1.
General Information
Portside Place Developments Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
15342025
. The registered office is Suite 6 Switch House, Northern Perimeter Road, Liverpool, Merseyside, L30 7PT.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
2.2.
Going Concern Disclosure
The company has net liabilities of £9,899 (2024: £4,358) and is reliant on the continued financial support of its parent company, District and County Investments Limited, to meet its liabilities as they fall due.
The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. These forecasts reflect the ongoing development expenditure and assume continued funding from the group.
District and County Investments Limited has confirmed in writing that it will continue to provide financial support to the company and will not seek repayment of amounts owed until the company is in a position to make such repayments without adversely affecting its ability to continue as a going concern.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services, and is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of property units is recognised at the point the sale is legally completed. Where units are sold off-plan, legal completion is deemed to occur only upon completion of the development and handover of the units to the individual purchasers. Although contracts may have been exchanged and deposits received in advance of this point, the Group has not yet fulfilled its performance obligations under the sale contracts. Accordingly, no revenue is recognised in the profit and loss account until legal completion, and all receipts are recorded as deferred income in the balance sheet until that time.
2.4.
Stocks and Work in Progress
Development properties held as stock are stated at the lower of cost and net realisable value.
Cost comprises:
• Land acquisition costs, including stamp duty land tax and directly attributable legal fees
• Construction and development costs
• Professional fees directly attributable to bringing the development to its present condition
• Borrowing costs incurred on funding directly attributable to the development during the construction period
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
The directors assess net realisable value at each reporting date by reference to independent valuations, comparable market evidence, and the expected costs to complete the development. Where net realisable value is lower than cost, a write-down is recognised in the profit and loss account.
Portside Place Developments Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
4.
Stocks
| 31 December 2025 | 31 December 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Development properties |
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Development properties comprise land and buildings under construction at the east side of Sefton Street, Brunswick Business Park, Liverpool. The development comprises of 198 apartments across two blocks providing a mixture of both 1 bedroom and 2 bedroom apartments.
The directors have assessed the net realisable value of the development at the balance sheet date. Based on current market conditions, estimated selling prices, and costs to complete, the directors are satisfied that no write-down is required and the development is carried at cost as follows:
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2025
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2024
|
||
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£
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£
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||
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Development properties - land
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3,000,000
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3,000,000
|
|
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Development properties - construction and other costs
|
4,147,918
|
2,129,632
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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|
|
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7,147,918
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
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5,129,632
|
Portside Place Developments Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
5.
Debtors
| 31 December 2025 | 31 December 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors | 7,709 | 1,096,687 | |
6.
Creditors: Amounts Falling Due Within One Year
| 31 December 2025 | 31 December 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | 1,500,958 | 2,009,230 | |
|
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||
Amounts owed to group undertakings are interest-free, unsecured, and repayable on demand. The parent company, District and County Investments Limited, has confirmed it will not demand repayment until the company is in a position to repay without adversely affecting its ability to continue as a going concern (see note 2.2).
Secured liabilities
Included within Amounts owed to group undertakings is a development loan from DCI 4 Limited. This loan is secured by a first legal charge dated 26 February 2024 over the freehold development property at Sefton Street, Brunswick Business Park, Liverpool (Title Number MS453110). The charge was registered at Companies House on 26 February 2024 under charge code 1534 2025 0001. The charge contains fixed charge provisions and a negative pledge.
8.
Related Party Transactions
The following related party transactions were undertaken during the year:
During the year, DCI 4 Limited, a fellow subsidiary under the common control of District and County Investments Limited, advanced funds totalling £587,131 to the company. At the balance sheet date, the amount payable to DCI 4 Limited was £5,256,194 (2024: £4,668,063). The loan is unsecured and repayable on demand.
The parent company, District and County Developments Limited, maintained a loan with the company during the year. No additional amounts were introduced (2024: £nil). At the balance sheet date, the amount payable to the parent company was £85 (2024: £85).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
9.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
10.
Controlling Party
The company's controlling party is District and County Developments Limited by virtue of its ownership of 65% of the issued share capital in the company.
The ultimate controlling party is District and County Investments Limited, by virtue of it's 100% controlling interest in District and County Developments Limited.
Portside Place Developments Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
11.
Audit Information
The auditor's report on the accounts of
Portside Place Developments Limited
for the year ended 31 December 2025 was unqualified.
The auditor's report was signed by
Mark Wrigglesworth
(Senior Statutory Auditor)
for and on behalf of
ERC Accountants and Business Advisers Ltd
, Statutory Auditor.
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Chartered Accountants
Hanover Buildings, 11 - 13 Hanover Street
Liverpool
Merseyside
L1 3DN
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