Registration number: 10524315

Portsmere Construction Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Portsmere Construction Limited

Company Information

Directors

M C Whittall S A Whittall

Company secretary

S A Whittall

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Portsmere Construction Limited

Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	348,519	392,084
Tangible assets	5	11,619	15,562
Investments	6	1	1
		360,139	407,647
Current assets
Debtors	7	78,325	368,414
Cash at bank and in hand		-	69,624
		78,325	438,038
Creditors: Amounts falling due within one year	8	(322,954)	(701,250)
Net current liabilities		(244,629)	(263,212)
Total assets less current liabilities		115,510	144,435
Creditors: Amounts falling due after more than one year	8	(575,783)	(13,212)
Net (liabilities)/assets		(460,273)	131,223
Capital and reserves
Called up share capital		10	10
Retained earnings		(460,283)	131,213
Shareholders' (deficit)/funds		(460,273)	131,223

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Portsmere Construction Limited

Statement of Financial Position as at 31 December 2024

The directors of Portsmere Construction Limited have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the Board on 15 December 2025 and signed on its behalf by:
 

.........................................

M C Whittall

Director

Company registration number: 10524315

Portsmere Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of building and civil engineering contract work.

2	Accounting policies

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

The company has taken advantage of the option not to prepare consolidated financial statements contained in section 399 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Going concern

The company made a loss for the year and had a net asset deficiency of £460,273 at the year end.

During the year the company successfully entered into a creditors' voluntary arrangement (CVA) to restructure its liabilities, which was approved by more than 80% of the company's creditors. The company has to date complied with the terms of the CVA monthly contributions.

Since the CVA, the company has continued to develop its operations and now generates revenue from billing director time on building construction projects. The company has implemented cost cutting measures, such as terminating the office lease, and is currently operating with minimal overheads. With these changes, in conjunction with the continuing support of the directors and the CVA, the directors believe they will continue to meet liabilities as they fall due.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Portsmere Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, Fittings and Equipment	25% reducing balance
Motor Vehicles	25% reducing balance
Plant and Machinery	25% reducing balance

Goodwill

Goodwill arising on the hive up of the trade, assets and liabilities of its subsidiary undertaking is the excess of the purchase consideration less the remaining net assets of the subsidiary after hive up. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Portsmere Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company during the year, was 8 (2023 - 10).

Portsmere Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	435,649	435,649
At 31 December 2024	435,649	435,649
Amortisation
At 1 January 2024	43,565	43,565
Amortisation charge	43,565	43,565
At 31 December 2024	87,130	87,130
Carrying amount
At 31 December 2024	348,519	348,519
At 31 December 2023	392,084	392,084

Portsmere Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and Machinery £	Total £
Cost or valuation
At 1 January 2024	14,825	11,113	2,124	28,062
At 31 December 2024	14,825	11,113	2,124	28,062
Depreciation
At 1 January 2024	8,612	2,952	936	12,500
Charge for the year	1,594	2,041	308	3,943
At 31 December 2024	10,206	4,993	1,244	16,443
Carrying amount
At 31 December 2024	4,619	6,120	880	11,619
At 31 December 2023	6,213	8,161	1,188	15,562

6	Investments

	2024 £	2023 £
Investments in subsidiaries	1	1