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 12029163 Mr. Omar Zarabi Goodwille Ltd Mr Omar Zarabi 350 5th Ave Ste 4750, New York City, New York, 10118 true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12029163 2022-12-31 12029163 2023-12-31 12029163 2023-01-01 2023-12-31 12029163 frs-core:CurrentFinancialInstruments 2023-12-31 12029163 frs-core:ShareCapital 2023-12-31 12029163 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12029163 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12029163 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12029163 frs-bus:SmallEntities 2023-01-01 2023-12-31 12029163 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12029163 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12029163 1 2023-01-01 2023-12-31 12029163 frs-bus:Director1 2023-01-01 2023-12-31 12029163 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 12029163 frs-countries:EnglandWales 2023-01-01 2023-12-31 12029163 2021-12-31 12029163 2022-12-31 12029163 2022-01-01 2022-12-31 12029163 frs-core:CurrentFinancialInstruments 2022-12-31 12029163 frs-core:ShareCapital 2022-12-31 12029163 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 12029163
Port53 Ltd.
Unaudited Financial Statements
For The Year Ended 31 December 2023
Goodwille Limited
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 12029163
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 - 1,944
- 1,944
Creditors: Amounts Falling Due Within One Year 5 (15,258 ) (10,134 )
NET CURRENT ASSETS (LIABILITIES) (15,258 ) (8,190 )
TOTAL ASSETS LESS CURRENT LIABILITIES (15,258 ) (8,190 )
NET LIABILITIES (15,258 ) (8,190 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (15,358 ) (8,290 )
SHAREHOLDERS' FUNDS (15,258) (8,190)
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. Omar Zarabi
Director
23/08/2024
The notes on pages 2 to 3 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Port53 Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 12029163 . The registered office is 1 Augustus Close, Shepherd's Bush, London, W12 8AU.
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
Though the Company is operating at a loss, the Directors have a reasonable expectation that the Company will continue to have access to adequate resources to continue in operational existence for the foreseeable future. The Directors have considered a letter of support from its immediate parent company stating that they will support the Company should it not be in a position to meet any repayment obligations. Thus, the Directors continue to adopt the going concern basis in preparing the annual financial statements.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.5. Taxation
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
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2.7. Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. 
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
2.8. Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Debtors
2023 2022
£ £
Due within one year
Deferred tax current asset - 1,944
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 522 525
VAT 1,147 2,169
Accruals and deferred income 1,200 1,200
Amounts owed to group undertakings 12,389 6,240
15,258 10,134
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
7. Dividends
There were no dividends paid or proposed in the current year or the prior period.
8. Related Party Transactions
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” not to disclose transactions with entities that are wholly owned members of the group.
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Port53 Technologies Inc , incorporated in United States of America. Copies of the group accounts may be obtained from the secretary, 350 5th Ave Ste 4750, New York City, New York, 10118 . The ultimate controlling party is Mr Omar Zarabi who controls 100% of the shares of Port53 Ltd. .
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