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REGISTERED NUMBER: 02962116 (England and Wales)









PORTSMOUTH AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






PORTSMOUTH AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTSMOUTH AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Maxwell Craft
Martin Dennison
David Miles
Carl Leroy-Smith
Robin Dickens
Zoe Gray
Tracey Ansell
Anna Clodfelter


REGISTERED OFFICE: Portsmouth Guildhall
Guildhall Square
Portsmouth
Hampshire
PO1 2AB


REGISTERED NUMBER: 02962116 (England and Wales)


ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
Havant
Hampshire
PO9 1QU


BANKERS: Lloyds
38 London Road
North End
Portsmouth
Hampshire
PO2 0LR


SOLICITORS: Moore Barlow
Gateway House
Tollgate
Chandler's Ford
Southampton
Hampshire
SO53 3TG

PORTSMOUTH AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 158 317
Investment property 5 4,115,000 4,115,000
4,115,158 4,115,317

CURRENT ASSETS
Debtors 6 109,676 41,731
Investments 7 5,000 5,000
Cash at bank and in hand 297,020 295,027
411,696 341,758
CREDITORS
Amounts falling due within one year 8 355,866 325,876
NET CURRENT ASSETS 55,830 15,882
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,170,988

4,131,199

CREDITORS
Amounts falling due after more than one
year

9

(375,287

)

(441,407

)

PROVISIONS FOR LIABILITIES (551,354 ) (419,029 )
NET ASSETS 3,244,347 3,270,763

RESERVES
Other reserves 1,654,061 1,786,386
Retained earnings 1,590,286 1,484,377
3,244,347 3,270,763

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116)

BALANCE SHEET - continued
31 MARCH 2023


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

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 28 November 2023 and were signed on its behalf by:





Maxwell Craft - Director


PORTSMOUTH AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Portsmouth and South East Hampshire Partnership 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.

Income
Income is rental income and sale proceeds from the Partnership Business Park property development.

Income from investments
Investment income comprises bank deposit interest receivable.

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 - Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
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

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade 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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


PORTSMOUTH AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 17,626
DEPRECIATION
At 1 April 2022 17,309
Charge for year 159
At 31 March 2023 17,468
NET BOOK VALUE
At 31 March 2023 158
At 31 March 2022 317

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 4,115,000
NET BOOK VALUE
At 31 March 2023 4,115,000
At 31 March 2022 4,115,000

PORTSMOUTH AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2008 398,550
Valuation in 2009 (243,843 )
Valuation in 2010 435,441
Valuation in 2013 (542,645 )
Valuation in 2017 303,645
Valuation in 2021 1,854,267
Cost 1,909,585
4,115,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,909,585 1,909,585

Investment property was valued on an open market basis on 31 March 2023 by the directors .

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Other debtors 109,155 29,045
Prepayments 521 10,282
109,676 39,327

Amounts falling due after more than one year:
Other debtors - 2,404

Aggregate amounts 109,676 41,731

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Parity Trust 5,000 5,000

An investment of £5,000 is held in Community Shares on a long term basis from the Parity Trust.

PORTSMOUTH AND SOUTH EAST HAMPSHIRE
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 75,654 74,766
Trade creditors 32,657 33,467
Income in advance 71,487 67,737
Corporation tax 24,880 24,999
VAT 16,545 13,642
Other creditors 129,320 103,608
Accrued expenses 5,323 7,657
355,866 325,876

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans repayable between 1 and 5
years

108,164

139,436
Bank loans repayable after 5 years 267,123 301,971
375,287 441,407

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable after 5 years 267,123 301,971

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 450,941 516,173

Bank loan for Investment Property
This loan is secured by a fixed charge over the Investment Property and a floating charge over the company's bank balances.