HERITAGE PROJECTS (PORTSMOUTH) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
HERITAGE PROJECTS (PORTSMOUTH) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
HERITAGE PROJECTS (PORTSMOUTH) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
104,969
153,087
Current assets
Stocks
61,628
52,933
Debtors
5
158,239
88,664
Cash at bank and in hand
673,200
1,185,293
893,067
1,326,890
Creditors: amounts falling due within one year
6
(436,875)
(846,564)
Net current assets
456,192
480,326
Total assets less current liabilities
561,161
633,413
Provisions for liabilities
7
(85,414)
(18,138)
Net assets
475,747
615,275
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
475,746
615,274
Total equity
475,747
615,275
The notes on pages 2 - 8 form an integral part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 22 October 2025 and are signed on its behalf by:
A M Pawson
Director
Company registration number 05055648 (England and Wales)
HERITAGE PROJECTS (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
1
Accounting policies
Company information

Heritage Projects (Portsmouth) Limited is a private company limited by shares incorporated in England and Wales. The registered office is St. Edmunds House, Margaret Street, York, YO10 4UX.

1.1
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 a mounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The property lease from which the company operates the visitor attraction expires in October 2026.

Having given due consideration to the future trading performance of the attraction, the directors are of the view that they are unlikely to seek renewal of the property lease, but the directors are mindful to consider other trading opportunities following the termination of the lease.

Nevertheless, the directors recognise that such events and conditions referred to above indicate that a material uncertainty exists which may cast significant doubt on the company's ability to continue as a going concern.

However, the directors have prepared forecasts for the period to 31 January 2027. If the forecast revenue levels are achieved, the forecasts demonstrate that the company would be able to continue within the level of its available funds. If this was not the case, the company would continue to rely on the financial support of its parent company and fellow subsidiaries.

On this basis, despite recognising that material uncertainties exist, the directors have concluded it is appropriate to adopt the going concern basis in preparing these financial statements.

1.3
Turnover
Turnover represents amounts receivable for visitor admissions, cafe/bar and retail sales net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from visitors to the attraction is recognised by reference to the date of admission.

1.4
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.

HERITAGE PROJECTS (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
over the term of the lease (15.5 years) or shorter

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.

1.5
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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises the purchase price of stock items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.8
Taxation

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

HERITAGE PROJECTS (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
Current tax

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.

D eferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
80
90
HERITAGE PROJECTS (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
3
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(6,724)
18,138
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 February 2024
1,731,656
Additions
35,968
At 31 January 2025
1,767,624
Depreciation and impairment
At 1 February 2024
1,578,569
Depreciation charged in the year
84,086
At 31 January 2025
1,662,655
Carrying amount
At 31 January 2025
104,969
At 31 January 2024
153,087
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
46,992
22,070
Other debtors
15,887
11,834
Prepayments and accrued income
95,360
54,760
158,239
88,664
HERITAGE PROJECTS (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
124,562
75,406
Amount due to parent and fellow subsidiary undertakings
40,693
5,216
Corporation tax
503
503
Other taxation and social security
57,122
70,253
Other creditors
38,494
32,742
Accruals and deferred income
175,501
662,444
436,875
846,564
7
Provisions for liabilities
2025
2024
£
£
Dilapidations
74,000
-
Deferred tax liabilities
11,414
18,138
85,414
18,138
Movements on provisions apart from deferred tax liabilities:
Dilapidations
£
Additional provisions in the year
74,000

The property lease from which the company operates the visitor attraction expires in October 2026.

Under the terms of the lease the company has an obligation to cover the costs relating to dilapidations. Accordingly, the company has obtained a survey report to assess the estimated total costs to be incurred and apportioned in order to reflect the amount accrued to this balance sheet date. At 31 January 2025, these costs are estimated at £74,000.

However, the landlord has also instigated their own specialist survey report. This report has been received by the company. The company has then appointed their own specialist to review the technical sections of this report in order for them to provide their own comments. The company is expecting this report to be received sometime during November 2025.

As the settlement is unresolved, the most reliable estimate for the dilapidations provision is the amount indicated in the initial survey report obtained by the company.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
HERITAGE PROJECTS (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Mark Holmes BA(Hons) FCA
Statutory Auditor:
Ashworth Moulds
Date of audit report:
22 October 2025
10
Financial commitments, guarantees and contingent liabilities

The company has provided a guarantee against the group bank borrowings, supported by a debenture over the company's assets comprising fixed and floating charges. The guarantee is limited to £1,960,796 (20 24: £2,260,796).

During the year, the company entered into a Group of Accounts Agreement - Multi Net Creditor Control, for which it gave an unlimited guarantee.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under operating leases, which fall due as follows:

2025
2024
£
£
Within one year
154,500
154,500
Between two and five years
103,000
257,500
257,500
412,000

Further rent is payable annually, calculated as a percentage of the operating profit of the company.

In addition to the above the company has outstanding commitments for a maintenance contract under the lease totalling £245,000 (2024: £404,250).

12
Parent company
HERITAGE PROJECTS (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
12
Parent company
(Continued)
- 8 -

The company's immediate parent undertaking is The Continuum Group Limited, a company registered in England and Wales, with its registered office address in the UK, and which is the parent of the smallest group in which the company is a member. These financial statements form part of the group financial statements of the Continuum Group Limited, copies of which are available at Companies House.

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