Company registration number 12839913 (England and Wales)
NOTHER PORTFOLIO SERVICES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
NOTHER PORTFOLIO SERVICES LTD
COMPANY INFORMATION
Directors
H Brooks
L Whetstone
T Eyles
A Fullerton
Company number
12839913
Registered office
2/2a Throgmorton Avenue
London
EC2N 2DG
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
NOTHER PORTFOLIO SERVICES LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 20
NOTHER PORTFOLIO SERVICES LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the period ended 31 December 2023.

 

In this report, Nother Portfolio Services Limited is referred to as "Nother Portfolio Services", or "the Company".

Review of the business

During the past financial period, we faced a challenging macroeconomic environment defined by fluctuations and divergence between market sentiment and economic reality. Stubborn inflation levels have resulted in a continued shifting of the goalposts when it comes to central bank actions and the thought that this inflationary period would be transitory has long gone. The realities of tighter monetary policy for some time to come is being realised. There have been some shining lights such as the AI boom and a welcome easing of UK pension restrictions, with big changes made to both the annual contribution and lifetime allowances. Despite these headwinds, we successfully maintained our focus on long-term investment strategies, optimizing portfolio performance, and providing value to our clients. The Company's total assets under management (AUM) grew by 40.3% across the reporting period demonstrating our ability to navigate challenging conditions and underscores the trust placed in us by our clients and stakeholders.

Principal risks and uncertainties

Nother Portfolio Services is exposed to several principal risks and uncertainties that could affect our business model, financial condition, and operational results. The Directors are committed to maintaining a robust risk management framework to identify, assess, and mitigate these risks.

 

 

 

 

Development and performance

Nother Portfolio Services revenue is focused on fees from discretionary fund management and the directors consider that the key financial performance indicators are those that factor into these fees.

 

The revenue of the company from discretionary fund management is as below showing a 171% increase in revenue across accounting periods. This growth does need to be tempered with the consideration of the longer 16-month accounting period to move the accounting reference date to 31 December.

NOTHER PORTFOLIO SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -

Discretionary Fund Management Revenue:

 

 

 

Total assets under management (AUM) experienced significant growth of 40.3%. This increase was driven by a combination of factors, including strong net inflows from newly acquired client assets and favourable market performance. The influx of new client investments, coupled with positive market trends, contributed to the robust expansion of our asset base. This growth not only reflects the effectiveness of our client acquisition strategies but also underscores our ability to capitalize on market opportunities to enhance overall portfolio value.

 

Our portfolios performed well against their relative benchmarks, demonstrating robust and consistent performance across our range of investment strategies. This achievement highlights our effective investment approach and ability to navigate market fluctuations. By consistently targeting benchmark expectations, we have reinforced our commitment to delivering superior returns and showcasing the strength and reliability of our portfolio management capabilities.

 

Our portfolios performed well against their relative benchmarks, demonstrating robust and consistent performance across our range of investment strategies. This achievement highlights our effective investment approach and ability to navigate market fluctuations. By consistently targeting benchmark expectations, we have reinforced our commitment to delivering superior returns and showcasing the strength and reliability of our portfolio management capabilities. As a result of this The Company achieved an impressive client retention rate of 95% over the period, underscoring the exceptional satisfaction and trust our clients have in our services.

 

Nother Portfolio Services’ balance sheet strengthened over the period, with net assets growing by £55k, positioning us well for potential future growth opportunities.

NOTHER PORTFOLIO SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Section 172(1) Statement
Promoting the success of the company
The Board of Directors of the Company recognizes its responsibility to maintain high standards of business conduct and to recognize the impact on all stakeholders when making business decisions including the long-term impact of these decisions. The Board meets monthly, to consider key business decisions. The Board's analysis of how it has exercised its duty to promote the long-term success of the company is set out below.
Consequences of Decisions

When making key business decisions, the Board of Directors carefully considers the long-term implications for all stakeholders involved. This approach ensures that the impact of these decisions extends beyond immediate results and considers the future well-being of employees, customers, suppliers, and the broader community. By prioritising a comprehensive view of potential outcomes, the Board aims to balance short-term gains with sustainable, long-term benefits.

 

Key Investment Decisions

Key investment decisions typically involve a thorough financial analysis that includes a financial model extending beyond five years. This extended timeframe allows the Board to assess the long-term financial impacts of their investments. By incorporating projections and analysis spanning multiple years, the Board ensures that future financial performance and sustainability are adequately considered, mitigating potential risks and optimising overall investment outcomes.

Business Relationships

The Directors are committed to maintaining strong and positive relationships with suppliers, customers, and other business partners. To facilitate this, a regular payment run process has been implemented to maximize the number of supplier invoices that are paid on time. This process not only supports the financial stability of suppliers but also enhances the company's reputation for reliability and trustworthiness. Additionally, risks associated with customers and suppliers are systematically analysed during investment committees and board meetings, ensuring that potential issues are identified and addressed proactively.

 

Impact on the Community and the Environment

When evaluating new projects, the Directors incorporate a comprehensive assessment of the environmental impact and explore strategies for minimising any negative effects. This approach reflects a commitment to sustainable practices and environmental stewardship. The company also offers ESG (Environmental, Social, and Governance) specific portfolios. By offering these ESG-specific portfolios, the company demonstrates its dedication to promoting sustainable development and ethical investment. This approach aligns with growing investor demand for responsible investment options and reflects the company’s commitment to contributing positively to global challenges. Through these portfolios, the company not only seeks to achieve financial returns but also aims to drive positive change and support sustainable practices across various sectors.

 

Maintaining a Reputation for High Standards of Business Conduct

The Directors actively sponsor a culture of compliance within the organization, ensuring that there are robust policies, procedures, and training programs in place across all key areas of compliance. This commitment extends to the health and safety of staff, customers, suppliers, and the community. To uphold high standards, the Directors implement comprehensive policies, conduct regular training sessions, perform risk assessments, and maintain a suite of checks to safeguard the well-being of all stakeholders.

 

Acting Fairly Between Members of the Company

The Directors are dedicated to ensuring fairness and transparency among all members of the company. They strictly adhere to the Shareholders’ Agreement, which outlines the principles and guidelines for equitable treatment and decision-making. This commitment to fairness helps to foster a positive and cooperative environment within the company, reinforcing trust and alignment among shareholders and members.

 

NOTHER PORTFOLIO SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -

In fulfilling our section 172 duty, the Directors consider the factors mentioned above, along with any other relevant considerations pertinent to the decisions at hand. This includes the interests and perspectives of our key stakeholders. While we recognize that not every decision will produce a favourable outcome for all stakeholders, our approach is to align our decisions with the Company’s purpose, vision, and values, as well as its strategic priorities. By following a structured decision-making process, we strive to ensure that our decisions are consistent and predictable.

On behalf of the board

H Brooks
Director
24 September 2024
NOTHER PORTFOLIO SERVICES LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -

The directors present their annual report and financial statements for the period ended 31 December 2023.

Principal activities

The principal activity of the company is that of an FCA authorised investment asset manager.

Results and dividends

The results for the period are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

H Brooks
L Whetstone
T Eyles
A Fullerton
Future developments

Looking forward as we enter 2024, ongoing economic challenges and geopolitical tensions are expected to impact global markets and investors. However, despite these headwinds, there’s a lot to be positive about in 2024.

 

 

Staying diversified and leveraging emerging opportunities will be key to navigating the year successfully. We believe that having visibility, good communication and subsequent agility will prove valuable factors in 2024, whatever the weather.

 

The directors are confident in the company’s strong financial position and believe that the firm is well-positioned for continued growth and in its ability to navigate the evolving market environment successfully.

 

NOTHER PORTFOLIO SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instrument disclosures.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
H Brooks
Director
25 September 2024
NOTHER PORTFOLIO SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOTHER PORTFOLIO SERVICES LTD
- 7 -
Opinion

We have audited the financial statements of Nother Portfolio Services Ltd (the 'company') for the period ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

NOTHER PORTFOLIO SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOTHER PORTFOLIO SERVICES LTD (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Other matter

The corresponding figures for the year ended 31 August 2022 are unaudited.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

NOTHER PORTFOLIO SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOTHER PORTFOLIO SERVICES LTD (CONTINUED)
- 9 -

The extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

NOTHER PORTFOLIO SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOTHER PORTFOLIO SERVICES LTD (CONTINUED)
- 10 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Wilson FCA
Senior Statutory Auditor
For and on behalf of Gravita II LLP
25 September 2024
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
NOTHER PORTFOLIO SERVICES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
Period
Year
ended
ended
31 December
31 August
2023
2022
Notes
£
£
Turnover
2
518,963
191,729
Cost of sales
(419,927)
(142,710)
Gross profit
99,036
49,019
Administrative expenses
(37,974)
(20,362)
Operating profit
61,062
28,657
Interest receivable and similar income
5
3,905
-
0
Profit before taxation
64,967
28,657
Tax on profit
6
(11,322)
-
0
Profit for the financial period
53,645
28,657
NOTHER PORTFOLIO SERVICES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
31 December 2023
31 August 2022
Notes
£
£
£
£
Current assets
Debtors
7
6,180
6,354
Cash at bank and in hand
304,538
215,158
310,718
221,512
Creditors: amounts falling due within one year
8
(196,519)
(135,958)
Net current assets
114,199
85,554
Creditors: amounts falling due after more than one year
9
-
0
(25,000)
Net assets
114,199
60,554
Capital and reserves
Called up share capital
10
75,000
75,000
Profit and loss reserves
11
39,199
(14,446)
Total equity
114,199
60,554
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
H Brooks
Director
Company registration number 12839913 (England and Wales)
NOTHER PORTFOLIO SERVICES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2021
75,000
(43,103)
31,897
Period ended 31 August 2022:
Profit and total comprehensive income
-
28,657
28,657
Balance at 31 August 2022
75,000
(14,446)
60,554
Period ended 31 December 2023:
Profit and total comprehensive income
-
53,645
53,645
Balance at 31 December 2023
75,000
39,199
114,199
NOTHER PORTFOLIO SERVICES LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
13
110,475
49,544
Investing activities
Interest received
3,905
-
0
Net cash generated from/(used in) investing activities
3,905
-
Financing activities
Repayment of borrowings
(25,000)
-
0
Net cash used in financing activities
(25,000)
-
Net increase in cash and cash equivalents
89,380
49,544
Cash and cash equivalents at beginning of period
215,158
165,614
Cash and cash equivalents at end of period
304,538
215,158
NOTHER PORTFOLIO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Nother Portfolio Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor, 2 Throgmorton Avenue, London, EC2N 2DG.

1.1
Reporting period

The company's annual reporting date was extended from 31 August 2023 to 31 December 2023. These financial statements cover the period 1 September 2022 to 31 December 2023, which comprised 16 months. The comparative period covers 12 months to end of August 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents management receivable for investment management services. Turnover is recognised when the right to that income is earned.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.6
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 instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

NOTHER PORTFOLIO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NOTHER PORTFOLIO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 17 -
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Discretionary investment management fees
518,963
191,729
2023
2022
£
£
Other revenue
Interest income
3,905
-
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,240
-
0
For other services
All other non-audit services
3,341
3,301
4
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Management
4
4
5
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
3,905
-
0
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
11,322
-
0
NOTHER PORTFOLIO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
6
Taxation
(Continued)
- 18 -

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
64,967
28,657
Expected tax charge based on the standard rate of corporation tax in the UK of 22.40% (2022: 19.00%)
14,553
5,445
Tax effect of utilisation of tax losses not previously recognised
(2,925)
(5,445)
Tax at marginal rate
(306)
-
0
Taxation charge for the period
11,322
-

With effect from 1 April 2023, the rate of corporation tax increased, tapering from 19% for businesses with profits of less than £50,000 to 25% for businesses with profits over £250,000.

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
6,180
6,354
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
32,917
-
0
Corporation tax
11,322
-
0
Other creditors
132,000
107,000
Accruals and deferred income
20,280
28,958
196,519
135,958

Included within other creditors are loan balances of £132,000 (2022: £107,000) that are unsecured, interest free and repayable on demand.

9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
-
0
25,000

Included within other creditors are loan balances of £Nil (2022: £25,000) that are unsecured and interest free.

NOTHER PORTFOLIO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 19 -
10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £75 each
1,000
1,000
75,000
75,000

There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

11
Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

12
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

2023
2022
Amounts due to related parties
£
£
Other related parties
132,000
132,000
13
Cash generated from operations
2023
2022
£
£
Profit for the period after tax
53,645
28,657
Adjustments for:
Taxation charged
11,322
-
0
Investment income
(3,905)
-
0
Movements in working capital:
Decrease/(increase) in debtors
174
(6,354)
Increase in creditors
49,239
27,241
Cash generated from operations
110,475
49,544
NOTHER PORTFOLIO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 20 -
14
Analysis of changes in net funds
1 September 2022
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
215,158
89,380
304,538
Borrowings excluding overdrafts
(25,000)
25,000
-
190,158
114,380
304,538
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