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Registered number: 13633569
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UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
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FOR THE PERIOD ENDED
31 OCTOBER 2025
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WELBECK CP (PORTSMOUTH) LIMITED
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WELBECK CP (PORTSMOUTH) LIMITED
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COMPANY INFORMATION
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WELBECK CP (PORTSMOUTH) LIMITED
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CONTENTS
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Notes to the financial statements
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WELBECK CP (PORTSMOUTH) LIMITED
REGISTERED NUMBER:13633569
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BALANCE SHEET
AS AT 31 OCTOBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 comprehensive income 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 on 19 June 2026.
The notes on pages 2 to 5 form part of these financial statements.
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WELBECK CP (PORTSMOUTH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
Welbeck CP (Portsmouth) Limited is a property ownership and management company. It is a private company limited by shares and is incorporated in England and Wales.
The address of the registered office is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
Revenue comprises rental income receivable during the year, net of value added tax and trade discounts.
Rental income from the properties is recorded in the profit and loss account as it falls due. Rent increases
arising from rent reviews during the year are taken into account as they fall due, in line with those agreed with
the tenants. All turnover arose within the United Kingdom.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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WELBECK CP (PORTSMOUTH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. 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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Investment property is carried at fair value determined annually by the directors in consultation with external 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 profit or loss.
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The average monthly number of employees, including directors, during the period was 2 (2024 -2).
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WELBECK CP (PORTSMOUTH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
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Freehold investment property
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Project costs written off
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During the year, the Company recognised a total write-off of £1,807,028 in the profit and loss account in respect of planning and development costs relating to a proposed redevelopment project that will not proceed.
Of this amount, £1,127,389 related to costs previously capitalised within investment properties. These capitalised amounts have been removed from the carrying value of investment properties in the year and expensed to administrative expenses.
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The 2025 valuations were made by the Directors, on an open market value for existing use basis.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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WELBECK CP (PORTSMOUTH) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
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Authorised, allotted, called up and fully paid
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1 (2024 -1) Ordinary share of £1.00
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The Company has provided a guarantee of £6,500,000, plus interest and costs, in respect of borrowings by another group company.
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Related party transactions
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The immediate parent undertaking is Welbeck C P, which is incorporated in England and Wales. At the balance sheet date £8,081,938 (2024: - £6,956,558) was owed to the parent undertaking.
The ultimate parent undertaking and ultimate controlling party is Welbeck CP Holding Limited.
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