PHD Operations Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 12799836 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2026

FOR

PORTSMOUTH HISTORIC DOCKYARD

OPERATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs S Dennis

Mr D Jones

Mr M P Sheldon

Mrs S A Wright

REGISTERED OFFICE:

Royal Navy Museums

HM Naval Base PP66

Portsmouth

Hampshire

PO1 3NH

REGISTERED NUMBER:

12799836 (England and Wales)

SENIOR STATUTORY AUDITOR:

Michael Cooper-Davis FCCA ACA

AUDITORS:

Price Bailey LLP, Statutory Auditor

24 Old Bond Street

London

W1S 4AP

CURRENT ASSETS

Stocks

31,760

51,494

Debtors

4

172,119

152,931

Cash at bank

96,278

8,097

300,157

212,522

CREDITORS

Amounts falling due within one year

5

300,155

212,520

NET CURRENT ASSETS

2

TOTAL ASSETS LESS CURRENT
LIABILITIES

2

CAPITAL AND RESERVES

Called up share capital

7

2

SHAREHOLDERS' FUNDS

2

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th October 2026 and were signed on its behalf by:

Mrs S Dennis - Director

Mr D Jones - Director

1.	STATUTORY INFORMATION

Portsmouth Historic Dockyard Operations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of average cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Basic financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised 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, where 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.

The company's financial assets and liabilities consist of other debtors, other creditors, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

Expenditure and liabilities

Expenditure is recognised on an accruals basis.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Agency funds

Portsmouth Historic Dockyard Operations Limited is a joint venture between The Mary Rose Trust and NMRN Operations and is responsible for the collection and distribution of ticketing income for the destination Portsmouth Historic Dockyard on behalf of the joint venture partners. A summary of the agency fund activity for the year is shown in note 4. These balances are excluded from the accounts.

Distribution of profits

The company has a policy of paying gift aid of an amount up to the taxable profits each year to the members. In line with ICAEW Technical Release 'Tech16/14BL', the company treats these donations as a distribution of reserves and it is paid either pre year end, or within 9 months of the year end. The board are responsible for formally agreeing the amount distributed each year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Amounts owed by participating interests

129,798

126,438

Other debtors

2,769

1,112

VAT

14,171

-

Prepayments and accrued income

25,381

172,119

152,931

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade creditors

166,951

-

Amounts owed to participating interests

122,978

130,161

VAT

-

5,036

Accrued expenses

10,226

77,323

300,155

212,520

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

Within one year

62,633

100,215

Between one and five years

-

58,459

62,633

158,674

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

1

Ordinary A

£1

1

Ordinary B

£1

1

2

8.

RESERVES

Retained

earnings

£

Profit for the year

97,404

Gift Aid

(97,404

)

At 31st March 2026

-

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor)

for and on behalf of Price Bailey LLP, Statutory Auditor

10.	RELATED PARTY DISCLOSURES

Included within debtors are balances totalling £129,798 (2025: £126,438) owing by the members of the Joint Venture.

Included within creditors are balances totalling £122,978 (2025: £130,161) owed to the members of the Joint Venture

11.	POST BALANCE SHEET EVENTS

Visitor Reception Centre underlease: Following the year end, Portsmouth Historic Dockyard Operations Limited confirmed that it would not renew the underlease for the Visitor Reception Centre when the current lease expires 31 October 2026. The company will therefore vacate the premises on expiry of the underlease.