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023-01-31
REGISTERED NUMBER: 04118987 (England and Wales)











Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2024

for

Portico GB Limited

Portico GB Limited (Registered number: 04118987)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Portico GB Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: P A Martin
Mrs F Williams
G J Clayton
O C Hart





SECRETARY: Mrs F Williams





REGISTERED OFFICE: Unit 9 Woolpit Business Park
Windmill Avenue
Woolpit
Bury St Edmunds
Suffolk
IP30 9UP





REGISTERED NUMBER: 04118987 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Portico GB Limited (Registered number: 04118987)

Strategic Report
for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
Portico GB Limited offer a comprehensive national coverage to supply and install windows and wardrobes with a focus on supplying new build residential developments. Portico GB Limited aims to provide high quality products backed by exemplary levels of customer service. The company continually aims to invest in an ever expanding team to ensure this quality is maintained and can consistently be improved wherever possible.

The company's focus on quality, and customer satisfaction has seen the company grow in recent years however this year has seen a challenging year with global events putting pressure on cost price increases for all material and supplies. This created difficult trading conditions that were being experienced all over the construction industry. The directors feel the company has adapted and coped well with the challenges faced. The overall impact on the business has been mitigated and the directors are happy with the turnover and profit levels achieved. The year ended 31 January 2024 has seen turnover decrease by 25% to £10,719,591 (2023: £13,371,412) with gross profit margins increasing to 22% (2023: 18%).

The net balance sheet of the company shows a strong financial position with profits being retained in the business and therefore overall shareholders funds have increased to £3,859,227 (2023: £4,006,089). This balance sheet remains strong and provides the company with a strong support to grow in the future.

Overall challenges faced during the year ended 31 January 2024 have caused trading issues across all industries, however the directors are confident that the company has adapted well to the changing situation and has continued to provide a high quality service to its customers.

PRINCIPAL RISKS AND UNCERTAINTIES
As with many businesses the ongoing economic turbulence is a risk for the company however the company is fully prepared for the future and has taken the necessary steps to prepare financially for the challenges ahead. The company has a strong balance sheet and the directors are confident that the company will continue to grow going forward.

ON BEHALF OF THE BOARD:





Mrs F Williams - Director


22 October 2024

Portico GB Limited (Registered number: 04118987)

Report of the Directors
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a supply and fix sub-contractor to new build properties.

DIVIDENDS
Interim dividends per share were paid as follows:

£0.1433 - 24 February 2023
£0.1433 - 24 March 2023
£0.7143 - 24 March 2023
£0.1433 - 25 April 2023
£0.7143 - 25 April 2023
£0.1433 - 25 May 2023
£0.7143 - 25 May 2023
£0.7143 - 23June 2023
£0.1433 - 24June 2023
£0.1433 - 25 July 2023
£0.7143 - 25 July 2023
£0.1433 - 25 August 2023
£1.4286 - 25 August 2023
£0.1433 - 25 September 2023
£0.7159 - 25 September 2023
£0.1433 - 25 October 2023
£0.7145 - 25 October 2023
£0.1433 - 24 November 2023
£0.5014 - 24 November 2023
£0.1433 - 21 December 2023
£0.1433 - 25 January 2024
£1.0000 - 31 January 2024
£9.6515


The total distribution of dividends for the year ended 31 January 2024 will be £675,565.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

P A Martin
Mrs F Williams
G J Clayton
O C Hart


Portico GB Limited (Registered number: 04118987)

Report of the Directors
for the Year Ended 31 January 2024

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 company 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs F Williams - Director


22 October 2024

Report of the Independent Auditors to the Members of
Portico GB Limited

Opinion
We have audited the financial statements of Portico GB Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its 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 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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Portico GB Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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.

Report of the Independent Auditors to the Members of
Portico GB Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the companies operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation ;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the company's legal advisors;

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 or collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Portico GB Limited


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 a Report of the Auditors 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.




James Knights ACA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

29 October 2024

Portico GB Limited (Registered number: 04118987)

Income Statement
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 10,719,591 13,371,412

Cost of sales 8,345,797 10,939,451
GROSS PROFIT 2,373,794 2,431,961

Administrative expenses 1,636,767 1,902,315
737,027 529,646

Other operating income - 269,829
OPERATING PROFIT 4 737,027 799,475

Interest receivable and similar income 18,212 1,475
755,239 800,950

Interest payable and similar expenses 5 47,018 33,986
PROFIT BEFORE TAXATION 708,221 766,964

Tax on profit 6 179,618 118,889
PROFIT FOR THE FINANCIAL YEAR 528,603 648,075

Portico GB Limited (Registered number: 04118987)

Other Comprehensive Income
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 528,603 648,075


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

528,603

648,075

Portico GB Limited (Registered number: 04118987)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 18,620 -
Tangible assets 9 326,762 366,484
345,382 366,484

CURRENT ASSETS
Stocks 10 663,779 914,145
Debtors 11 2,273,000 2,844,156
Cash at bank and in hand 2,332,342 1,937,693
5,269,121 5,695,994
CREDITORS
Amounts falling due within one year 12 1,349,687 1,425,474
NET CURRENT ASSETS 3,919,434 4,270,520
TOTAL ASSETS LESS CURRENT LIABILITIES 4,264,816 4,637,004

CREDITORS
Amounts falling due after more than one
year

13

(326,063

)

(546,079

)

PROVISIONS FOR LIABILITIES 17 (79,526 ) (84,736 )
NET ASSETS 3,859,227 4,006,189

CAPITAL AND RESERVES
Called up share capital 18 70 70
Capital redemption reserve 19 30 30
Retained earnings 19 3,859,127 4,006,089
SHAREHOLDERS' FUNDS 3,859,227 4,006,189

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and were signed on its behalf by:




O C Hart - Director Mrs F Williams - Director




G J Clayton - Director


Portico GB Limited (Registered number: 04118987)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 70 3,678,410 30 3,678,510

Changes in equity
Dividends - (320,396 ) - (320,396 )
Total comprehensive income - 648,075 - 648,075
Balance at 31 January 2023 70 4,006,089 30 4,006,189

Changes in equity
Dividends - (675,565 ) - (675,565 )
Total comprehensive income - 528,603 - 528,603
Balance at 31 January 2024 70 3,859,127 30 3,859,227

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Portico GB Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if revision affects only that and future periods.

The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Depreciation of tangible fixed assets - property, plant and machinery
Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit and loss the economic consumption of those assets during the accounting period. The charge is calculated as described below and is based on the directors knowledge of the reduction in the residual value of trading assets and estate property on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to residual value at the end of the economic lives of the assets.

Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised at 25% reducing balance.

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 15 years
Plant & equipment - 25% on reducing balance
Fixtures & fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 4 years straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Revenue recognition
Revenue is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed and value added taxes.

Revenue is recognised when the significant risks and rewards of ownership have been transfered to the buyer, the amount of revenue can be measured reliably and its probable that future economic benefits will flow to the entity.

Retentions which relate to an element of revenue that is recognised at the point of sale but not receivable until specifics of total contracts are completed are disclosed as amounts recoverable on contracts.

Impairment review
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,150,419 2,174,338
Social security costs 35,551 42,480
Other pension costs 12,879 7,450
2,198,849 2,224,268

The average number of employees during the year was as follows:
2024 2023

Employees 56 55

2024 2023
£    £   
Directors' remuneration 290,645 348,617

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 103,424 117,290

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 18,905 22,189
Depreciation - owned assets 96,029 79,239
Depreciation - assets on hire purchase contracts 12,874 9,389
Profit on disposal of fixed assets (983 ) (28,328 )
Computer software amortisation 2,860 -
Auditors' remuneration 11,000 11,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 43,680 32,114
Hire purchase interest 3,338 1,872
47,018 33,986

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 184,828 89,015

Deferred tax (5,210 ) 29,874
Tax on profit 179,618 118,889

UK corporation tax has been charged at 24% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 708,221 766,964
Profit multiplied by the standard rate of corporation tax in the UK of 24%
(2023 - 19%)

169,973

145,723

Effects of:
Expenses not deductible for tax purposes 4,535 3,673
Capital allowances in excess of depreciation - (12,579 )
Depreciation in excess of capital allowances 10,320 -
Deferred tax (5,210 ) 29,873
Non taxable insurance receipts - (47,801 )
Total tax charge 179,618 118,889

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £0.001 each
Interim - ordinary shares 675,565 320,396

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 21,480
At 31 January 2024 21,480
AMORTISATION
Amortisation for year 2,860
At 31 January 2024 2,860
NET BOOK VALUE
At 31 January 2024 18,620

9. TANGIBLE FIXED ASSETS
Improvements
to Plant & Fixtures
property equipment & fittings
£    £    £   
COST
At 1 February 2023 43,775 122,386 17,767
Additions 4,618 7,420 4,148
Disposals - (2,900 ) -
At 31 January 2024 48,393 126,906 21,915
DEPRECIATION
At 1 February 2023 11,362 90,167 10,064
Charge for year 3,095 9,243 2,592
Eliminated on disposal - (2,384 ) -
At 31 January 2024 14,457 97,026 12,656
NET BOOK VALUE
At 31 January 2024 33,936 29,880 9,259
At 31 January 2023 32,413 32,219 7,703

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 450,119 92,277 726,324
Additions 75,348 3,639 95,173
Disposals (97,669 ) - (100,569 )
At 31 January 2024 427,798 95,916 720,928
DEPRECIATION
At 1 February 2023 170,452 77,795 359,840
Charge for year 82,748 11,225 108,903
Eliminated on disposal (72,193 ) - (74,577 )
At 31 January 2024 181,007 89,020 394,166
NET BOOK VALUE
At 31 January 2024 246,791 6,896 326,762
At 31 January 2023 279,667 14,482 366,484

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023
and 31 January 2024 63,240
DEPRECIATION
At 1 February 2023 11,743
Charge for year 12,874
At 31 January 2024 24,617
NET BOOK VALUE
At 31 January 2024 38,623
At 31 January 2023 51,497

10. STOCKS
2024 2023
£    £   
Stocks 663,779 914,145

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,164,103 1,926,122
Amounts owed by group undertakings 37,736 13,850
Amounts recoverable on contract 559,517 406,972
VAT 80,798 87,995
Prepayments and accrued income 35,704 56,613
1,877,858 2,491,552

Amounts falling due after more than one year:
Amounts recoverable on contract 395,142 352,604

Aggregate amounts 2,273,000 2,844,156

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 198,518 200,000
Hire purchase contracts (see note 15) 21,622 8,325
Trade creditors 761,525 792,450
Amounts owed to group undertakings 70,000 -
Corporation tax 184,828 89,015
Other taxes & social security 44,338 59,755
Other creditors 5,142 5,782
Accruals & deferred income 63,714 270,147
1,349,687 1,425,474

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 14) 301,826 500,221
Hire purchase contracts (see note 15) 24,237 45,858
326,063 546,079

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 198,518 200,000

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

14. LOANS - continued
2024 2023
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 198,518 200,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 103,308 300,221

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 21,622 8,325
Between one and five years 24,237 45,858
45,859 54,183

Non-cancellable operating leases
2024 2023
£    £   
Within one year 77,463 57,566
Between one and five years 111,291 145,143
188,754 202,709

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 500,344 700,221
Hire purchase contracts 45,859 54,183
546,203 754,404

The bank borrowings of the company are secured by fixed and floating charges over the company's assets.

The above bank loan is a Coronavirus Business Interruption Loan backed by the UK government.

The hire purchase agreements are secured on the assets acquired.

Portico GB Limited (Registered number: 04118987)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 79,526 84,736

Deferred
tax
£   
Balance at 1 February 2023 84,736
Provided during year (5,210 )
Balance at 31 January 2024 79,526

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70,000 Ordinary £0.00 1 70 70

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 4,006,089 30 4,006,119
Profit for the year 528,603 528,603
Dividends (675,565 ) (675,565 )
At 31 January 2024 3,859,127 30 3,859,157

20. ULTIMATE PARENT COMPANY

Portico TTA Limited is regarded by the directors as being the company's ultimate parent company.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the shareholders of Portico TTA Limited. Control is achieved through shareholdings in this parent company. No single party has ultimate control of the group.