REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PORTOFINO TECHNOLOGIES UK LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PORTOFINO TECHNOLOGIES UK LTD |
PORTOFINO TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13786359) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PORTOFINO TECHNOLOGIES UK LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Building 1000 |
Cambridge Research Park |
Waterbeach |
Cambridgeshire |
CB25 9PD |
PORTOFINO TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13786359) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 7 |
Capital contribution | 7 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PORTOFINO TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13786359) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PORTOFINO TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13786359) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | Statutory information |
Portofino Technologies UK Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Tangible fixed assets |
- Office Equipment | 25% Straight Line |
- Computer Equipment | 25% Straight Line |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
PORTOFINO TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13786359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | Accounting policies - continued |
Revenue recognition |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company is contracted by Portofino Technologies AG to provide the following services: General Administration, Strategic Management Services, Marketing, Finance, Insurance, IT, Human Resources, Procurement, Taxation and Legal. |
The costs are associated with the provision of these services are recharged to Portofino Technologies AG under the terms of a service agreement between the two companies. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
PORTOFINO TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13786359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | Reserves |
Retained | Share | Capital |
earnings | premium | contribution | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 1,768,031 |
Profit for the year |
Cash share issue | - | 899,999 | - | 899,999 |
Additions | - | - | 2,407,969 | 2,407,969 |
At 31 December 2023 | 5,075,999 |
During the period, Portofino Technologies AG made capital contributions to PortofinoTechnologies UK Ltd for a total of £2,407,969 (2022: £1,768,031). Per the company agreement, the contribution is a non-distributable reserve which was not made in consideration of any goods or services and which at no point may become repayable. |
8. | Related party disclosures |
Portofino Technologies UK Ltd charged £2,995,351.30 (2022: £1,574,799) of Service Fee to its parent company, PortofinoTechnologies AG, per the pricing agreement between the two companies. |