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REGISTERED NUMBER: 02274691 (England and Wales)











Portal Foods Ltd

Financial Statements

for the Year Ended 31 October 2023






Portal Foods Ltd (Registered number: 02274691)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Portal Foods Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: D Page
P Kingsley-Bates





REGISTERED OFFICE: Beaumont Road
Banbury
Oxfordshire
OX16 1RH





REGISTERED NUMBER: 02274691 (England and Wales)





AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Portal Foods Ltd (Registered number: 02274691)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 1,196,620 1,196,620
1,196,620 1,196,620

CREDITORS
Amounts falling due within one year 6 190 190
NET CURRENT LIABILITIES (190 ) (190 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,196,430

1,196,430

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Retained earnings 1,195,430 1,195,430
SHAREHOLDERS' FUNDS 1,196,430 1,196,430

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





P Kingsley-Bates - Director


Portal Foods Ltd (Registered number: 02274691)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. STATUTORY INFORMATION

Portal Foods Ltd 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.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Portal Foods Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgement, estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

In preparing these financial statements the directors have made judgements including:

- Unlisted investments. Management place reliance upon the underlying assumptions applied by professional valuers appointed at points in time deemed relevant by management. Thereafter consideration is given to any adjusting events as a result of known market conditions and performance of the unlisted entity where the impact can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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.


Portal Foods Ltd (Registered number: 02274691)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


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.

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.

Investments
Investments are recognised initially at cost. Subsequently they are measured at fair value through statement of comprehensive income if the shares are publicly traded or can otherwise be measured reliably.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 12,004
DEPRECIATION
At 1 November 2022
and 31 October 2023 12,004
NET BOOK VALUE
At 31 October 2023 -

5. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 November 2022
and 31 October 2023 2 1,196,620 1,196,622
PROVISIONS
At 1 November 2022
and 31 October 2023 2 - 2
NET BOOK VALUE
At 31 October 2023 - 1,196,620 1,196,620
At 31 October 2022 - 1,196,620 1,196,620

Portal Foods Ltd (Registered number: 02274691)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 October 2023 is represented by:

Shares in
group Unlisted
undertakings investments Totals
£    £    £   
Valuation in 2016 - 634,521 634,521
Valuation in 2021 - (6,614 ) (6,614 )
Valuation in 2022 - (92,528 ) (92,528 )
Cost 2 661,241 661,243
2 1,196,620 1,196,622

The 2021 revaluation of the unlisted investment, held in euros, arises upon translation of it's component parts into the functional currency at the exchange rate prevailing at the current year end date.

The 2022 revaluation of the unlisted investment, held in euros, follows the independent valuation by accountants and business advisory group, Azets, as at 31 December 2021.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 190 190

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

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

The Report of the Auditors was unqualified.

Darren Barlow FCCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

9. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Silbury Marketing Limited, a company incorporated in England & Wales. Group financial statements are prepared by the parent company and copies may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ.