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REGISTERED NUMBER: 13786359 (England and Wales)















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: C J E Armstrong
L Lancia





SECRETARY: Oakwood Corporate Secretary Limited





REGISTERED OFFICE: 3rd Floor 1 Ashley Road
Altrincham
United Kingdom
Cheshire
WA14 2DT





REGISTERED NUMBER: 13786359 (England and Wales)





ACCOUNTANTS: Green and Purple Limited
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 40,852 25,774

CURRENT ASSETS
Debtors 5 4,840,178 73,992
Prepayments and accrued income - 1,574,799
Cash at bank 319,906 169,658
5,160,084 1,818,449
CREDITORS
Amounts falling due within one year 6 (124,935 ) (76,191 )
NET CURRENT ASSETS 5,035,149 1,742,258
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,076,001

1,768,032

CAPITAL AND RESERVES
Called up share capital 2 1
Share premium 7 899,999 -
Capital contribution 7 4,176,000 1,768,031
5,076,001 1,768,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 25 September 2024 and were signed on its behalf by:





L Lancia - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

- 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 13 (2022 - 8 ) .

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 January 2023 - 30,508 30,508
Additions 195,689 9,815 205,504
At 31 December 2023 195,689 40,323 236,012
Depreciation
At 1 January 2023 - 4,734 4,734
Charge for year 181,515 8,911 190,426
At 31 December 2023 181,515 13,645 195,160
Net book value
At 31 December 2023 14,174 26,678 40,852
At 31 December 2022 - 25,774 25,774

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by group undertakings 4,757,883 -
Other debtors 82,295 73,992
4,840,178 73,992

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 714 178
Amounts owed to group undertakings - 20,468
Taxation and social security 75,301 51,611
Other creditors 48,920 3,934
124,935 76,191

7. Reserves
Retained Share Capital
earnings premium contribution Totals
£    £    £    £   

At 1 January 2023 - - 1,768,031 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 - 899,999 4,176,000 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.