Acorah Software Products - Accounts Production 14.6.300 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 12918123 Mr Gaspard Dessy Mr Gaspard Dessy 1. Port Cities International Limited, 19/F, Hua Fu Commercial Building, Room 1902, 111 Queen’s Road West, Sheung Wan, Hong Kong false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12918123 2022-12-31 12918123 2023-12-31 12918123 2023-01-01 2023-12-31 12918123 frs-core:CurrentFinancialInstruments 2023-12-31 12918123 frs-core:ComputerEquipment 2023-12-31 12918123 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12918123 frs-core:ComputerEquipment 2022-12-31 12918123 frs-core:ShareCapital 2023-12-31 12918123 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12918123 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12918123 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12918123 frs-bus:SmallEntities 2023-01-01 2023-12-31 12918123 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12918123 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12918123 1 2023-01-01 2023-12-31 12918123 frs-bus:Director1 2023-01-01 2023-12-31 12918123 frs-countries:EnglandWales 2023-01-01 2023-12-31 12918123 2021-12-31 12918123 2022-12-31 12918123 2022-01-01 2022-12-31 12918123 frs-core:CurrentFinancialInstruments 2022-12-31 12918123 frs-core:ShareCapital 2022-12-31 12918123 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 12918123
Port Cities UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Smallbutcool Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12918123
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 433 4,185
433 4,185
CURRENT ASSETS
Debtors 5 15,124 44,798
Cash at bank and in hand 11,901 1,454
27,025 46,252
Creditors: Amounts Falling Due Within One Year 6 (129,909 ) (140,407 )
NET CURRENT ASSETS (LIABILITIES) (102,884 ) (94,155 )
TOTAL ASSETS LESS CURRENT LIABILITIES (102,451 ) (89,970 )
NET LIABILITIES (102,451 ) (89,970 )
CAPITAL AND RESERVES
Called up share capital 7 5,000 5,000
Profit and Loss Account (107,451 ) (94,970 )
SHAREHOLDERS' FUNDS (102,451) (89,970)
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gaspard Dessy
Director
31/07/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Port Cities UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12918123 . The registered office is Grosvenor House, 11 St Pauls Square, Birmingham, B3 1RB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have received assurances of ongoing support from the company's ultimate parent cmpany, Port Cities International Limited, and as a result, believe the going concern assumption to be appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services plus the recharge of expenses. Turnover is reduced for estimated customer rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% per annum on cost
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 4)
3 4
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 5,212
Disposals (4,441 )
As at 31 December 2023 771
Depreciation
As at 1 January 2023 1,027
Provided during the period 1,005
Disposals (1,694 )
As at 31 December 2023 338
...CONTINUED
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Net Book Value
As at 31 December 2023 433
As at 1 January 2023 4,185
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 9,905 41,176
Prepayments and accrued income 3,606 1,733
Other debtors 1,234 1,889
Other taxes and social security 379 -
15,124 44,798
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 15,404
Other taxes and social security - 6,031
VAT 7,254 18,440
Other creditors 109,227 46,620
Accruals and deferred income 13,428 53,912
129,909 140,407
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 5,000 5,000
8. Related Party Transactions
During the year, the company recognised sales amounting to £5,166 and procured services amounting to £76,222 from other subsidiaries of its Parent Company,  Port Cities International Limited, a company based in Hong Kong. These transactions were carried out on arms-length commercial terms.
On 31 December 2023, other creditors included a loan of £109,227 owed to the company’s Parent Company, Port Cities International Limited, on which interest is charged at 2% per annum.
9. Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is Port Cities International Limited . Port Cities International Limited was incorporated in Hong Kong. Copies of the group accounts may be obtained from the secretary, 1. Port Cities International Limited, 19/F, Hua Fu Commercial Building, Room 1902, 111 Queen’s Road West, Sheung Wan, Hong Kong . The ultimate controlling party is Mr Gaspard Dessy who controls a majority of the shares of Port Cities International Limited .
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