Company registration number 09280825 (England and Wales)
PORTLAND STREET PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
PORTLAND STREET PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PORTLAND STREET PROPERTY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
4
95,309
12,813,267
Cash at bank and in hand
1,050
307
96,359
12,813,574
Creditors: amounts falling due within one year
5
(98,758)
(82,915)
Net current (liabilities)/assets
(2,399)
12,730,659
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,400)
12,730,658
Total equity
(2,399)
12,730,659

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

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

The financial statements were approved by the board of directors and authorised for issue on 4 February 2026 and are signed on its behalf by:
D Russell
Director
Company registration number 09280825 (England and Wales)
PORTLAND STREET PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
1
Accounting policies
Company information

Portland Street Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alliance House, Westpoint Enterprise Park, Clarence Avenue, Trafford Park, Manchester, M17 1QS.

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 financial statements have not been prepared on a going concern basis. The directors have determined that the going concern basis is not appropriate due to the cessation of trading on 30 true May 2025 and the intention to strike off the company.

Accordingly, the financial statements have been prepared on a basis that reflects the directors’ decision to cease operations. The directors have assessed the impact of this basis of preparation and have determined that no adjustments to the carrying amounts of assets and liabilities are necessary.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PORTLAND STREET PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. 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 is recognised in respect of all timing differences that have original but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Provision is made for tax on gains arising from the revaluation of fixed assets only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned.

PORTLAND STREET PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
2
Employees

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

2025
2024
Number
Number
Total
3
3
3
Dividends
2025
2024
£
£
Final paid
12,720,753
-
0
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
88,356
12,813,267
Other debtors
6,953
-
0
95,309
12,813,267
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
43,101
-
0
Amounts owed to group undertakings
2,400
2,400
Other creditors
47,742
75,000
Accruals and deferred income
5,515
5,515
98,758
82,915
6
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:

PORTLAND STREET PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Audit report information
(Continued)
- 5 -
Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 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.

Emphasis of matter

We draw your attention to Note 1.2 to the financial statements which explains that the directors intend to wind up the company. The directors do not consider that the company will trade in the future and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. There have been no adjustments made to the financial statements as a result of the application of the non-going concern basis of accounting. Accordingly, the financial statements have been prepared on a basis other than the going concern basis.

Our opinion is not modified in this respect.

Senior Statutory Auditor:
Zoë Duffy BFP FCA
Statutory Auditor:
Cooper Parry Group Limited
Date of audit report:
4 February 2026
7
Related party transactions

At the year end, a balance of £88,356 (2024: £N il) was due from PAG Property Limited, the immediate parent.

At the year end, loans of £2,400 (2024: £nil) was due from Alliance Real Estate Limited, a subsidiary of PAG Holdings Limited.

At the year end, a balance of £Nil (2024: £12,813,267) was due from Property Alliance Group Limited, a subsidiary of PAG Holdings Limited and the previous parent company.

PORTLAND STREET PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
8
Parent company

On 29 October 2024, Property Alliance Group Limited ceased to be the immediate and ultimate parent company. On this date, PAG Holdings Limited became the ultimate parent company . D Russell remains the ultimate controlling party by virtue of his majority shareholding in PAG Holdings Limited.

On the 30 May 2025, PAG Property Limited, a company registered in England and Wales, acquired the entire share capital of Portland Street Property Limited, thereby becoming its immediate parent company.

The consolidated financial statements of the group may be obtained from PAG Holdings Limited at Alliance House, Westpoint Enterprise Park, Clarence Avenue, Trafford Park, Manchester, M17 1QS.

2025-06-30 2024-07-01 false false false 04 February 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity D Russell A Russell E Wyse 09280825 2024-07-01 2025-06-30 09280825 2025-06-30 09280825 2024-06-30 09280825 core:CurrentFinancialInstruments core:WithinOneYear 2025-06-30 09280825 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09280825 core:CurrentFinancialInstruments 2025-06-30 09280825 core:CurrentFinancialInstruments 2024-06-30 09280825 core:ShareCapital 2025-06-30 09280825 core:ShareCapital 2024-06-30 09280825 core:RetainedEarningsAccumulatedLosses 2025-06-30 09280825 core:RetainedEarningsAccumulatedLosses 2024-06-30 09280825 bus:Director1 2024-07-01 2025-06-30 09280825 2023-07-01 2024-06-30 09280825 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 09280825 bus:SmallCompaniesRegimeForAccounts 2024-07-01 2025-06-30 09280825 bus:FRS102 2024-07-01 2025-06-30 09280825 bus:Audited 2024-07-01 2025-06-30 09280825 bus:Director2 2024-07-01 2025-06-30 09280825 bus:Director3 2024-07-01 2025-06-30 09280825 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP