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Registered number: 08979675
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eT Portfolio Company
Financial statements
Information for filing with the registrar
5 April 2026
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Statement of financial position
as at 5 April 2026
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Provision for liabilities
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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 21 October 2026.
Company registered number: 08979675
The notes on pages 2 to 10 form part of these financial statements.
1
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Notes to the financial statements
for the year ended 5 April 2026
eT Portfolio Company ("the company") is a private unlimited company domiciled and incorporated in England and Wales.
The address of the company's registered office is Second Floor, Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE. The principal place of operations is Office 3A, Austin House, Sanderson Arcade, Morpeth, Northumberland, NE61 1NS.
The principal activity of the company during the year was that of investing in listed and unlisted investments to generate financial returns.
2.Accounting policies
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Basis of preparation of financial statements
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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" ("FRS 102"), the requirements of the Companies Act 2006 as applicable to companies under the small companies regime and under the historical cost convention, as modified by the revaluation of certain financial assets and investments measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the company, and are rounded to the nearest whole £1,000, except where otherwise indicated.
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report.
As a consequence, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from approving the financial statements. They have therefore adopted the going concern basis of accounting in preparing these financial statements.
Interest income
Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate.
Dividend income
Dividend income from the company's investments is recognised when the company's right to receive payment is established.
2
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Notes to the financial statements
for the year ended 5 April 2026
2.Accounting policies (continued)
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Current and deferred taxation
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The tax (credit)/expense for the year 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 reporting 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 reporting 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 reporting date.
Investments are included at fair value through profit and loss as described below:
(a) Listed securities in active markets are valued at the current bid prices at the reporting date.
(b) Unitised pooled investment vehicles and managed funds (which are listed) have been valued at the latest available bid price or single price provided by the pooled investment manager or fund manager.
(c) Unlisted securities are included at fair value.
(d) Accrued interest is excluded from the market value of fixed income securities and is included in investment income receivable.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
3
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Notes to the financial statements
for the year ended 5 April 2026
2.Accounting policies (continued)
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to net income or expenditure, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Investments
Investments are included at fair value through profit and loss as described in note 2.5.
Financial liabilities and equity
Financial instruments are classified as liabilities and equity instruments 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 company after deducting all of its liabilities.
Equity instruments
Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.
Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.
4
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Notes to the financial statements
for the year ended 5 April 2026
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial assets and liabilities
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
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Recognition of expenditure
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Expenditure is included on an accruals basis.
Equity dividends are recognised when they become legally payable.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
Unlisted investments
The value of the investments is based on the latest available bid price provided by the pooled investment manager or fund manager, or investment reports or accounts produced by the fund manager which are considered by the directors.
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No director has received any remuneration for their services as a director to the Company.
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5
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Notes to the financial statements
for the year ended 5 April 2026
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The in species transfers were to the holders of the A - shares as part of a share reduction of £30m of which the remaining £6.792m was paid in cash.
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6
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Notes to the financial statements
for the year ended 5 April 2026
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Fair value at 6 April 2025
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Fair value at 5 April 2026
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Managed Funds - Real Estate
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The day to day management of the company's listed investments has been delegated to the company's investment managers details of which are shown on the company information page.
The day to day management of unlisted investments has been delegated to Harbourvest and Bridges Capital.
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7
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Notes to the financial statements
for the year ended 5 April 2026
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Cash and cash equivalents
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Cash held with investment managers
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Creditors: amounts falling due within one year
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Loans from related parties (note 16)
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Provisions for liabilities
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Credit/(charge) for the year
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The provision for deferred taxation is made up as follows:
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Fixed asset investments measured at fair value
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8
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Notes to the financial statements
for the year ended 5 April 2026
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Financial assets measured at fair value through profit or loss
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets at fair value through profit and loss comprise fixed asset investments.
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Financial assets that are debt instruments measured at amortised cost comprise cash at bank and in hand.
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Financial liabilities measured at amortised cost comprise loans from related parties, creditors and accruals.
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Allotted, called up and fully paid
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2 (2025 - 30,000,000) Ordinary A shares of £1.00 each
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2 (2025 - 2) Ordinary B shares of £1.00 each
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'A' Ordinary shares are non-voting shares with dividends payable at the discretion of the Board. These shares are redeemable at the discretion of the Board.
'B' Ordinary shares hold no entitlement to dividends but do entitle the holder to one vote per share. These shares are non-redeemable.
The 'A' Ordinary and 'B' ordinary shares do not rank equally on a liquidation or return of capital.
During the year, the company undertook a reduction in share capital of £29,999,998.
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9
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Notes to the financial statements
for the year ended 5 April 2026
Profit and loss account
Reserves of the company are represented by retained earnings which are the cumulative profit and loss net of distributions.
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Related party transactions
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During the year the company repaid £21,336,642 jointly to (2025: repaid loans of £6,129,451 jointly to) Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited (“the Lenders”) as trustees of their respective trusts. The total outstanding balance at the year-end was £942,234 (2025: £22,278,877). The loans arose from the transfer of cash to and from the same Trustee companies. The loans do not have a set date to be repaid and are interest free until such date as the Lenders shall notify the company in writing that interest will accrue on the loans. The company may at any time repay the loans in whole or part at its discretion.
In addition the company made in species transfers of £23.208m and cash payments £6.792m jointly to Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited as A shareholders following a reduction in share capital of £30m.
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Ultimate controlling party
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In the opinion of the directors, the ultimate controlling parties are Eaga Partnership Trustee Limited and Eaga Partnership Trustee Two Limited which each hold 50% of the company's issued share capital as trustees of their respective trusts and have directors in common.
The auditors' report on the financial statements for the year ended 5 April 2026 was unqualified.
The audit report was signed on 21 October 2026 by Lucy Robson (senior statutory auditor) on behalf of RSM UK Audit LLP.
10
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