REGISTERED NUMBER: 14742772 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 20 March 2023 to 31 October 2023 |
for |
Portland Investment Group Holdings |
Limited |
REGISTERED NUMBER: 14742772 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 20 March 2023 to 31 October 2023 |
for |
Portland Investment Group Holdings |
Limited |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Contents of the Consolidated Financial Statements |
for the Period 20 March 2023 to 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 | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 16 |
Portland Investment Group Holdings |
Limited |
Company Information |
for the Period 20 March 2023 to 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
5 Westbrook Court |
Sharrowvale Road |
Sheffield |
South Yorkshire |
S11 8YZ |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Group Strategic Report |
for the Period 20 March 2023 to 31 October 2023 |
The directors present their strategic report of the company and the group for the period 20 March 2023 to 31 October 2023. |
During the period, the company acquired shares in Portland Investment Group Limited, as part of a share exchange. As part of this transaction, the training business and clinical services were transferred to holdings outside of the group, but remained under the control of M Davison. |
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, 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 period of £19m and an operating profit of £513k. |
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. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The market for the provision of human resources 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. |
These financial statements show 7 months of trading after incorporation in March 2023. As such, comparative information is not available for this group. Comparable results can be found in the financial statements for Portland Investment Group Limited. |
ON BEHALF OF THE BOARD: |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Report of the Directors |
for the Period 20 March 2023 to 31 October 2023 |
The directors present their report with the financial statements of the company and the group for the period 20 March 2023 to 31 October 2023. |
INCORPORATION |
The company was incorporated on 20 March 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 October 2023 will be £244,000. |
DIRECTORS |
The directors who have held office during the period from 20 March 2023 to the date of this report are as follows: |
All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
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; |
- | 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 Holdings |
Limited (Registered number: 14742772) |
Report of the Directors |
for the Period 20 March 2023 to 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: |
Report of the Independent Auditors to the Members of |
Portland Investment Group Holdings |
Limited |
Opinion |
We have audited the financial statements of Portland Investment Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period 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 period 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 Holdings |
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 Holdings |
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. |
for and on behalf of |
5 Westbrook Court |
Sharrowvale Road |
Sheffield |
South Yorkshire |
S11 8YZ |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Consolidated |
Income Statement |
for the Period 20 March 2023 to 31 October 2023 |
Notes | £ |
TURNOVER | 3 | 18,648,852 |
Cost of sales | 15,891,245 |
GROSS PROFIT | 2,757,607 |
Administrative expenses | 2,331,707 |
425,900 |
Other operating income | 87,500 |
OPERATING PROFIT | 5 | 513,400 |
Interest receivable and similar income | 53,477 |
566,877 |
Interest payable and similar expenses | 6 | 169,306 |
PROFIT BEFORE TAXATION | 397,571 |
Tax on profit | 7 | 151,673 |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 245,898 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Consolidated |
Other Comprehensive Income |
for the Period 20 March 2023 to 31 October 2023 |
Notes | £ |
PROFIT FOR THE PERIOD | 245,898 |
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 245,898 |
Total comprehensive income attributable to: |
Owners of the parent | 245,898 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Consolidated Statement of Financial Position |
31 October 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 1,382,532 |
Tangible assets | 11 | 176,166 |
Investments | 12 | 1,310,399 |
2,869,097 |
CURRENT ASSETS |
Debtors | 13 | 9,974,357 |
Cash at bank and in hand | 294,397 |
10,268,754 |
CREDITORS |
Amounts falling due within one year | 14 | 7,167,296 |
NET CURRENT ASSETS | 3,101,458 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 5,970,555 |
CREDITORS |
Amounts falling due after more than one year | 15 | (202,500 | ) |
PROVISIONS FOR LIABILITIES | 18 | (80,157 | ) |
NET ASSETS | 5,687,898 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 5,686,000 |
Retained earnings | 20 | 1,898 |
SHAREHOLDERS' FUNDS | 5,687,898 |
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 Holdings |
Limited (Registered number: 14742772) |
Company Statement of Financial Position |
31 October 2023 |
Notes | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 244,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Consolidated Statement of Changes in Equity |
for the Period 20 March 2023 to 31 October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 5,686,000 | - | 5,686,000 |
Dividends | - | (244,000 | ) | (244,000 | ) |
Total comprehensive income | - | 245,898 | 245,898 |
Balance at 31 October 2023 | 5,686,000 | 1,898 | 5,687,898 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Company Statement of Changes in Equity |
for the Period 20 March 2023 to 31 October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 31 October 2023 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Consolidated Statement of Cash Flows |
for the Period 20 March 2023 to 31 October 2023 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,350,636 |
Interest paid | (169,306 | ) |
Tax paid | (72,980 | ) |
Net cash from operating activities | 2,108,350 |
Cash flows from investing activities |
Purchase of intangible fixed assets | 24,366 |
Purchase of tangible fixed assets | (8,100 | ) |
Purchase of fixed asset investments | (1,300,000 | ) |
Sale of tangible fixed assets | 17,977 |
Interest received | 53,477 |
Net cash from investing activities | (1,212,280 | ) |
Cash flows from financing activities |
Loan repayments in year | (303,750 | ) |
Amount introduced by directors | 2,433,083 |
Amount withdrawn by directors | (2,487,006 | ) |
Equity dividends paid | (244,000 | ) |
Net cash from financing activities | (601,673 | ) |
Increase in cash and cash equivalents | 294,397 |
Cash and cash equivalents at beginning of period | 2 | - |
Cash and cash equivalents at end of period | 2 | 294,397 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Statement of Cash Flows |
for the Period 20 March 2023 to 31 October 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Profit before taxation | 397,571 |
Depreciation charges | 147,814 |
Profit on disposal of fixed assets | (12,145 | ) |
Finance costs | 169,306 |
Finance income | (53,477 | ) |
649,069 |
Decrease in trade and other debtors | 321,626 |
Increase in trade and other creditors | 1,379,941 |
Cash generated from operations | 2,350,636 |
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: |
Period ended 31 October 2023 |
31/10/23 | 20/3/23 |
£ | £ |
Cash and cash equivalents | 294,397 | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 20/3/23 | Cash flow | At 31/10/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | - | 294,397 | 294,397 |
- | 294,397 | 294,397 |
Debt |
Debts falling due within 1 year | - | (405,000 | ) | (405,000 | ) |
Debts falling due after 1 year | - | (202,500 | ) | (202,500 | ) |
- | (607,500 | ) | (607,500 | ) |
Total | - | (313,103 | ) | (313,103 | ) |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements |
for the Period 20 March 2023 to 31 October 2023 |
1. | STATUTORY INFORMATION |
Portland Investment Group Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the period 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 Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 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 period 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: |
£ |
Provision of human resources | 18,648,852 |
18,648,852 |
An analysis of turnover by geographical market is given below: |
£ |
United Kingdom | 18,648,852 |
18,648,852 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 31 October 2023 |
4. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries | 5,259,019 |
Social security costs | 122,547 |
Other pension costs | 24,275 |
5,405,841 |
The average number of employees during the period was as follows: |
Management | 8 |
Sales and Administration | 40 |
Temporary and Contract workers | 1 |
The average number of employees by undertakings that were proportionately consolidated during the period was 3 . |
£ |
Directors' remuneration | 80,064 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
£ |
Hire of plant and machinery | 94,102 |
Other direct costs | 11,722,421 |
Depreciation - owned assets | 33,909 |
Profit on disposal of fixed assets | (12,145 | ) |
Goodwill amortisation | 113,905 |
Auditors' remuneration | 10,187 |
Other non- audit services | 317 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank interest | 37,517 |
Bank loan interest | 131,789 |
169,306 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 31 October 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Current tax: |
UK corporation tax | 132,309 |
Deferred tax | 19,364 |
Tax on profit | 151,673 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Profit before tax | 397,571 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % | 99,393 |
Effects of: |
Expenses not deductible for tax purposes | 9,761 |
Depreciation in excess of capital allowances | 40,532 |
Changes in tax rates | 1,987 |
Total tax charge | 151,673 |
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. |
9. | DIVIDENDS |
£ |
Ordinary A shares of 1 each |
Interim | 170,000 |
Ordinary B shares of 1 each |
Interim | 74,000 |
244,000 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 31 October 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
Additions | 738,381 |
Additions on acquisition | 758,056 |
At 31 October 2023 | 1,496,437 |
AMORTISATION |
Amortisation for period | 113,905 |
At 31 October 2023 | 113,905 |
NET BOOK VALUE |
At 31 October 2023 | 1,382,532 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
Additions | 3,451 | - | 4,649 | 8,100 |
Disposals | - | (11,500 | ) | - | (11,500 | ) |
Additions on acquisition | 19,312 | 99,145 | 89,350 | 207,807 |
At 31 October 2023 | 22,763 | 87,645 | 93,999 | 204,407 |
DEPRECIATION |
Charge for period | 3,689 | 15,421 | 14,799 | 33,909 |
Eliminated on disposal | - | (5,668 | ) | - | (5,668 | ) |
At 31 October 2023 | 3,689 | 9,753 | 14,799 | 28,241 |
NET BOOK VALUE |
At 31 October 2023 | 19,074 | 77,892 | 79,200 | 176,166 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 31 October 2023 |
12. | FIXED ASSET INVESTMENTS |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Portland Investment Group Limited |
Registered office: 28 Bailey Street, Sheffield, S1 4EH |
Nature of business: Holding company |
Class of shares: % holding |
Ordinary 100.00 |
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 Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 31 October 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
£ |
Trade debtors | 5,906,906 |
Other debtors | 1,636,689 |
Directors' current accounts | 2,114,342 |
Tax | 126,569 |
Prepayments and accrued income | 189,851 |
9,974,357 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
£ |
Bank loans and overdrafts (see note 16) | 405,000 |
Trade creditors | 164,671 |
Tax | 185,898 |
Social security and other taxes | 164,784 |
VAT | 368,095 |
Other creditors | 5,659,597 |
Accruals and deferred income | 219,251 |
7,167,296 |
Included within other creditors is £3,626,368 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 |
£ |
Bank loans (see note 16) | 202,500 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 31 October 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
£ |
Amounts falling due within one year or on | demand: |
Bank loans | 405,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 202,500 |
Bank loans totalling £607,500 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 |
£ |
Within one year | 99,545 |
Between one and five years | 143,699 |
243,244 |
18. | PROVISIONS FOR LIABILITIES |
Group |
£ |
Deferred tax | 80,157 |
Group |
Deferred tax |
£ |
Charge to Income Statement during period | 19,364 |
Introduced on acquisition | 60,793 |
Balance at 31 October 2023 | 80,157 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 31 October 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary A | 1 | 4,239,009 |
Ordinary B | 1 | 568,643 |
Ordinary C | 1 | 878,348 |
5,686,000 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
Profit for the period | 245,898 |
Dividends | (244,000 | ) |
At 31 October 2023 | 1,898 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 31 October 2023: |
£ |
Mr M J Davison |
Balance outstanding at start of period | - |
Amounts advanced | 3,336,652 |
Amounts repaid | (1,794,000 | ) |
Amounts written off | - |
Amounts waived | - |
Balance outstanding at end of period | 1,542,652 |
Mr A D Sheekey |
Balance outstanding at start of period | - |
Amounts advanced | 609,191 |
Amounts repaid | (37,500 | ) |
Amounts written off | - |
Amounts waived | - |
Balance outstanding at end of period | 571,691 |
Portland Investment Group Holdings |
Limited (Registered number: 14742772) |
Notes to the Consolidated Financial Statements - continued |
for the Period 20 March 2023 to 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 wholly owned 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 £62,000 in rent, and made payments on their behalf of £6,687. |
At the year end £338,087 was owed to Portland Investment Group Holdings 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. |