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Company registration number: 05929662







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


PORTAS CONSULTING LIMITED






































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PORTAS CONSULTING LIMITED
 


 
COMPANY INFORMATION


Director
D Portas 




Registered number
05929662



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Trading Address
322 High Holborn

London

WC1V 7PB






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

7-12 Tavistock Square

London

WC1H 9LT





 


PORTAS CONSULTING LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


PORTAS CONSULTING LIMITED
REGISTERED NUMBER:05929662



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
59,436
57,472

  
59,436
57,472

Current assets
  

Debtors
 5 
6,979,232
6,220,425

Cash at bank and in hand
  
1,719,326
1,833,414

  
8,698,558
8,053,839

Creditors: amounts falling due within one year
 6 
(1,262,310)
(805,455)

Net current assets
  
 
 
7,436,248
 
 
7,248,384

Total assets less current liabilities
  
7,495,684
7,305,856

Provisions for liabilities
  

Deferred tax
  
(9,330)
-

  
 
 
(9,330)
 
 
-

Net assets
  
7,486,354
7,305,856


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Capital redemption reserve
  
5
5

Profit and loss account
  
7,485,349
7,304,851

  
7,486,354
7,305,856


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




D Portas
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


PORTAS CONSULTING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Portas Consulting Limited is a private company limited by shares and incorporated in England and Wales, company
registration number 05929662. The company's registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT  and trading address is 322 High Holborn, London, WC1V 7PB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and
the revenue can be reliably measured. Revenue is generated by consultancy services and is measured as the
fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other
sales taxes.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 


PORTAS CONSULTING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 3

 


PORTAS CONSULTING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 -25).


4.


Tangible fixed assets





Fixtures and fittings
Office and computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
599
90,056
90,655


Additions
-
29,236
29,236


Transfers intra group
-
177
177


Disposals
-
(30,541)
(30,541)



At 31 December 2023

599
88,928
89,527



Depreciation


At 1 January 2023
406
32,777
33,183


Charge for the year on owned assets
29
18,621
18,650


Disposals
-
(21,742)
(21,742)



At 31 December 2023

435
29,656
30,091



Net book value



At 31 December 2023
164
59,272
59,436



At 31 December 2022
193
57,279
57,472

Page 4

 


PORTAS CONSULTING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors


2023
2022
£
£

Due after more than one year

Other debtors
95,460
134,350

95,460
134,350

Due within one year

Trade debtors
184,433
627,566

Amounts owed by group undertakings
6,185,753
5,273,345

Other debtors
22,868
2,286

Prepayments and accrued income
403,388
182,878

Tax recoverable
87,330
-

6,979,232
6,220,425



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
229,846
121,906

Corporation tax
-
129,105

Other taxation and social security
65,187
89,486

Other creditors
15,482
15,866

Accruals and deferred income
951,795
449,092

1,262,310
805,455



7.


Deferred taxation




2023


£






Charged to profit or loss
(9,330)



At end of year
(9,330)

Page 5

 


PORTAS CONSULTING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
7.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(9,221)
-

Pension surplus
(109)
-

(9,330)
-


8.


Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up is Portas Consulting Group Limited, a company registered in England and Wales. The registered office of Portas Consulting Group Limited is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Andrew Wooding FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6