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REGISTERED NUMBER: 11699242 (England and Wales)















That Portsmouth Company 2 Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






That Portsmouth Company 2 Limited (Registered number: 11699242)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


That Portsmouth Company 2 Limited

Company Information
for the year ended 31 December 2023







Directors: S A Brown
R S Kelvin CBE
P S Tisdale





Registered office: F4 Beehive Yard
Bath
BA1 5BT





Registered number: 11699242 (England and Wales)





Accountants: Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP

That Portsmouth Company 2 Limited (Registered number: 11699242)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 7,898,897 6,663,296

Current assets
Debtors 5 3,936 113,457
Cash at bank 12,505 1,061
16,441 114,518
Creditors
Amounts falling due within one year 6 1,301,223 886,464
Net current liabilities (1,284,782 ) (771,946 )
Total assets less current liabilities 6,614,115 5,891,350

Creditors
Amounts falling due after more than one
year

7

6,651,816

5,927,416
Net liabilities (37,701 ) (36,066 )

Capital and reserves
Called up share capital 8 100 100
Retained earnings (37,801 ) (36,166 )
Shareholders' funds (37,701 ) (36,066 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

That Portsmouth Company 2 Limited (Registered number: 11699242)

Balance Sheet - continued
31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





S A Brown - Director


That Portsmouth Company 2 Limited (Registered number: 11699242)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

That Portsmouth Company 2 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

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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and the ultimate controlling party will give continued support. Hence, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. In addition, That Topco Limited, a connected company, has confirmed that amounts owed will not be called upon until there are sufficient funds to repay.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and amortisation
The director considers the depreciation and amortisation policy to be a crucial accounting estimate. The expected useful life of all fixed asset categories are reviewed annually by management based on industry experience and are considered reasonable.

That Portsmouth Company 2 Limited (Registered number: 11699242)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets include assets in the course of construction and are stated at cost. No depreciation has been provided in respect of these costs, as the development is not yet completed.

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.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from connected companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.

3. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

That Portsmouth Company 2 Limited (Registered number: 11699242)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Tangible fixed assets
Assets
under
construction
£
Cost
At 1 January 2023 6,663,296
Additions 1,235,601
At 31 December 2023 7,898,897
Net book value
At 31 December 2023 7,898,897
At 31 December 2022 6,663,296

5. Debtors: amounts falling due within one year
2023 2022
£ £
Other debtors 3,936 113,457

6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 189,484 172,375
Amounts owed to group undertakings 26 26
Other creditors 1,111,713 714,063
1,301,223 886,464

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 6,651,816 5,927,416

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

9. Related party disclosures

The company has taken advantage of the exemption available in FRS 102 from the requirement to disclose transactions with group companies.

Included in creditors, amounts due after more than one year, is an amount of £6,651,816 (2022: £5,927,416) owed to a director.

That Portsmouth Company 2 Limited (Registered number: 11699242)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


10. Parent company

The company's ultimate parent company is That Holdco Limited, a company incorporated in England and Wales.