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REGISTERED NUMBER: 02931796 (England and Wales)



















PORTLAND WIRE PRODUCTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


PORTLAND WIRE PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr J B Allman
Mr P N Allman





REGISTERED OFFICE: 997 London Road
Alvaston
Derby
DE24 8PX





BUSINESS ADDRESS: Venture Point
Wheelhouse Road
Rugeley
Staffordshire
WS15 1UZ





REGISTERED NUMBER: 02931796 (England and Wales)





AUDITORS: Johnson Tidsall Limited
Chartered Accountants
& Statutory Auditor
81 Burton Road
Derby
Derbyshire
DE1 1TJ

PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,084 7,511

CURRENT ASSETS
Stocks 5 31,237 66,862
Debtors 6 224,025 250,018
Cash at bank and in hand 161,105 115,227
416,367 432,107
CREDITORS
Amounts falling due within one year 7 245,078 297,598
NET CURRENT ASSETS 171,289 134,509
TOTAL ASSETS LESS CURRENT
LIABILITIES

205,373

142,020

PROVISIONS FOR LIABILITIES 6,433 1,427
NET ASSETS 198,940 140,593

CAPITAL AND RESERVES
Called up share capital 8 4,000 4,000
Retained earnings 194,940 136,593
SHAREHOLDERS' FUNDS 198,940 140,593

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





Mr J B Allman - Director


PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Portland Wire Products 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.

Turnover from the sales of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually upon delivery.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2022 33,771 10,016 14,595 58,382
Additions - - 29,950 29,950
Disposals - - (14,595 ) (14,595 )
At 28 February 2023 33,771 10,016 29,950 73,737
DEPRECIATION
At 1 March 2022 30,091 8,784 11,996 50,871
Charge for year 368 123 287 778
Eliminated on disposal - - (11,996 ) (11,996 )
At 28 February 2023 30,459 8,907 287 39,653
NET BOOK VALUE
At 28 February 2023 3,312 1,109 29,663 34,084
At 28 February 2022 3,680 1,232 2,599 7,511

5. STOCKS
2023 2022
£    £   
Stocks 31,237 66,862

PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 100,160 142,986
Amounts owed by group undertakings 119,861 104,715
Other debtors 1,849 -
Prepayments and accrued income 2,155 2,317
224,025 250,018

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 178,036 219,818
Amounts owed to group undertakings 47,882 49,067
Corporation tax 6,573 18,704
Social security and other taxes 2,669 2,565
VAT 4,458 2,991
Other creditors 208 -
Accruals and deferred income 5,252 4,453
245,078 297,598

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary A £1 1,000 1,000
1,000 Ordinary B £1 1,000 1,000
1,000 Ordinary C £1 1,000 1,000
1,000 Ordinary D £1 1,000 1,000
4,000 4,000

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

The Report of the Auditors was unqualified.

David Mellor FCA (Senior Statutory Auditor)
for and on behalf of Johnson Tidsall Limited

10. OTHER FINANCIAL COMMITMENTS

As at 28 February 2023 the company had financial commitments under operating leases of £32,150 (2022: £45,010) in relation to property rental.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


12. ULTIMATE PARENT COMPANY

Portland Wire Products Limited is a wholly owned subsidiary of PWP Properties Limited.

ASG Group Associates Limited is regarded as being the ultimate parent company.

They all share the same registered office.

ASG Group Associates Limited prepare consolidated financial statements, of which Portland Wire Products Limited forms a part of. The consolidated financial statements are publicly available at Companies House, Crown Way, Cardiff, CF14 3UZ, DX 33050 Cardiff, United Kingdom