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Registration number: 03946730

Portico Consulting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Portico Consulting Ltd

Contents

Company Information

1

Director's Report

2

Balance sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Portico Consulting Ltd

Company Information

Director

R Gale

Registered office

The Surrey Technology Centre
The Surrey Research Park
40 Occam Road
Guildford
Surrey
GU2 7YG

Accountants

Harmer Slater Limited
79a High Street
Teddington
Middlesex
TW11 8HG

 

Portico Consulting Ltd

Director's Report for the Year Ended 31 March 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Principal activity

The principal activity of the company is the provision of management consultancy and software for the vocational education market.

Director of the company

The director who served throughout the year and up to date of authorisation of this report was as follows:

R Gale

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Small companies provision statement
The director has taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the director's report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

The director's report was approved and authorised by the director on 12 October 2023
 

.........................................
R Gale
Director

 

Portico Consulting Ltd

(Registration number: 03946730)
Balance sheet as at 31 March 2023

 

Note

2023
£

2022
£

Fixed assets

 

Tangible fixed assets

5

36,449

46,667

Current assets

 

Receivables

6

148,013

99,203

Cash at bank

 

435,378

340,513

 

583,391

439,716

Payables: Amounts falling due within one year

7

(441,701)

(408,503)

Net current assets

 

141,690

31,213

Net assets

 

178,139

77,880

Share capital and reserves

 

Called up share capital

9

300

300

Retained earnings

9

177,839

77,580

Total equity

 

178,139

77,880

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in
accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Portico Consulting Ltd were approved and authorised for issue by the director on 12 October 2023
 

.........................................

R Gale
Director

 

Portico Consulting Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

1

General information

Portico Consulting Ltd (the 'company') is a private company limited by share capital,incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The financial statements have been prepared on a going concern basis. The directors believe that the company has sufficient financial resources to be able to continue to trade over the next twelve months.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Judgements and key sources of estimation uncertainty

In the opinion of the directors, no critical judgements which have the most significant effect on the amounts recognised in the financial statements, were made in the process of applying the company’s accounting policies.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities net of value added tax, returns, rebates and discounts. The Company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity. Licence fee income is spread evenly over the period to which it relates.

 

Portico Consulting Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment, fixtures and fittings

25% reducing balance

Computer equipment

33 1/3% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash held at bank.

Receivables

Trade receivables are amounts due from customers for services performed in the ordinary course of business.

Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Portico Consulting Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Trade Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the payable for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 13).

 

Portico Consulting Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

4

Taxation

2023
£

2022
£

Current taxation

UK corporation tax adjustment to prior periods

(76,068)

(37,643)

Deferred taxation

Arising from origination and reversal of timing differences

4,173

(5,493)

Tax receipt in the income statement

(71,895)

(43,136)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit/(loss) before tax

28,364

(12,735)

Corporation tax at standard rate

5,389

(2,420)

Effect of expense not deductible in determining taxable profit (tax loss)

236

10

Deferred tax credit relating to changes in tax rates or laws

(4,796)

-

Deferred tax expense/(credit) from unrecognised temporary difference from a prior period

3,344

(3,084)

Tax decrease from effect of adjustment in research and development tax credit

(76,068)

(37,642)

Total tax credit

(71,895)

(43,136)

 

Portico Consulting Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

5

Tangible fixed assets

Furniture, fittings and equipment
 £

Computer equipment
£

Total
£

Cost

At 1 April 2022

3,987

64,422

68,409

Additions

1,882

5,834

7,716

At 31 March 2023

5,869

70,256

76,125

Depreciation

At 1 April 2022

3,056

18,686

21,742

Charge for the year

624

17,310

17,934

At 31 March 2023

3,680

35,996

39,676

Carrying amount

At 31 March 2023

2,189

34,260

36,449

At 31 March 2022

931

45,736

46,667

6

Receivables

2023
£

2022
£

Trade receivables

73,659

38,552

Other receivables

9,644

6,783

Deferred tax assets

19,984

24,156

Prepayments

14,556

11,537

Accrued income

30,170

18,175

148,013

99,203

 

Portico Consulting Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

7

Payables

2023
£

2022
£

Due within one year

Social security and other taxes

71,147

64,043

Outstanding defined contribution pension costs

3,804

4,260

Other payables

6,106

6,432

Accrued expenses

10,878

11,024

Deferred income

349,766

322,744

441,701

408,503

8

Pension scheme

The company operates a defined contribution pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £33,034 (2022 - £34,069).Contributions totalling £3,804 (2022 - £4,260) were payable to the scheme at the end of the year and are included in payables.

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

         

The company has one class of share capital which carries no right to fixed income.


Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.