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REGISTERED NUMBER: 00575830 (England and Wales)















Unaudited Financial Statements for the Year Ended 5 April 2023

for

Portsmouth Holdings Limited

Portsmouth Holdings Limited (Registered number: 00575830)






Contents of the Financial Statements
for the Year Ended 5 April 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Portsmouth Holdings Limited

Company Information
for the Year Ended 5 April 2023







DIRECTORS: Mrs B J Harris
Mr C C Harris
Mr J Harris





SECRETARY: Mrs B J Harris





REGISTERED OFFICE: 24 Burrill Avenue
East Cosham
Portsmouth
Hampshire
PO6 2EA





REGISTERED NUMBER: 00575830 (England and Wales)





ACCOUNTANTS: Northover & Co Accountants Ltd
132A Bournemouth Road
Chandler's Ford
Eastleigh
Hampshire
SO53 3AL

Portsmouth Holdings Limited (Registered number: 00575830)

Abridged Balance Sheet
5 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 36,828,715 34,558,714

CURRENT ASSETS
Debtors 35,527 60,642
Cash at bank 1,181,694 1,275,593
1,217,221 1,336,235
CREDITORS
Amounts falling due within one year 760,646 641,865
NET CURRENT ASSETS 456,575 694,370
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,285,290

35,253,084

CREDITORS
Amounts falling due after more than one
year

5

(510,617

)

(541,174

)

PROVISIONS FOR LIABILITIES 8 (5,079,464 ) (3,375,979 )
NET ASSETS 31,695,209 31,335,931

CAPITAL AND RESERVES
Called up share capital 9 150 150
Non distributable profits 10 22,718,026 21,172,134
Retained earnings 8,977,033 10,163,647
SHAREHOLDERS' FUNDS 31,695,209 31,335,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Portsmouth Holdings Limited (Registered number: 00575830)

Abridged Balance Sheet - continued
5 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 5 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2023 and were signed on its behalf by:




Mr C C Harris - Director



Mr J Harris - Director


Portsmouth Holdings Limited (Registered number: 00575830)

Notes to the Financial Statements
for the Year Ended 5 April 2023

1. STATUTORY INFORMATION

Portsmouth Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rentals and other property income. The Company is not registered for VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

In accordance with FRS 102 (i) investment properties have been revalued and the aggregate surplus has been transferred to non distributable profit and loss, and (ii) no depreciation has been provided in respect of freehold investment properties because in the opinion of the directors they can reliably establish the fair value of the Company's investment properties as at the financial year end.

The requirement of the Companies Act 2006 is to depreciate all properties but that requirement conflicts with the generally accepted accounting principle set out in FRS 102 where the fair values instead can be accurately established at the financial year end.

The investment properties are revalued to fair values as at the balance sheet date by the Directors based on their long experience and knowledge of the property market and by a detailed review of all the Company's investment properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax has been provided for the increase in the fair value of the Company's investment properties measured using tax rates and laws that have been enacted or substantively enacted by the year end..

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Portsmouth Holdings Limited (Registered number: 00575830)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 6 April 2022 34,648,382
Additions 819,454
Disposals (275,486 )
Revaluations 1,715,216
At 5 April 2023 36,907,566
DEPRECIATION
At 6 April 2022 89,668
Charge for year 15,066
Eliminated on disposal (25,883 )
At 5 April 2023 78,851
NET BOOK VALUE
At 5 April 2023 36,828,715
At 5 April 2022 34,558,714

The investment properties are revalued to fair values as at the balance sheet date by the Directors based on their long experience and knowledge of the property market and by a detailed review of all the Company's investment properties.

Deferred tax has been provided for the increase in the fair value of the Company's investment properties measured using tax rates and laws that have been enacted or substantively enacted by the year end..

The historical cost of these assets was £12,654,682 on which no accumulated depreciation has been provided.

Cost or valuation at 5 April 2023 is represented by:

Totals
£   
Valuation in 2023 36,907,566

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 455,229 500,000

6. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 455,229 500,000

Portsmouth Holdings Limited (Registered number: 00575830)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 455,229 500,000

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 5,079,464 3,375,979

Deferred
tax
£   
Balance at 6 April 2022 3,375,979
Charge to Income Statement during year 1,703,485
Balance at 5 April 2023 5,079,464

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150 Ordinary £1 150 150

10. RESERVES
Non
distributable
profits
£   
At 6 April 2022 21,172,134
Transfer re property disposals (169,324 )
Revaluation of properties 1,715,216

At 5 April 2023 22,718,026

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year a dividend of £114,000 each was paid to the Directors, Mr C Harris and Mr J Harris.

12. ULTIMATE CONTROLLING PARTY

There is no shareholder with overall control.