Registration number:
Portland Capital RE LLP
for the Year Ended 31 October 2019
J.D. Bregman & Co Limited
Chartered Accountants
First Floor
Spitalfields House
Stirling Way
Herts
WD6 2FX
Portland Capital RE LLP
Contents
Limited liability partnership information |
|
Financial Statements |
|
Balance Sheet |
|
Notes to the Financial Statements |
|
Non-statutory pages |
Portland Capital RE LLP
Limited liability partnership information
Designated members |
B Cassels L Martin |
Registered office |
|
Accountants |
|
Portland Capital RE LLP
(Registration number: OC419580)
Balance Sheet as at 31 October 2019
Note |
31 October 2019 |
31 October 2018 |
|
Current assets |
|||
Investments |
|
|
|
Cash and short-term deposits |
( |
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net assets attributable to members |
|
|
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
203,103 |
193,655 |
|
Members’ other interests |
|||
Members' capital classified as equity |
2 |
2 |
|
Other reserves |
( |
( |
|
(1,231) |
(1,221) |
||
201,872 |
192,434 |
||
Total members' interests |
|||
Loans and other debts due to members |
203,103 |
193,655 |
|
Equity |
( |
( |
|
201,872 |
192,434 |
For the year ending 31 October 2019 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Portland Capital RE LLP
(Registration number: OC419580)
Balance Sheet as at 31 October 2019 (continued)
The financial statements of Portland Capital RE LLP (registered number OC419580) were approved by the
.........................................
Designated member
Portland Capital RE LLP
Notes to the Financial Statements for the Year Ended 31 October 2019
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Portland Capital RE LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
other taxes policy
Current asset investments
Current asset investments are included at the lower of cost and net realisable value.
Portland Capital RE LLP
Notes to the Financial Statements for the Year Ended 31 October 2019 (continued)
1 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Current asset investments |
31 October 2019 |
31 October 2018 |
|
Other investments |
|
|
Other investments comprise of investments in other LLPs developing property for resale.
Creditors: Amounts falling due within one year |
31 October 2019 |
31 October 2018 |
|
Accruals and deferred income |
|
|
Portland Capital RE LLP
Schedule of Members' Interests for the Year Ended 31 October 2019
Loans due to members
As at 1 November 2018 |
Other movement |
As at 31 October 2019 |
|
L Martin |
96,828 |
4,724 |
101,551 |
B Cassels |
96,828 |
4,724 |
101,551 |
193,655 |
9,447 |
203,103 |
Members' capital
As at 1 November 2018 |
As at 31 October 2019 |
|
B Cassels |
1 |
1 |
L Martin |
1 |
1 |
2 |
2 |