PORTCHESTER LIMITED


Director	SCHIAVO, Paul David Anthony


Registered Address	White Lyon House Perry Hill
	Worplesdon
	Guildford
	GU3 3RE


Registered Number	11078756 (England and Wales)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Investments	4		1,233,700		1,214,898
			1,233,700		1,214,898
Current assets
Debtors		2		1
Cash at bank and on hand		111		765
		113		766
Creditors amounts falling due within one year		(1,123,378)		(1,056,689)
Net current assets (liabilities)			(1,123,265)		(1,055,923)
Total assets less current liabilities			110,435		158,975
Creditors amounts falling due after one year			(29,257)		(35,024)
Provisions for liabilities			(66,745)		(66,745)
Net assets			14,433		57,206
Capital and reserves
Called up share capital			2		1
Revaluation reserve			200,234		200,234
Profit and loss account			(185,803)		(143,029)
Shareholders' funds	7		14,433		57,206

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 25 September 2025, and are signed on its behalf by:

SCHIAVO, Paul David Anthony
Director
Registered Company No. 11078756

PORTCHESTER LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

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

	Statement of compliance
	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.

	Basis of preparation
	At the balance sheet date the company had net current liabilities of £1,123,265 (2023: £1,055,923). The financial statements have been prepared on the going concern basis which assumes that the company will continue as a going concern for the foreseeable future. The validity of this assumption depends on the continuing support of the company creditors to provide adequate financial support and by not seeking repayment of amounts owed to them. The directors have no reason to believe this support is not forthcoming and accordingly believe it appropriate to prepare the financial statements on the going concern basis.

Basis of preparation

At the balance sheet date the company had net current liabilities of £1,123,265 (2023: £1,055,923). The financial statements have been prepared on the going concern basis which assumes that the company will continue as a going concern for the foreseeable future. The validity of this assumption depends on the continuing support of the company creditors to provide adequate financial support and by not seeking repayment of amounts owed to them.  The directors have no reason to believe this support is not forthcoming and accordingly believe it appropriate to prepare the financial statements on the going concern basis.

	Current 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.

Current 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.

	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.

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.

	Investments
	Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific investment property asset. No depreciation is provided, and any surplus or deficit arising from changes in fair value is recognised in the Income Statement.

Investments

Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific investment property asset. No depreciation is provided, and any surplus or deficit arising from changes in fair value is recognised in the Income Statement.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	1		1

3.	Further information regarding the company's income
	Other Income comprises revenue recognised by the company in respect of rental income, exclusive of Value Added Tax. Rental income is received one month in advance and is recognised over the period accrued.

4.	Fixed asset investments

		Total
		£
	Cost or valuation
	At 01 January 24	1,214,898
	Additions	18,802
	At 31 December 24	1,233,700
	Net book value
	At 31 December 24	1,233,700
	At 31 December 23	1,214,898

5.	Revaluation of fixed asset investments
	The 2024 valuations were made by the director on an open market value for existing use basis. If investment property had not been revalued it would have been included at historical cost of £966,722 (2023: £947,920).

6.	Secured creditors
	The following secured debts are included within creditors amounts falling due within and after one year: Bank and other loans in the sum of £637,553 (2023: £637,445).

7.	Fair value reserve
	The Investment property revaluation reserve represents the cumulative effects of fair value adjustments net of deferred tax.

8.	Related party transactions
	Entities under common control During the year, rents of £48,000 (2023: £48,000) were paid to the company by entities under common control. At the year end £466,711 (2023: £406,295) was owed by the company to entities under common control. P Schiavo - director At the year end £3,300 (2023: £3,300) was owed by the company to P Schiavo.