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Company No: 10630076 (England and Wales)

DRILL HALL PORTSMOUTH LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

DRILL HALL PORTSMOUTH LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

DRILL HALL PORTSMOUTH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
DRILL HALL PORTSMOUTH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025
Note 2025 2024
£ £
Fixed assets
Investment property 3 2,150,370 2,000,000
2,150,370 2,000,000
Current assets
Debtors 4 10,112 0
Cash at bank and in hand 5 27,207 44,219
37,319 44,219
Creditors: amounts falling due within one year 6 ( 1,446,297) ( 1,217,757)
Net current liabilities (1,408,978) (1,173,538)
Total assets less current liabilities 741,392 826,462
Net assets 741,392 826,462
Capital and reserves
Called-up share capital 7 30 30
Profit and loss account 741,362 826,432
Total shareholders' funds 741,392 826,462

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Drill Hall Portsmouth Limited (registered number: 10630076) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Steven Lindsay Cloran
Director

14 July 2025

DRILL HALL PORTSMOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
DRILL HALL PORTSMOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Drill Hall Portsmouth Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Manor Farmhouse Ecclesden Lane, Angmering, Littlehampton, BN16 4DQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 March 2024 2,000,000
Additions 150,370
As at 28 February 2025 2,150,370

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2025 2024
£ £
Historic cost 2,718,577 2,568,207

4. Debtors

2025 2024
£ £
Other debtors 10,112 0

5. Cash and cash equivalents

2025 2024
£ £
Cash at bank and in hand 27,207 44,219

6. Creditors: amounts falling due within one year

2025 2024
£ £
Taxation and social security 0 71,460
Other creditors 1,446,297 1,146,297
1,446,297 1,217,757

7. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
30 Ordinary shares of £ 1.00 each 30 30

8. Related party transactions

Directors/shareholders have lent the company £1,444,722 (2024: £1,144,722) interest-free. The amount is unsecured and has no fixed repayment date.