REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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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 2022 |
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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 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PORTLAND MORTGAGES |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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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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Atlas Chambers |
33 West Street |
Brighton |
East Sussex |
BN1 2RE |
PORTLAND MORTGAGES |
LIMITED (REGISTERED NUMBER: 02574950) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
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 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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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 2022 |
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1. | STATUTORY INFORMATION |
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Portland Mortgages Limited is a
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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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Turnover |
Turnover represents the sale of properties and is measured at the fair value of the consideration received or receivable. |
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Turnover is recognised at the point of exchange on the sale of a property where there exists a legal obligation to sell. |
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Other income |
Rents receivable are recognised in line with the rental agreements. |
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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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Government grants |
Government grants in the form of business interruption payments were also included in the period. These were covering the bank interest and fees on bank loans approved under the Bounce Back Loan Scheme (BBL). |
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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 is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Going concern |
After reviewing the company's forecasts, the directors believe that the company has adequate resources to continue in operational existence. |
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3. | EMPLOYEES |
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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 2022 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
and |
equipment |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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Included in other debtors is an amount totalling £150,000 (2021: £NIL) attributable to companies under common control. |
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6. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
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 |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Other creditors |
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Directors' current accounts | 536,024 | 1,330,295 |
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 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more than 5 years | 2,253,851 | 2,364,424 |
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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2022 | 2021 |
£ | £ |
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. |