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Company registration number: 11705701







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


PORTAS CONSULTING GROUP LIMITED






































img0950.png                        

 


PORTAS CONSULTING GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
D Portas 
J Portas 
D A McElwee 




Registered number
11705701



Registered office
Lynton House
7-12 Tavistock Square

London

United Kingdom

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


PORTAS CONSULTING GROUP LIMITED
 



CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 32


 


PORTAS CONSULTING GROUP LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director’s present their Strategic Report, Directors’ Report and the audited consolidated financial statements for the year ended 31 December 2023. 
Principal activity 
Portas Consulting Group Limited (the Group) is the premier global management consultancy dedicated to sport and physical activity. The Group serves governments, sports bodies, and corporates on their most urgent, critical and complex issues and opportunities in the sports sector. This includes support to senior leaders in the sports industry on their strategy, planning, data and insights and implementation.
Portas is a global consultancy, with offices in UK, UAE, KSA, Singapore and Japan and projects across a wide range of geographies. The Practices at Portas serve the full breadth of the sport industry through deep and evolving knowledge, practical expertise and experience. Practice areas served include:

Sports Federations: Helping sports federations across the globe to increase participation and performance success;
Football: Helping the global football industry to address emerging challenges and opportunities;
Investment: Helping investors and sports bodies identify and capture the best growth opportunities and returns;
Public Sector: Helping governments improve the lives of communities, cities and countries;
Active Places: Maximising the benefits of sport and physical activity in the urban environment;
Major Events: Capturing the full strategic, economic and social benefits from major sports events.

In addition to these well established practice areas, the Group is an emerging leader in growth areas in the sector, such as ‘women in sport’, esports and sustainability. 

Business review
 
The Group has grown consistently year on year for the past 10 years, in all its geographies and practice areas, achieving 30% p.a. average growth in people and revenue since 2016.
The Group has been present in the Middle East market since 2015, one of the first companies to enter the market and in 2024 established a Regional Headquarters in Riyadh. With the major expansion of sport in Saudi the Group has captured new business during this period and has established an outstanding reputation for impact, quality, service, integrity and value for money. 
The positioning of the business as a global player is recognised by the long term partnerships and project arrangements it has with the leading and best known organisations in the sports world. This was strengthened further by the opening of an office in Japan during the year.  

The Group directors are conscious that continued growth requires careful strategic planning and investment into areas such as operational excellence, and regularly review the focus areas and investment areas of the business. 
The Group’s main KPIs have continued to show that the Group has performed strongly year on year. Turnover has increased from £19.7m for the year ending 31 December 2022 to £29.3m for the year ending 31 December 2023. The Gross Profit margin is 48.5% (2022: 44.5%) and Operating Profit margin has changed from 8.1% to 10.7%. In addition, the Group’s cash balance is monitored closely and at the end of the year was a healthy balance of £9.3m (2022: £10.3m). 
The results for the year are set out in the consolidated statement of total comprehensive income and consolidated statements of financial position, on pages 10 - 11.

Page 1

 


PORTAS CONSULTING GROUP LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
During the financial year and since the year end, the Group has continued to effectively manage and utilise its resources and maintain strong relationships with clients in the sports sector. Steps have continued to be taken to improve and retain the companies resources and to attract and retain key personnel.
The directors are confident in the future growth prospects of the Group and increased turnover and profits, due to:

Increased demand in the sports sector and especially in Portas core markets for senior leadership advisory and            support;
Increased recognition and visibility of Portas as a global leader in the sector;
Investment into existing and new key client accounts;
Expansion of practice areas served;
Expansion of geographies served.

The main competitive threat to the Group is increased competition from global management consultancies, as they seek to invest into their own sports practices. This will be mitigated through continued investment into the Group’s unique value proposition as a deep sector specialist when compared to these global management consultancies, who serve multiple sectors.
The Group is also aware of and actively manages other risks consistent with companies with global operations. This includes foreign exchange risks, risks relating to changes in tax legislation, and risks relating to the economies the Group operates in. The Group has taken adequate measures to mitigate against these potential risks.
The Group also manages the risks associated with cash flow, particularly as it relates to work in certain geographies. To mitigate this risk, the Group maintains a healthy cash balance to ensure at least 3 months of operating costs are covered.  The Group has also taken steps to minimize this risk by putting in place robust processes around contracting and invoicing.
Detailed budgets and forecasts are prepared regularly taking into account expected future performance and possible external economic factors. The directors have reviewed these and are satisfied that the Group will still be able to meet its obligations as they fall due and that the going concern basis of preparation therefore remains appropriate.
The directors have considered the risks facing the Group and continually monitor these and take necessary action in order to minimise any future impact. 

Financial key performance indicators
 


Year ended 31/12/2023
Year ended 31/12/2022
       £m
       £m
Turnover

29

20
 
Gross Profit

14

9
 
Operating Profit

3

2
 
Cash at bank in hand

9

10
 
Creditors

10

8
 
Headcount (No.)

123

104
 

Page 2

 


PORTAS CONSULTING GROUP LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Employees
 
The Group’s main asset is the intellectual capital of its people. The Group invests heavily into its personal development department as well as providing apprenticeship and on the job training for its consultants. The Group also adheres to a one firm policy and invests in initiatives to ensure that all offices feel a part of the global firm. As a result retention rates are higher than those associated with the management consultancy industry more generally. 
The Group is also strongly committed to diversity and inclusion in the workplace. All employees and job applicants are treated equally. None shall receive less favourable treatment or consideration on the grounds of race, colour, religion, nationality, ethnic origin, sex, disability, sexual orientation or marital status or shall be disadvantaged by any conditions of employment. The Group continues to invest in initiatives to support its diversity and inclusion aims. 
The Group is in full compliance with statutory legislations with regard to all of the above.


This report was approved by the board and signed on its behalf.



D Portas
Director

Date: 26 September 2024

Page 3

 


PORTAS CONSULTING GROUP LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £3,105,974 (2022 - £1,254,942).

There were no dividends paid during the year (2022: NIL).

Directors

The directors who served during the year were:

D Portas 
J Portas 
D A McElwee 

Future developments

The Group is continuing to grow its geographic reach and depth and breadth of practice areas served, to ensure future profitability and competitiveness. 
In terms of geographies, the Group has identified further growth and consolidation opportunities in the principle areas currently served through our global offices, namely UK, UAE, KSA, Singapore and Japan. In addition, the Group has identified markets with high growth potential for sports advisory, including USA, Latin America, India, Australia, New Zealand and South East Asia. 
In terms of practices, the Group is focusing on becoming global thought leaders and best in class across its existing practice areas, through increased investment and breadth of service offering. In addition, the Group continues to invest into new areas of growth and opportunity emerging in the sports sector, including in data, digital and technology.
To support this growth, the Group has undertaken significant investment into its people, through investing into improvements in the employee value proposition and professional development offering. There has also been continued investment into knowledge management and intellectual property, which is a critical success factor for the business. These continuous improvements are underpinned by investment into operations, including people, processes, IT and systems.

Page 4

 


PORTAS CONSULTING GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date. 

Matters covered in the Group strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the Strategic Report preceding the Directors' Report includes information that would have formerly been included in the business review and the principal risks and uncertainties of the Directors' Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D Portas
Director

Date: 26 September 2024

Page 5

 


PORTAS CONSULTING GROUP LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTAS CONSULTING GROUP LIMITED

Opinion


We have audited the financial statements of Portas Consulting Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 6

 


PORTAS CONSULTING GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTAS CONSULTING GROUP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 


PORTAS CONSULTING GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTAS CONSULTING GROUP LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 Group financial statements.


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:
 
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant.
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
UK tax legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur.

Audit procedures performed by the engagement team included:
 
Identifying and assessing the measures management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
The application of inappropriate judgements or estimation to manipulate the financial position in the calculation of the year end provisions.
Posting of unusual journals and complex transactions


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 


PORTAS CONSULTING GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTAS CONSULTING GROUP LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Andrew Wooding FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT


26 September 2024
Page 9

 


PORTAS CONSULTING GROUP LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
29,340,146
19,747,053

Cost of sales
  
(15,114,960)
(10,974,554)

Gross profit
  
14,225,186
8,772,499

Administrative expenses
  
(11,074,080)
(7,181,135)

Operating profit
 5 
3,151,106
1,591,364

Interest receivable and similar income
  
9,708
3,087

Profit before taxation
  
3,160,814
1,594,451

Tax on profit
 9 
(54,840)
(339,509)

Profit for the financial year
  
3,105,974
1,254,942

  

Currency translation differences
  
(563,688)
195,223

Other comprehensive income for the year
  
(563,688)
195,223

Total comprehensive income for the year
  
2,542,286
1,450,165

Profit for the year attributable to:
  

Owners of the parent Company
  
3,105,974
1,254,942

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 


PORTAS CONSULTING GROUP LIMITED
REGISTERED NUMBER:11705701



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
176,769
144,664

  
176,769
144,664

Current assets
  

Debtors: amounts due after more than one year
 12 
418,382
640,903

Debtors: amounts due within one year
 12 
16,048,366
10,828,851

Cash at bank and in hand
 13 
9,329,698
10,254,389

  
25,796,446
21,724,143

Creditors: amounts due within one year
 14 
(9,801,281)
(8,439,447)

Net current assets
  
 
 
15,995,165
 
 
13,284,696

Net assets
  
16,171,934
13,429,360


Capital and reserves
  

Called up share capital 
 16 
1,016
1,000

Share premium account
 17 
200,272
-

Profit and loss account
 17 
15,970,646
13,428,360

Equity attributable to owners of the parent Company
  
16,171,934
13,429,360

  
16,171,934
13,429,360


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Portas
Director

Date: 26 September 2024

The notes on pages 17 to 32 form part of these financial statements.

Page 11

 


PORTAS CONSULTING GROUP LIMITED
REGISTERED NUMBER:11705701



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
12,232
9,827

Investments
 11 
200,485
195,152

  
212,717
204,979

Current assets
  

Debtors: amounts due within one year
 12 
1,120,852
947,469

Cash at bank and in hand
 13 
281,158
3,603

  
1,402,010
951,072

Creditors: amounts due within one year
 14 
(990,524)
(562,032)

Net current assets
  
 
 
411,486
 
 
389,040

Total assets less current liabilities
  
624,203
594,019

  

  

Net assets
  
624,203
594,019


Capital and reserves
  

Called up share capital 
 16 
1,016
1,000

Share premium account
 17 
200,272
-

Profit and loss account brought forward
  
593,019
367,498

(Loss)/profit for the year
  
(170,104)
225,521

Profit and loss account carried forward
  
422,915
593,019

  
624,203
594,019


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Portas
Director

Date: 26 September 2024

The notes on pages 17 to 32 form part of these financial statements.

Page 12

 


PORTAS CONSULTING GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2022
1,000
-
11,978,195
11,979,195
11,979,195


Comprehensive income for the year

Profit for the year

-
-
1,254,942
1,254,942
1,254,942

Currency translation differences
-
-
195,223
195,223
195,223


Other comprehensive income for the year
-
-
195,223
195,223
195,223


Total comprehensive income for the year
-
-
1,450,165
1,450,165
1,450,165


Total transactions with owners
-
-
-
-
-



At 1 January 2023
1,000
-
13,428,360
13,429,360
13,429,360


Comprehensive income for the year

Profit for the year

-
-
3,105,974
3,105,974
3,105,974

Currency translation differences
-
-
(563,688)
(563,688)
(563,688)


Other comprehensive loss for the year
-
-
(563,688)
(563,688)
(563,688)


Total comprehensive income for the year
-
-
2,542,286
2,542,286
2,542,286


Contributions by and distributions to owners

Shares issued during the year
16
200,272
-
200,288
200,288


Total transactions with owners
16
200,272
-
200,288
200,288


At 31 December 2023
1,016
200,272
15,970,646
16,171,934
16,171,934


The notes on pages 17 to 32 form part of these financial statements.

Page 13

 


PORTAS CONSULTING GROUP LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,000
-
367,498
368,498


Comprehensive income for the year

Profit for the year
-
-
225,521
225,521


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
225,521
225,521


Total transactions with owners
-
-
-
-



At 1 January 2023
1,000
-
593,019
594,019


Comprehensive loss for the year

Loss for the year
-
-
(170,104)
(170,104)
Total comprehensive loss for the year
-
-
(170,104)
(170,104)


Contributions by and distributions to owners

Shares issued during the year
16
200,272
-
200,288


Total transactions with owners
16
200,272
-
200,288


At 31 December 2023
1,016
200,272
422,915
624,203


The notes on pages 17 to 32 form part of these financial statements.

Page 14

 


PORTAS CONSULTING GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,105,974
1,254,942

Adjustments for:

Depreciation of tangible assets
34,023
37,003

Loss on disposal of tangible assets
8,993
995

Interest receivable
(9,145)
(3,087)

Taxation charge
91,628
339,509

(Increase) in debtors
(5,022,664)
(467,651)

Increase in creditors
1,490,939
2,097,150

Corporation tax (paid)
(195,063)
(615,175)

Foreign exchange
(563,688)
195,223

Interest received
9,145
3,087

Net cash generated from operating activities

(1,049,858)
2,841,996


Cash flows from investing activities

Purchase of tangible fixed assets
(75,121)
(82,525)

Sale of tangible fixed assets
-
6,932

Net cash from investing activities

(75,121)
(75,593)

Cash flows from financing activities

Issue of ordinary shares
200,288
-

Net cash used in financing activities
200,288
-

Net (decrease)/increase in cash and cash equivalents
(924,691)
2,766,403

Cash and cash equivalents at beginning of year
10,254,389
7,487,986

Cash and cash equivalents at the end of year
9,329,698
10,254,389


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,329,698
10,254,389

9,329,698
10,254,389


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 


PORTAS CONSULTING GROUP LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

10,254,389

(924,691)

9,329,698


10,254,389
(924,691)
9,329,698

The notes on pages 17 to 32 form part of these financial statements.

Page 16

 


PORTAS CONSULTING GROUP LIMITED
 


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

1.


General information

These financial statements have been prepared in compliance with FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Portas Consulting Group Limited is a private company limited by shares and incorporated in England and Wales, company registration number 11705701. The principal place of business is 44 Southampton Buildings, London, WC2A 1AP.
The registered office is disclosed on the company information page.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 17

 


PORTAS CONSULTING GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is generated by consultancy services and is measured as the fair value of the consideration receivable or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue 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 following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group 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.

Page 18

 


PORTAS CONSULTING GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.8

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.9

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.

Page 19

 


PORTAS CONSULTING GROUP LIMITED
 


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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.15

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Page 20

 


PORTAS CONSULTING GROUP LIMITED
 


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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial instruments are recognised in the Group's Statement of financial position when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one
Page 21

 


PORTAS CONSULTING GROUP LIMITED
 


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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.
There are no areas of critical judgments that the directors have made in the process of applying the Group's accounting policies. There are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 22

 


PORTAS CONSULTING GROUP LIMITED
 


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

4.


Turnover

2023
2022
£
£

Sales
29,340,146
19,747,053

29,340,146
19,747,053


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,260,266
1,413,011

Europe
1,250,181
489,663

USA
334,079
421,983

Middle East
25,962,025
16,231,299

Africa
53,840
-

Australasia
36,689
-

Asia
443,066
1,191,097

29,340,146
19,747,053



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
162,448
(413,517)

Other operating lease rentals
263,300
201,905


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
30,000
26,750

Page 23

 


PORTAS CONSULTING GROUP LIMITED
 


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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
15,418,810
12,425,425
730,703
478,437

Social security costs
372,822
338,316
56,686
56,876

Cost of defined contribution scheme
136,252
93,097
11,295
8,917

15,927,884
12,856,838
798,684
544,230


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Staff
123
104
10
8


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
5,049,677
4,405,009

5,049,677
4,405,009


The highest paid director received remuneration of £3,151,485 (2022 - £2,573,454).

Page 24

 


PORTAS CONSULTING GROUP LIMITED
 


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

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
125,978
353,410

Adjustments in respect of previous periods
(50,747)
(13,901)


75,231
339,509


Total current tax
75,231
339,509

Deferred tax


Origination and reversal of timing differences
(20,391)
-

Total deferred tax
(20,391)
-


Taxation on profit on ordinary activities
54,840
339,509

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,160,814
1,594,451


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
743,423
302,946

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,503
16,013

Capital allowances for year in excess of depreciation
(221)
(4,096)

Lower rate taxes on overseas earnings
(630,026)
(22,716)

Adjustments to tax charge in respect of prior periods
(50,747)
(13,901)

Deferred tax not recognised
16,912
45,782

Other differences leading to a (decrease)/increase in the tax charge
(39,004)
15,481

Total tax charge for the year
54,840
339,509


Factors that may affect future tax charges

Effective from 1 January 2024, Portas Consulting MEA FZ-LLC will be required to pay corporation tax at 9% on profits above AED 375,000.

Page 25

 


PORTAS CONSULTING GROUP LIMITED
 


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

10.


Tangible fixed assets

Group






Fixtures and fittings
Office and computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
8,974
215,227
224,201


Additions
-
75,121
75,121


Disposals
(194)
(30,541)
(30,735)



At 31 December 2023

8,780
259,807
268,587



Depreciation


At 1 January 2023
2,971
76,566
79,537


Charge for the year on owned assets
890
33,133
34,023


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



At 31 December 2023

3,861
87,957
91,818



Net book value



At 31 December 2023
4,919
171,850
176,769



At 31 December 2022
6,003
138,661
144,664

Page 26

 


PORTAS CONSULTING GROUP LIMITED
 


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

           10.Tangible fixed assets (continued)


Company






Office equipment

£

Cost or valuation


At 1 January 2023
13,048


Additions
4,086



At 31 December 2023

17,134



Depreciation


At 1 January 2023
3,221


Charge for the year on owned assets
1,681



At 31 December 2023

4,902



Net book value



At 31 December 2023
12,232



At 31 December 2022
9,827






Page 27

 


PORTAS CONSULTING GROUP LIMITED
 


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

11.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
195,152


Additions
5,333



At 31 December 2023
200,485




On 12 December 2023, Portas Consulting Group Limited acquired 100 shares (a 100% holding) in Portas Consulting Japan KK.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Portas Consulting Limited
   Lynton House
7-12 Tavistock Square
London
 WC1H 9LT, UK
Ordinary
100%
Portas Consulting Arabia Limited
   2813 King Abdullah -Al Woroud Dist.
Riyadh 12253-8043, KSA
Ordinary
100%
Portas Asia Consulting PTE. Limited
   24 Raffles Place #07-07
Clifford Centre
Singapore, 048621
Ordinary
100%
Portas Consulting MEA FZ - LLC
   EO 407
Floor 4
DMC Building 2, UAE
Ordinary
100%
Portas Consulting Japan KK
   Shibuya Hikarie 33F
2-21-1 Shibuya
Shibuya-ku
 Tokyo
150-8510
Ordinary
100%

Page 28

 


PORTAS CONSULTING GROUP LIMITED
 


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

12.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
418,382
640,903
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
4,044,200
7,733,961
-
-

Amounts owed by group undertakings
-
-
1,052,982
920,410

Other debtors
537,910
530,283
2,853
1,604

Prepayments and accrued income
10,807,341
2,564,607
35,296
25,455

Tax recoverable
638,524
-
-
-

Deferred taxation
20,391
-
29,721
-

16,048,366
10,828,851
1,120,852
947,469



13.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
9,329,698
10,254,389
281,158
3,603



14.


Creditors: Amounts due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
755,699
476,750
-
-

Amounts owed to group undertakings
-
-
879,193
469,964

Corporation tax
-
129,105
-
-

Other taxation and social security
235,757
955,559
23,239
20,844

Other creditors
2,093,034
1,132,918
-
-

Accruals and deferred income
6,716,791
5,745,115
88,092
71,224

9,801,281
8,439,447
990,524
562,032


Page 29

 


PORTAS CONSULTING GROUP LIMITED
 


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

15.


Deferred taxation


Group



2023


£






Charged to profit or loss
20,391



At end of year
20,391

Company


2023


£






Charged to profit or loss
29,721



At end of year
29,721

The deferred tax asset is made up as follows:

Group
Company
2023
2023
£
£

Accelerated capital allowances
(11,440)
(2,219)

Tax losses carried forward
31,940
31,940

Pension surplus
(109)
-

20,391
29,721

Page 30

 


PORTAS CONSULTING GROUP LIMITED
 


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

16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) A Ordinary shares of £0.10 each
1,000
1,000
160 (2022 - NIL) B Ordinary shares of £0.10 each
16
-

1,016

1,000


During the year, 160 B Ordinary shares were allotted for a nominal value of £0.10 per share. The shares have attached to them no voting rights, are entitled to a dividend and capital distributions on a pro rata basis and do not confer any rights of redemption.


17.


Reserves

Share premium account

The share premium account represents the excess amount received by the company over the nominal value of the shares issued. 

Profit and loss account

The profit and loss account records retained earnings, accumulated losses and foreign exchange movements on consolidation.


18.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £35,985 (2022: £31,261) were payable to the fund at the reporting date and are included in creditors.


19.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
380,470
357,500

Later than 1 year and not later than 5 years
31,820
30,450

412,290
387,950
Page 31

 


PORTAS CONSULTING GROUP LIMITED
 


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

20.


Related party transactions

The company has taken advantage of the exemption in FRS 102 33.1A not to disclose transactions entered into between two, or more, members of the group where subsidiaries party to the transaction are wholly owned members of the group. The balances outstanding with the company are shown in aggregate in debtors and creditors under amounts owned by and to group undertakings respectively.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the group, directly or indirectly, including any director (whether executive or otherwise) of the group. The directors are of the opinion that those persons for the group are the directors of Portas Consulting Group Limited only, and the aggregate of their remuneration is already disclosed in Note 8 to these accounts.
During the course of the financial year the total dividends paid to directors were £NIL (2022: £NIL).


21.


Controlling party

The ultimate controlling party is D Portas.

Page 32