) LLP. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 984,395 | 1,191,054 |
Accruals and deferred income |
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PORTLAND MORTGAGES |
LIMITED (REGISTERED NUMBER: 02574950) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans more than 5 years | 2,359,191 | 3,024,268 |
Other loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more than 5 years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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Other loans |
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The long term loans are secured on the properties held by the company. |