ACCOUNTS - Final Accounts

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:

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.

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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.

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

Page 4

PLYMOUTH INVESTMENT PARTNERSHIPS LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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

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.

Not later than 1 year

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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