Company Registration No. 11737113 (England and Wales)
PORT READING INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PORT READING INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PORT READING INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
$
$
$
$
Fixed assets
Investments
3
14,814,548
14,814,548
Current assets
Debtors
4
1,830,870
1,750,224
Cash at bank and in hand
55,340
82,776
1,886,210
1,833,000
Creditors: amounts falling due within one year
5
(1,976,862)
(1,881,772)
Net current liabilities
(90,652)
(48,772)
Total assets less current liabilities
14,723,896
14,765,776
Capital and reserves
Called up share capital
27
27
Share premium account
6
14,814,181
14,814,181
Profit and loss reserves
(90,312)
(48,432)
Total equity
14,723,896
14,765,776
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2021 and are signed on its behalf by:
James Barber-Lomax
Praxis Directors One (UK) Limited
Director
Company Registration No. 11737113
PORT READING INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
$
$
$
$
Balance at 20 December 2018
Period ended 31 December 2019:
Loss and total comprehensive income for the period
-
-
(48,432)
(48,432)
Issue of share capital
27
14,814,181
-
14,814,208
Balance at 31 December 2019
27
14,814,181
(48,432)
14,765,776
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
(41,880)
(41,880)
Balance at 31 December 2020
27
14,814,181
(90,312)
14,723,896
PORT READING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Port Reading Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1st Floor, Senator House, 85 Queen Victoria Street, London, EC4V 4AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
dollars
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest $.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has net current liabilities of
true
$90,652
(2019: $48,772)
at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the directors have given assurance that
the company will continue to receive support from its shareholders
to allow it to continue in operation for the foreseeable future.
Since the year end the directors have considered the impact of COVID-19 on the business and do not foresee any impact of the business.
The directors
therefore
consider it appropriate to prepare financial statements on a going concern basis.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks
.
Bank overdrafts are shown within borrowings in current liabilities.
PORT READING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments 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
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors,
loans from
fellow group companies that are classified as debt, are
initially recognised at transaction price, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
Foreign exchange
Transactions in currencies other than
dollars
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
PORT READING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
3
Fixed asset investments
2020
2019
$
$
Shares in group undertakings and participating interests
14,814,548
14,814,548
Movements in fixed asset investments
Shares in group undertakings and participating interests
$
Cost or valuation
At 1 January 2020 & 31 December 2020
14,814,548
Carrying amount
At 31 December 2020
14,814,548
At 31 December 2019
14,814,548
4
Debtors
2020
2019
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
1,819,057
1,738,447
Other debtors
11,813
11,777
1,830,870
1,750,224
5
Creditors: amounts falling due within one year
2020
2019
$
$
Trade creditors
16,206
7,372
Amounts owed to group undertakings
1,951,477
1,874,400
Other creditors
9,179
1,976,862
1,881,772
6
Share premium account
Includes all accumulated gains from issue of shares since the incorporation of the Company.
PORT READING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Interest receivable
2020
2019
$
$
Entities over which the entity has control, joint control or significant influence
230
85
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
$
$
Entities over which the entity has control, joint control or significant influence
47,520
5,829