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REGISTERED NUMBER: 04504939 (England and Wales)


















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 October 2023

for


Portland Investment Group Limited



Portland Investment Group Limited (Registered number: 04504939)








Contents of the Consolidated Financial Statements

for the Year Ended 31 October 2023





Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

5




Consolidated Income Statement  

8




Consolidated Other Comprehensive Income  

10




Consolidated Statement of Financial Position  

11




Company Statement of Financial Position  

12




Consolidated Statement of Changes in Equity  

13




Company Statement of Changes in Equity  

14




Consolidated Statement of Cash Flows  

15




Notes to the Consolidated Statement of Cash Flows

16




Notes to the Consolidated Financial Statements

18





Portland Investment Group Limited



Company Information

for the Year Ended 31 October 2023









DIRECTORS:

Mr M J Davison


Mr A D Sheekey


Mr K D Heppenstall







REGISTERED OFFICE:

28 Bailey Street


Sheffield


South Yorkshire


S1 4EH







REGISTERED NUMBER:

04504939 (England and Wales)







AUDITORS:

Sutton McGrath Hartley


5 Westbrook Court


Sharrowvale Road


Sheffield


South Yorkshire


S11 8YZ



Portland Investment Group Limited (Registered number: 04504939)



Group Strategic Report

for the Year Ended 31 October 2023


The directors present their strategic report of the company and the group for the year ended 31 October 2023.


REVIEW OF BUSINESS

The principal activity of the company during the year was to act as holding company to the group. During the year the group's principal activity was the provision of human resources, training requirements, and clinical services, to a diverse range of industries including Energy, Engineering, Construction and Healthcare.


The profit and loss account is set out on page 8 and shows the turnover for the year of £32m (2022: £33m), and an operating profit of £979k (2022: £1.3m) on continuing operations.


The directors are satisfied with the performance of Dutton Recruitment in a year of external challenges. The business as a whole was able to find new opportunities to enhance income streams which can be attributed as much to the quality of service Dutton Recruitment is well known for, as well as new investment choices.


The training business specialises in delivering funded training on a national basis to both the employed and unemployed.


Clinical services were provided in the south and east of England to a number of NHS Trusts.


During the year, the training business and clinical services were transferred to holdings outside of the group, but remained under the control of M Davison.


PRINCIPAL RISKS AND UNCERTAINTIES

The market for the provision of human resources and training to the chosen sectors remains highly competitive. This competitive risk manifests itself in increased competition for staff, candidates and clients, service development and pricing pressures. Business risk in these sectors is also attached to the viability of a number of the company's SME client base, however these debts are insured wherever possible.


The group holds financial instruments to finance its operations. Operations are financed by floating rate invoice discounting facilities. In addition various financial instruments such as trade debtors and trade creditors arise directly from the group's operations. The group does not enter into any hedging agreements.


KEY PERFORMANCE INDICATORS

The group measures its main financial KPI's based on turnover, gross profit and conversion of net fee income. Turnover and operating profit on continuing operations have decreased by 2.6% (2022: 5.2%) and 26.9% (2022: 13.8%) respectively after a challenging year and a change in mix of operations. The conversion of net fee income (operating profit divided by gross profit) on continuing operations has decreased to 20.7% (2022: 25.8%). The group considers its main non-financial KPI's are in relation to both the environment and its staff. The group attempts to conduct its business in an environmentally friendly manner by encouraging recycling and minimising travel. The group also monitors staff turnover and the level of skill of its employees to ensure the business is run as efficiently as possible.


ON BEHALF OF THE BOARD:






Mr M J Davison - Director



31 July 2024



Portland Investment Group Limited (Registered number: 04504939)



Report of the Directors

for the Year Ended 31 October 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.


DIVIDENDS

The total distribution of dividends for the year ended 30 October 2023 will be £675,083.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.


Mr M J Davison

Mr A D Sheekey

Mr K D Heppenstall


DONATIONS AND EXPENDITURE

The group made charitable donations in the year of £19,248, including £15,000 to a homelessness charity.


EMPLOYMENT OF DISABLED PERSONS

The group's policy is to ensure that equal opportunities exist, including training, career development and promotion for persons disabled at or subsequent to recruitment, having regard to their particular aptitudes and abilities.


EMPLOYEE INVOLVEMENT

During the year, the policy of providing employees with information about the group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the group's performance. Managers and team leaders participate directly in the success of the business through the applicable group company's commission scheme.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable accounting standards have been followed, subject to any material departures disclosed and

explained in the financial statements;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.



Portland Investment Group Limited (Registered number: 04504939)



Report of the Directors

for the Year Ended 31 October 2023



STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  Sutton McGrath Hartley, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






Mr M J Davison - Director



31 July 2024


Report of the Independent Auditors to the Members of

Portland Investment Group Limited


Opinion

We have audited the financial statements of Portland Investment Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Report of the Independent Auditors to the Members of

Portland Investment Group Limited



Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Portland Investment Group Limited



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based

approach.


In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Policies and controls relating to the risk of material misstatement as a result of fraud are also considered. These are

assessed by obtaining an understanding of the company's operations and control environment. The policies and

controls have been reviewed by discussion, review and sample testing of accounting entries, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches. Carrying value of investments, income recognition and cut off are also tested.


We have ensured that the engagement team have appropriate levels of competence and experience to effectively

monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathon Dickens FCA (Senior Statutory Auditor)

for and on behalf of Sutton McGrath Hartley

5 Westbrook Court

Sharrowvale Road

Sheffield

South Yorkshire

S11 8YZ


31 July 2024



Portland Investment Group Limited (Registered number: 04504939)



Consolidated

Income Statement

for the Year Ended 31 October 2023


2023

2023

2023


Continuing

Discontinued

Total



Notes

£

£

£


TURNOVER

3

31,969,461


6,225,686


38,195,147



Cost of sales

(27,242,132

)

(3,491,378

)

(30,733,510

)


GROSS PROFIT

4,727,329


2,734,308


7,461,637




Administrative expenses

(3,835,383

)

(1,142,085

)

(4,977,468

)


891,946


1,592,223


2,484,169




Other operating income

87,500


-


87,500





OPERATING PROFIT

5

979,446


1,592,223


2,571,669




Interest receivable and similar income

83,159


8,038


91,197



Interest payable and similar expenses

6

(290,238

)

(24,750

)

(314,988

)


PROFIT BEFORE TAXATION

772,367


1,575,511


2,347,878



Tax on profit

7

(258,094

)

(356,168

)

(614,262

)


PROFIT FOR THE FINANCIAL YEAR

514,273


1,219,343


1,733,616



Profit attributable to:

Owners of the parent

1,549,655



Non-controlling interests

183,961



1,733,616





Portland Investment Group Limited (Registered number: 04504939)



Consolidated

Income Statement

for the Year Ended 31 October 2023


2022

2022

2022


Continuing

Discontinued

Total



Notes

£

£

£


TURNOVER

3

32,832,766


12,372,449


45,205,215



Cost of sales

(27,648,885

)

(6,541,566

)

(34,190,451

)


GROSS PROFIT

5,183,881


5,830,883


11,014,764




Administrative expenses

(3,893,996

)

(1,894,306

)

(5,788,302

)


1,289,885


3,936,577


5,226,462




Other operating income

50,000


10,511


60,511





OPERATING PROFIT

5

1,339,885


3,947,088


5,286,973




Interest receivable and similar income

35,747


-


35,747



Interest payable and similar expenses

6

(146,708

)

(14,500

)

(161,208

)


PROFIT BEFORE TAXATION

1,228,924


3,932,588


5,161,512



Tax on profit

7

(298,886

)

(754,093

)

(1,052,979

)


PROFIT FOR THE FINANCIAL YEAR

930,038


3,178,495


4,108,533



Profit attributable to:

Owners of the parent

3,654,889



Non-controlling interests

453,644



4,108,533





Portland Investment Group Limited (Registered number: 04504939)



Consolidated

Other Comprehensive Income

for the Year Ended 31 October 2023


2023

2022



Notes

£

£


PROFIT FOR THE YEAR

1,733,616


4,108,533





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR THE

YEAR

1,733,616


4,108,533




Total comprehensive income attributable to:

Owners of the parent

1,549,655


3,654,889



Non-controlling interests

183,961


453,644



1,733,616


4,108,533





Portland Investment Group Limited (Registered number: 04504939)



Consolidated Statement of Financial Position

31 October 2023


2023

2022



Notes

£

£

£

£

FIXED ASSETS

Intangible assets

10

688,645


827,225



Tangible assets

11

176,168


260,506



Investments

12

1,310,399


10,399



2,175,212


1,098,130




CURRENT ASSETS

Debtors

13

9,975,357


12,726,988



Cash at bank and in hand

294,397


619,163



10,269,754


13,346,151



CREDITORS

Amounts falling due within one year

14

7,168,297


8,479,244



NET CURRENT ASSETS

3,101,457


4,866,907



TOTAL ASSETS LESS CURRENT LIABILITIES

5,276,669


5,965,037




CREDITORS

Amounts falling due after more than one year

15

(202,500

)

(607,500

)



PROVISIONS FOR LIABILITIES

18

(80,157

)

(57,339

)


NET ASSETS

4,994,012


5,300,198




CAPITAL AND RESERVES

Called up share capital

19

66,975


66,975



Share premium

68,500


68,500



Capital redemption reserve

66,525


66,525



Retained earnings

4,792,012


4,464,313



SHAREHOLDERS' FUNDS

4,994,012


4,666,313




NON-CONTROLLING INTERESTS

20

-


633,885



TOTAL EQUITY

4,994,012


5,300,198




The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




Mr M J Davison - Director




Portland Investment Group Limited (Registered number: 04504939)



Company Statement of Financial Position

31 October 2023


2023

2022



Notes

£

£

£

£

FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

-


-



Investments

12

3,349,518


2,050,518



3,349,518


2,050,518




CURRENT ASSETS

Debtors

13

3,921,349


3,343,860



Cash at bank

212,213


96,133



4,133,562


3,439,993



CREDITORS

Amounts falling due within one year

14

1,552,712


541,010



NET CURRENT ASSETS

2,580,850


2,898,983



TOTAL ASSETS LESS CURRENT LIABILITIES

5,930,368


4,949,501




CREDITORS

Amounts falling due after more than one year

15

202,500


607,500



NET ASSETS

5,727,868


4,342,001




CAPITAL AND RESERVES

Called up share capital

19

66,975


66,975



Share premium

68,500


68,500



Capital redemption reserve

66,525


66,525



Retained earnings

5,525,868


4,140,001



SHAREHOLDERS' FUNDS

5,727,868


4,342,001




Company's profit for the financial year

2,060,950


2,637,642




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


The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




Mr M J Davison - Director




Portland Investment Group Limited (Registered number: 04504939)



Consolidated Statement of Changes in Equity

for the Year Ended 31 October 2023


Called up



share

Retained

Share


capital

earnings

premium



£

£

£

Balance at 1 November 2021

66,975


2,431,614


68,500




Changes in equity

Dividends

-


(1,622,190

)

-



Total comprehensive income

-


3,654,889


-



Balance at 31 October 2022

66,975


4,464,313


68,500




Changes in equity

Reduction in non-controlling

interests

-


526,876


-



Dividends

-


(675,083

)

-



Total comprehensive income

-


1,549,655


-



Distribution in specie

-


(1,073,749

)

-



Balance at 31 October 2023

66,975


4,792,012


68,500



Capital



redemption

Non-controlling

Total


reserve

Total

interests

equity



£

£

£

£

Balance at 1 November 2021

66,525


2,633,614


300,241


2,933,855




Changes in equity

Dividends

-


(1,622,190

)

(120,000

)

(1,742,190

)


Total comprehensive income

-


3,654,889


453,644


4,108,533



Balance at 31 October 2022

66,525


4,666,313


633,885


5,300,198




Changes in equity

Reduction in non-controlling

interests

-


526,876


(526,876

)

-



Dividends

-


(675,083

)

(290,970

)

(966,053

)


Total comprehensive income

-


1,549,655


183,961


1,733,616



Distribution in specie

-


(1,073,749

)

-


(1,073,749

)


Balance at 31 October 2023

66,525


4,994,012


-


4,994,012





Portland Investment Group Limited (Registered number: 04504939)



Company Statement of Changes in Equity

for the Year Ended 31 October 2023


Called up

Capital



share

Retained

Share

redemption

Total


capital

earnings

premium

reserve

equity



£

£

£

£

£

Balance at 1 November 2021

66,975


3,124,549


68,500


66,525


3,326,549




Changes in equity

Dividends

-


(1,622,190

)

-


-


(1,622,190

)


Total comprehensive income

-


2,637,642


-


-


2,637,642



Balance at 31 October 2022

66,975


4,140,001


68,500


66,525


4,342,001




Changes in equity

Dividends

-


(675,083

)

-


-


(675,083

)


Total comprehensive income

-


2,060,950


-


-


2,060,950



Balance at 31 October 2023

66,975


5,525,868


68,500


66,525


5,727,868





Portland Investment Group Limited (Registered number: 04504939)



Consolidated Statement of Cash Flows

for the Year Ended 31 October 2023


2023

2022



Notes

£

£

Cash flows from operating activities

Cash generated from operations

1

3,302,934


4,044,451



Interest paid

(314,988

)

(161,208

)


Tax paid

(670,486

)

(1,005,475

)


Net cash from operating activities

2,317,460


2,877,768




Cash flows from investing activities

Purchase of tangible fixed assets

(42,947

)

(151,611

)


Purchase of fixed asset investments

(1,300,000

)

-



Sale of tangible fixed assets

34,500


90,385



Interest received

91,197


35,747



Net cash from investing activities

(1,217,250

)

(25,479

)



Cash flows from financing activities

Loan repayments in year

(405,000

)

(405,000

)


Amount introduced by directors

2,433,083


1,334,791



Amount withdrawn by directors

(2,487,006

)

(1,481,501

)


Equity dividends paid

(675,083

)

(1,622,190

)


Dividends paid to minority interests

(290,970

)

(120,000

)


Net cash from financing activities

(1,424,976

)

(2,293,900

)



(Decrease)/increase in cash and cash equivalents

(324,766

)

558,389



Cash and cash equivalents at beginning of

year

2

619,163


60,774




Cash and cash equivalents at end of year

2

294,397


619,163





Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Statement of Cash Flows

for the Year Ended 31 October 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023

2022



£

£


Profit before taxation

2,347,878


5,161,512




Depreciation charges

188,131


349,052




Profit on disposal of fixed assets

(73,176

)

(34,031

)



Net cash on degrouping

(144,363

)

-




Finance costs

314,988


161,208




Finance income

(91,197

)

(35,747

)


2,542,261


5,601,994




Decrease/(increase) in trade and other debtors

138,155


(1,844,635

)



Increase in trade and other creditors

622,518


287,092




Cash generated from operations

3,302,934


4,044,451




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 31 October 2023


31/10/23


1/11/22


£

£


Cash and cash equivalents

294,397


619,163




Year ended 31 October 2022


31/10/22


1/11/21


£

£


Cash and cash equivalents

619,163


60,774






Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Statement of Cash Flows

for the Year Ended 31 October 2023


3.

ANALYSIS OF CHANGES IN NET DEBT



At 1/11/22

Cash flow

At 31/10/23


£

£

£


Net cash



Cash at bank and in hand

619,163


(324,766

)

294,397



619,163


(324,766

)

294,397




Debt


Debts falling due within 1 year

(405,000

)

-


(405,000

)



Debts falling due after 1 year

(607,500

)

405,000


(202,500

)


(1,012,500

)

405,000


(607,500

)



Total

(393,337

)

80,234


(313,103

)




Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements

for the Year Ended 31 October 2023


1.

STATUTORY INFORMATION



Portland Investment Group 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 General 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" 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, where this can be reliably estimated. The stage of completion is calculated by comparing related costs incurred as a proportion of total related costs. Where he outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses recognised that are recoverable.


Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised
evenly over its estimated useful life of ten years.


Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


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

-

25% on cost


Fixtures and fittings

-  

33% on reducing balance and 25% on reducing balance


Motor vehicles

-

25% on reducing balance


Computer equipment

-  

25% on cost and 25% on reducing balance



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.



Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated 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 statement of financial position 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.


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 group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Going concern


Management have prepared financial forecasts on a consolidated basis for a period covering at least 12


months from the date of signature of these financial statements. In preparing the forecasts, management have considered current levels of trading and the impact on both profitability and cash.



Accordingly, the Directors have a reasonable expectation that the group has adequate resources to


continue in operational existence for the foreseeable future and have concluded that it is appropriate to


prepare these financial statements on a going concern basis.


3.

TURNOVER



The turnover and profit before taxation are attributable to the principal activities of the group.



An analysis of turnover by class of business is given below:


2023

2022



£

£


Provision of human resources

31,969,461


32,832,766




Training services

1,760,836


4,016,269




Clinical services

4,464,850


8,356,180



38,195,147


45,205,215





Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


3.

TURNOVER - continued



An analysis of turnover by geographical market is given below:


2023

2022



£

£


United Kingdom

38,195,147


45,205,215



38,195,147


45,205,215




4.

EMPLOYEES AND DIRECTORS

2023

2022



£

£


Wages and salaries

12,070,198


14,170,282




Social security costs

380,613


576,351




Other pension costs

61,118


82,119



12,511,929


14,828,752





The average number of employees during the year was as follows:

2023

2022




Management

15


17




Sales and Administration

73


83




Temporary and Contract workers

6


6



94


106




2023

2022



£

£


Directors' remuneration

137,252


109,117




5.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):


2023

2022



£

£


Hire of plant and machinery

161,318


134,321




Other direct costs

20,763,400


22,140,433




Depreciation - owned assets

66,260


94,397




Profit on disposal of fixed assets

(20,820

)

(34,031

)



Goodwill amortisation

121,871


140,555




Auditors' remuneration

21,547


32,877




Other non- audit services

543


1,080





Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


6.

INTEREST PAYABLE AND SIMILAR EXPENSES


2023

2022



£

£


Bank interest

64,314


32,237




Bank loan interest

250,674


128,971



314,988


161,208




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:

2023

2022



£

£


Current tax:


UK corporation tax

579,417


1,039,400





Deferred tax

34,845


13,579




Tax on profit

614,262


1,052,979





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:


2023

2022



£

£


Profit before tax

2,347,878


5,161,512




Profit multiplied by the standard rate of corporation tax in the UK of 25 %

(2022 - 19 %)  

586,970


980,687





Effects of:


Expenses not deductible for tax purposes

18,179


33,656




Depreciation in excess of capital allowances

72,984


38,636




Changes in tax rates  

(63,871

)

-




Total tax charge

614,262


1,052,979




8.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.




Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


9.

DIVIDENDS

2023

2022



£

£


Ordinary A shares of £1 each



Interim

244,000


1,165,000




Ordinary C shares of £1 each



Interim

431,083


433,190




Ordinary D shares of £1 each



Interim

-


24,000



675,083


1,622,190




10.

INTANGIBLE FIXED ASSETS



Group

Goodwill



£


COST


At 1 November 2022

3,193,174




Disposals

(69,135

)



At 31 October 2023

3,124,039




AMORTISATION


At 1 November 2022

2,365,949




Amortisation for year

121,871




Eliminated on disposal

(52,426

)



At 31 October 2023

2,435,394




NET BOOK VALUE


At 31 October 2023

688,645




At 31 October 2022

827,225





Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


11.

TANGIBLE FIXED ASSETS



Group

Fixtures



Plant and

and

Motor

Computer



machinery

fittings

vehicles

equipment

Totals



£

£

£

£

£


COST


At 1 November 2022

121,423


56,373


189,098


232,757


599,651




Additions

11,903


4,200


-


26,844


42,947




Disposals

-


-


(34,500

)

-


(34,500

)



Disposals on de-grouping

(133,326

)

-


-


(16,548

)

(149,874

)



At 31 October 2023

-


60,573


154,598


243,053


458,224




DEPRECIATION


At 1 November 2022

90,339


35,375


70,344


143,087


339,145




Charge for year

6,917


6,122


27,111


26,110


66,260




Eliminated on disposal

-


-


(20,750

)

-


(20,750

)



Eliminated on de-grouping

(97,256

)

-


-


(5,343

)

(102,599

)



At 31 October 2023

-


41,497


76,705


163,854


282,056




NET BOOK VALUE


At 31 October 2023

-


19,076


77,893


79,199


176,168




At 31 October 2022

31,084


20,998


118,754


89,670


260,506




12.

FIXED ASSET INVESTMENTS



Group

Unlisted


investments



£


COST


At 1 November 2022

10,399




Additions

1,300,000




At 31 October 2023

1,310,399




NET BOOK VALUE


At 31 October 2023

1,310,399




At 31 October 2022

10,399





Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


12.

FIXED ASSET INVESTMENTS - continued



Company

Shares in


group

Other


undertakings

investments

Totals



£

£

£


COST


At 1 November 2022

2,050,518


-


2,050,518




Additions

-


1,300,000


1,300,000




Disposals

(1,000

)

-


(1,000

)



At 31 October 2023

2,049,518


1,300,000


3,349,518




NET BOOK VALUE


At 31 October 2023

2,049,518


1,300,000


3,349,518




At 31 October 2022

2,050,518


-


2,050,518






Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


12.

FIXED ASSET INVESTMENTS - continued




The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries


Dutton Recruitment Limited


Registered office: 28 Bailey Street, Sheffield, S1 4EH


Nature of business: Provision of human resources


Class of shares: % holding


Ordinary             100.00



My Job Hub Limited


Registered office: 28 Bailey Street, Sheffield, S1 4EH


Nature of business: Employment agency


Class of shares: % holding


Ordinary              100.00



Now Dutton Limited


Registered office: 28 Bailey Street, Sheffield, S1 4EH


Nature of business: Employment agency


Class of shares: % holding


Ordinary              100.00



Payco Services Limited


Registered office: 28 Bailey Street, Sheffield, S1 4EH


Nature of business: Employment agency


Class of shares: % holding


Ordinary A             100.00


Ordinary B             100.00



Portland Payroll Limited


Registered office: 28 Bailey Street, Sheffield, S1 4EH


Nature of business: Payroll Services


Class of shares: % holding


Ordinary               100.00



Payco Construction Limited


Registered office: 28 Bailey Street, Sheffield, S1 4EH


Nature of business: Employment agency


Class of shares: % holding


Ordinary A, B, C   100.00



Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022



£

£

£

£


Trade debtors

5,906,906


10,168,698


-


-




Amounts owed by group undertakings

-


-


329,813


1,155,159




Other debtors

1,637,689


47,904


1,308,000


-




Directors' current accounts

2,114,342


2,060,419


2,114,342


2,060,419




Tax

126,569


126,569


126,569


126,569




Prepayments and accrued income

189,851


323,398


42,625


1,713



9,975,357


12,726,988


3,921,349


3,343,860




14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022



£

£

£

£


Bank loans and overdrafts (see note 16)

405,000


405,000


405,000


405,000




Trade creditors

164,672


254,436


5,350


1,096




Amounts owed to group undertakings

-


-


11,753


33,061




Tax

185,898


631,400


19,616


10,277




Social security and other taxes

164,784


223,849


7,538


3,425




VAT

368,095


167,640


12,748


13,988




Other creditors

5,660,597


6,253,998


1,029,917


261




Accruals and deferred income

219,251


542,921


60,790


73,902



7,168,297


8,479,244


1,552,712


541,010





Included within other creditors is £3,626,368 (2022: £4,770,849) relating to invoice discounting advances, these advances are secured by way of first fixed and floating charges over the present and future assets of the company to which they relate.


15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group


Company


2023

2022

2023

2022



£

£

£

£


Bank loans (see note 16)

202,500


607,500


202,500


607,500





Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


16.

LOANS



An analysis of the maturity of loans is given below:



Group


Company


2023

2022

2023

2022



£

£

£

£


Amounts falling due within one year or on

demand:



Bank loans

405,000


405,000


405,000


405,000




Amounts falling due between two and five

years:



Bank loans - 2-5 years

202,500


607,500


202,500


607,500





Bank loans totalling £607,500 (2022: £1,012,500) have securities held by guarantee by the individual companies in the group, excluding Payco Services Ltd, Payco Construction Ltd and Portland Payroll Ltd.


17.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group

Non-cancellable


operating leases


2023

2022



£

£


Within one year

99,545


79,485




Between one and five years

143,699


127,525



243,244


207,010




18.

PROVISIONS FOR LIABILITIES



Group


2023

2022



£

£


Deferred tax


Accelerated capital allowances

80,157


57,339





Group

Deferred tax



£


Balance at 1 November 2022

57,339




Provided during year

22,818




Balance at 31 October 2023

80,157





Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


19.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022


value:


£

£


48,231

Ordinary A

£1

48,231


48,231




10,046

Ordinary C

£1

10,046


10,046




2,000

Ordinary E

£1

2,000


2,000




6,698

Ordinary D

£1

6,698


6,698



66,975


66,975




A & C shareholders carry the same voting rights. E & D shareholders are not entitled to a vote at general meetings.

20.

NON-CONTROLLING INTERESTS



During the year companies The Portland Training Company Limited and Portland Clinical Limited were de-grouped.



As part of this, the balance of the Non-Controlling Interests was returned to the group retained earnings.


21.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:


2023

2022



£

£


Mr M J Davison


Balance outstanding at start of year

1,469,305


1,284,791




Amounts advanced

2,025,347


1,469,305




Amounts repaid

(1,952,000

)

(1,284,791

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

1,542,652


1,469,305





Mr A D Sheekey


Balance outstanding at start of year

591,114


628,918




Amounts advanced

461,659


12,196




Amounts repaid

(481,082

)

(50,000

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

571,691


591,114





Interest has been charged on loan accounts at the official rates of interest applicable to overdrawn balances.



Portland Investment Group Limited (Registered number: 04504939)



Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 October 2023


22.

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 subsidiaries within the group.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



Dutton Recruitment Limited rents premises from companies controlled by M Davison. During the year the company paid £140,000 (2022: £161,250) in rent, and made payments on their behalf of £8,037 (2022: £21,632).



At the year end £338,087 (2022: £25,875) was owed to Portland Investment Group Limited and its subsidiaries by companies controlled by M Davison.



The directors consider themselves to be key management personnel. Their remuneration is disclosed in Note 4.


23.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is Mr M J Davison.



At 31 October 2023 the company's parent company was Portland Investment Group Holdings Ltd, a company which is incorporated in the UK. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Cardiff.


24.

OTHER INFORMATION



During the year, holdings in The Portland Training Company Limited and Portland Clinical Limited were transferred to companies outside of the group. These entities have been included in Discontinued Operations of Portland Investment Group Limited.



No ownership interest was retained following the de-grouping and no cash was received.