REGISTERED NUMBER:
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PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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REGISTERED NUMBER:
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PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Station House |
Havant |
Hampshire |
PO9 1QU |
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BANKERS: |
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38 London Road |
North End |
Portsmouth |
Hampshire |
PO2 0LR |
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SOLICITORS: |
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Gateway House |
Tollgate |
Chandler's Ford |
Southampton |
Hampshire |
SO53 3TG |
PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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RESERVES |
Other reserves |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116) |
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BALANCE SHEET - continued |
31 MARCH 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Portsmouth and South East Hampshire Partnership Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Income |
Income is rental income and sale proceeds from the Partnership Business Park property development. |
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Income from investments |
Investment income comprises bank deposit interest receivable. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares. |
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Trade and other debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
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Trade and other creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2021 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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5. | INVESTMENT PROPERTY - continued |
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Fair value at 31 March 2022 is represented by: |
£ |
Valuation in 2008 | 398,550 |
Valuation in 2009 | (243,843 | ) |
Valuation in 2010 | 435,441 |
Valuation in 2013 | (542,645 | ) |
Valuation in 2017 | 303,645 |
Valuation in 2021 | 1,854,267 |
Cost | 1,909,585 |
4,115,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 1,909,585 | 1,909,585 |
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Investment property was valued on an open market basis on 31 March 2022 by the directors . |
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6. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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VAT |
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Prepayments |
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Accrued income | - | 29,685 |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Parity Trust |
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An investment of £5,000 is held in Community Shares on a long term basis from the Parity Trust. |
PORTSMOUTH AND SOUTH EAST HAMPSHIRE |
PARTNERSHIP LIMITED (REGISTERED NUMBER: 02962116) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Income in advance | 67,737 | 11,566 |
Corporation tax |
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VAT | 13,642 | - |
Other creditors |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loans repayable between 1 and 5
years |
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Bank loans repayable after 5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans repayable after 5 years | 301,971 | 350,315 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank loans |
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Bank loan for Investment Property |
This loan is secured by a fixed charge over the Investment Property and a floating charge over the company's bank balances. |