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| Registered number: 02204220
PLYMOUTH INVESTMENT PARTNERSHIPS LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
PLYMOUTH INVESTMENT PARTNERSHIPS LIMITED (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02204220 BALANCE SHEET AS AT 31 MARCH 2025
| 2025 | 2025 | 2024 | 2024
Note | £ | £ | £ | £
FIXED ASSETS |  |  |  |  |
Investment property | 5 |  | 1,800,000 |  | 1,830,000
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 51,222 |  | 42,000 |
Cash at bank and in hand |  | 640,475 |  | 624,648 |
|  | 691,697 |  | 666,648 |
Creditors: amounts falling due within one year | 7 | (17,583) |  | (55,571) |
NET CURRENT ASSETS |  |  | 674,114 |  | 611,077
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,474,114 |  | 2,441,077
NET ASSETS |  |  | 2,474,114 |  | 2,441,077
CAPITAL AND RESERVES |  |  |  |  |
Other reserves | 8 |  | 5,832,487 |  | 5,832,487
Profit and loss account | 8 |  | (3,358,373) |  | (3,391,410)
|  |  | 2,474,114 |  | 2,441,077
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Cllr M Lowry
Director
Date: 28 November 2025
The notes on pages 2 to 6 form part of these financial statements. Page 1
PLYMOUTH INVESTMENT PARTNERSHIPS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | GENERAL INFORMATION
The Company (registered number 02204220) is a private company, limited by guarantee and incorporated in England and Wales. The registered office is Ballard House, West Hoe Road, Plymouth, Devon, PL1 3BJ. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | OPERATING LEASES: THE COMPANY AS LESSOR
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.4 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 2
PLYMOUTH INVESTMENT PARTNERSHIPS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | TAXATION
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.6 | OTHER RESERVES
The other reserves represent capital contributions received from Plymouth City Council, less the value of the leasehold property where the Plymouth City Council have a right to receive any sales proceeds.
| 2.7 | INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by appropriately qualified valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings. Page 3
PLYMOUTH INVESTMENT PARTNERSHIPS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported as revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The directors are of the opinion that the estimation of the fair value of the investment property held on the balance sheet is the only judgement, estimate or assumption that has a material impact on the financial statements. A deferred tax asset exists as a result of historic losses, however this asset has not been recognised in the financial statements. This is on the basis that the current economic climate and possibility of future changes in the business mean that the realisation of the assets is not virtually certain.
4. | EMPLOYEES
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 3 | 3
| The directors did not receive any remuneration (2023: £Nil).
5. | INVESTMENT PROPERTY
|  | Long term leasehold investment property
|  | £
| VALUATION |
| At 1 April 2024 | 1,830,000
| Surplus on revaluation | (30,000)
| AT 31 MARCH 2025 | 1,800,000
The 2025 valuations were made by Mrs A Pope, Plymouth City Council, on an open market value for existing use basis.
| If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 1,004,582 | 1,004,582
Page 4
PLYMOUTH INVESTMENT PARTNERSHIPS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 51,222 | 42,000
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other taxation and social security | 3,865 | 7,213
| Accruals and deferred income | 13,718 | 48,358
|  | 17,583 | 55,571
8. | RESERVES
Other reserves Other reserves represent a capital contribution from the Company's controlling party. Profit and loss account £795,418 (2024: £825,418) of unrealised revaluation surpluses in respect of the investment property are included within the profit and loss account reserves in accordance with FRS102, this value remains non-distributable.
9. | COMPANY STATUS
The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.
10. | COMMITMENTS UNDER OPERATING LEASES
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 8,890 | 8,890
Page 5
PLYMOUTH INVESTMENT PARTNERSHIPS LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | RELATED PARTY TRANSACTIONS
| The financial statements include the following related party transactions: Ground rent of £8,890 (2024: £8,851) was paid to the Company's controlling party. At the year end, the Company owed its controlling party £2,223 (2024: £2,223). A management fee of £15,700 (2024: £15,200) was charged by the Company's controlling party in respect of support services provided during the year. An Industrial Development Grant of £60,000 (2024: £60,000) was paid to the Company's controlling party during the year.
12. | CONTROLLING PARTY
The Company's controlling party is Plymouth City Council by virtue of its involvement with the day to day running of its operations. All the directors of the Company are Council Members of Plymouth City Council.
13. | AUDITORS' INFORMATION
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 28 November 2025 by Nathan Coughlin BSc FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.
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