REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 5 April 2024 |
for |
Portsmouth Holdings Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 5 April 2024 |
for |
Portsmouth Holdings Limited |
Portsmouth Holdings Limited (Registered number: 00575830) |
Contents of the Financial Statements |
for the Year Ended 5 April 2024 |
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 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
132A Bournemouth Road |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 3AL |
Portsmouth Holdings Limited (Registered number: 00575830) |
Abridged Balance Sheet |
5 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Non distributable profits | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 2024 |
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 |
Portsmouth Holdings Limited (Registered number: 00575830) |
Notes to the Financial Statements |
for the Year Ended 5 April 2024 |
1. | STATUTORY INFORMATION |
Portsmouth Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rentals and other property income. The Company is not registered for VAT. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Portsmouth Holdings Limited (Registered number: 00575830) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 6 April 2023 |
Additions |
Impairments | (367,558 | ) |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Charge for year |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
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 £12,743,136 on which no accumulated depreciation has been provided. |
Cost or valuation at 5 April 2024 is represented by: |
Totals |
£ |
Valuation in 2024 | 36,642,462 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
6. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 455,360 | 455,229 |
Portsmouth Holdings Limited (Registered number: 00575830) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 5,000,659 | 5,079,464 |
Deferred |
tax |
£ |
Balance at 6 April 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 5 April 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 150 | 150 |
10. | RESERVES |
Non |
distributable |
profits |
£ |
At 6 April 2023 |
Impairment | (367,558 | ) |
At 5 April 2024 |
Portsmouth Holdings Limited (Registered number: 00575830) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 5 April 2024 and 5 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest has been charged on the loans at 2.25%. |
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. |