REGISTERED NUMBER: 02962116 (England and Wales)

PORTSMOUTH AND SOUTH EAST HAMPSHIRE

PARTNERSHIP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Maxwell Craft

Martin Dennison

David Miles

Robin Dickens

Zoe Gray

Anna Clodfelter

Mrs Bernadette Jane Topham

REGISTERED OFFICE:

Portsmouth Guildhall

Guildhall Square

Portsmouth

Hampshire

PO1 2AB

REGISTERED NUMBER:

02962116 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Lake House

2 Port Way

Port Solent

Portsmouth

Hampshire

PO6 4TY

BANKERS:

Lloyds

38 London Road

North End

Portsmouth

Hampshire

PO2 0LR

SOLICITORS:

Moore Barlow

Gateway House

Tollgate

Chandler's Ford

Southampton

Hampshire

SO53 3TG

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

4,549,378

4,115,000

4,549,378

4,115,000

CURRENT ASSETS

Debtors

6

24,198

31,221

Investments

7

-

5,000

Cash at bank and in hand

159,209

310,459

183,407

346,680

CREDITORS

Amounts falling due within one year

8

446,150

462,827

NET CURRENT LIABILITIES

(262,743

)

(116,147

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,286,635

3,998,853

CREDITORS

Amounts falling due after more than one year

9

(364,025

)

(169,317

)

PROVISIONS FOR LIABILITIES

(551,354

)

(551,354

)

NET ASSETS

3,371,256

3,278,182

RESERVES

Other reserves

1,654,061

1,654,061

Retained earnings

1,717,195

1,624,121

3,371,256

3,278,182

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Robin Dickens - Director

1.	STATUTORY INFORMATION

Portsmouth and South East Hampshire Partnership Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Income

Income is rental income and sale proceeds from the Partnership Business Park property development.

Income from investments

Investment income comprises bank deposit interest receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

Straight line over 3 years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2024

and 31 March 2025

17,626

DEPRECIATION

At 1 April 2024

and 31 March 2025

17,626

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

4,115,000

Additions

434,378

At 31 March 2025

4,549,378

NET BOOK VALUE

At 31 March 2025

4,549,378

At 31 March 2024

4,115,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2008

398,550

Valuation in 2009

(243,843

)

Valuation in 2010

435,441

Valuation in 2013

(542,645

)

Valuation in 2017

303,645

Valuation in 2021

1,854,267

Cost

2,343,963

4,549,378

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

2,343,963

1,909,585

Investment property was valued on an open market basis on 31 March 2025 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

22,849

29,867

Prepayments

1,349

1,354

24,198

31,221

7.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Parity Trust

-

5,000

An investment of £5,000 is held in Community Shares on a long term basis from the Parity Trust.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

90,592

70,352

Trade creditors

14,283

43,268

Income in advance

85,207

71,112

Corporation tax

28,395

7,974

VAT

19,515

11,222

Other creditors

205,602

254,348

Accrued expenses

2,556

4,551

446,150

462,827

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans repayable between 1 and 5 years

43,920

75,075

Bank loans repayable after 5 years

89,851

94,242

Bank loan over 5 years

230,254

-

364,025

169,317

Amounts falling due in more than five years:

Repayable by instalments

Bank loans repayable after 5 years

89,851

94,242

Bank loan over 5 years

230,254

-

320,105

94,242

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

454,617

239,669

Bank loan for Investment Property

This loan is secured by a fixed charge over the Investment Property and a floating charge over the company's bank balances.