Registered number: 10533762
PORTNALL HOUSE LTD
UNAUDITED
DIRECTOR'S REPORT AND
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2017
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DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2017
The director presents his report and the financial statements for the period ended 31 December 2017.
The Company's principal activity during the period was that of an investment Company.
The Company was incorporated on 20th December 2016 and started trading on 10th February 2017.
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The director who served during the period was:
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Mr N D Taee (appointed
20 December 2016
)
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In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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This report was approved by the board and signed on its behalf.
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PORTNALL HOUSE LTD
REGISTERED NUMBER:
10533762
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BALANCE SHEET
AS AT
31 DECEMBER 2017
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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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The director considers 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 director acknowledges his 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 profit and loss account 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 4 to 7 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 DECEMBER 2017
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Comprehensive income for the period
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Shares issued during the period
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Transfer to/from profit and loss account
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The notes on pages 4 to 7 form part of these financial statements.
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Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
Portnall House Ltd is a private Company, limited by shares and incorporated in England and Wales, registration number
10533762
. The registered office is Munro House, Portsmouth Road, Cobham, Surrey, KT11 1PP.
The companies principal place of business is 3000 Hillswood Drive, Chertsey, Surrey, KT16 0RS.
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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
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These financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.
The following principal accounting policies have been applied:
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Compliance with accounting standards
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The accounts have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.
Dividend income from listed and unlisted investments is recognised when the shareholder's right to income is established.
Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
2.
Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
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The average monthly number of employees, including directors, during the period was
1
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Allotted, called up and fully paid
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1
Ordinary A
share of £
1
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1
Ordinary B
share of £
1
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1
Ordinary C
share of £
1
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1
Ordinary D
share of £
1
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1
Ordinary E share of £
1
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1
Ordinary F share of £
1
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During the period the company issued 6 shares at £1 par value. These shares were fully paid.
Other reserves
The other reserves represent the fair value gains on listed investments.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of all adjustments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
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Related party transactions
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At the balance sheet date the Company's subsidiary, Gravis Capital Management Ltd, owed the Company £
3,588,863
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At the balance sheet date the Company owed the director, N D Taee, £
6,421,765
. This amount is held within other creditors.
Both these balances are interest free and repayable on demand.
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