IRIS Accounts Production v24.3.0.553 13144878 Board of Directors Board of Directors Board of Directors 31.1.24 1.2.23 31.1.24 31.1.24 a holding company. true true false true true false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh131448782023-01-31131448782024-01-31131448782023-02-012024-01-31131448782022-01-31131448782022-02-012023-01-31131448782023-01-3113144878ns15:EnglandWales2023-02-012024-01-3113144878ns14:PoundSterling2023-02-012024-01-3113144878ns10:Director12023-02-012024-01-3113144878ns10:Director22023-02-012024-01-3113144878ns10:Director32023-02-012024-01-3113144878ns10:Consolidated2024-01-3113144878ns10:ConsolidatedGroupCompanyAccounts2023-02-012024-01-3113144878ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3113144878ns10:Consolidatedns10:FRS1022023-02-012024-01-3113144878ns10:Consolidatedns10:Audited2023-02-012024-01-3113144878ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3113144878ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3113144878ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3113144878ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-02-012024-01-3113144878ns10:FullAccounts2023-02-012024-01-311314487812023-02-012024-01-3113144878ns10:OrdinaryShareClass12023-02-012024-01-3113144878ns10:Consolidated2023-02-012024-01-3113144878ns10:RegisteredOffice2023-02-012024-01-3113144878ns10:Consolidated2022-02-012023-01-3113144878ns5:CurrentFinancialInstruments2024-01-3113144878ns5:CurrentFinancialInstruments2023-01-3113144878ns5:ShareCapital2024-01-3113144878ns5:ShareCapital2023-01-3113144878ns5:SharePremium2024-01-3113144878ns5:SharePremium2023-01-3113144878ns5:RetainedEarningsAccumulatedLosses2024-01-3113144878ns5:RetainedEarningsAccumulatedLosses2023-01-3113144878ns5:ShareCapital2022-01-3113144878ns5:RetainedEarningsAccumulatedLosses2022-01-3113144878ns5:SharePremium2022-01-3113144878ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3113144878ns5:NetGoodwill2023-02-012024-01-3113144878ns5:ComputerSoftware2023-02-012024-01-3113144878ns5:LeaseholdImprovements2023-02-012024-01-3113144878ns5:PlantMachinery2023-02-012024-01-3113144878ns5:FurnitureFittings2023-02-012024-01-3113144878ns5:MotorVehicles2023-02-012024-01-3113144878ns5:ComputerEquipment2023-02-012024-01-3113144878ns5:CostValuation2023-01-3113144878ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3113144878ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3113144878ns5:Non-currentFinancialInstruments2024-01-3113144878ns5:Non-currentFinancialInstruments2023-01-3113144878ns10:OrdinaryShareClass12024-01-3113144878ns5:RetainedEarningsAccumulatedLosses2023-01-3113144878ns5:SharePremium2023-01-31
REGISTERED NUMBER: 13144878 (England and Wales)











Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 January 2024

for

Portico TTA Limited

Portico TTA Limited (Registered number: 13144878)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Portico TTA Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: G J Clayton
O C Hart
Mrs F Williams





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





REGISTERED NUMBER: 13144878 (England and Wales)





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

Portico TTA Limited (Registered number: 13144878)

Group Strategic Report
for the Year Ended 31 January 2024

The directors present their strategic report of the company and the group for the year ended 31 January 2024.

REVIEW OF BUSINESS
Portico TTA Limited is a holding company that owns 100% of the share capital of Portico AS Limited. Portico AS Limited is a holding company which owns 100% of the share capital of Portico GB Limited.

Portico GB Limited is therefore the main trading entity within the group structure. 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 20% to £10,723,099 (2023: £13,371,412) with gross profit margins increasing to 22% (2023: 18%).

The net balance sheet of the group shows a strong financial position of £1,574,475 (2023: £1,339,430). This balance sheet provides the group with a strong support to grow in the future.

Overall the 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 group however the group is fully prepared for the future and has taken the necessary steps to prepare financially for the challenges ahead. The group has a strong balance sheet and the directors are confident that the group will continue to grow going forward.

ON BEHALF OF THE BOARD:





Mrs F Williams - Director


22 October 2024

Portico TTA Limited (Registered number: 13144878)

Report of the Directors
for the Year Ended 31 January 2024

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

DIVIDENDS
Interim dividends per share were paid as follows:
£1.29 - 31 January 2024
£1.29

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £ 70,000 .

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

G J Clayton
O C Hart
Mrs F Williams

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

Portico TTA Limited (Registered number: 13144878)

Report of the Directors
for the Year Ended 31 January 2024


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 TTA Limited

Opinion
We have audited the financial statements of Portico TTA Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 January 2024 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 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 group's and 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 TTA Limited


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 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 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Portico TTA 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 TTA 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 TTA Limited (Registered number: 13144878)

Consolidated
Income Statement
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 10,723,099 13,371,412

Cost of sales 8,347,712 10,939,451
GROSS PROFIT 2,375,387 2,431,961

Administrative expenses 1,790,210 2,052,290
585,177 379,671

Other operating income - 269,829
OPERATING PROFIT 4 585,177 649,500

Interest receivable and similar income 18,212 1,475
603,389 650,975

Interest payable and similar expenses 5 118,726 147,684
PROFIT BEFORE TAXATION 484,663 503,291

Tax on profit 6 179,618 118,889
PROFIT FOR THE FINANCIAL YEAR 305,045 384,402
Profit attributable to:
Owners of the parent 305,045 384,402

Portico TTA Limited (Registered number: 13144878)

Consolidated
Other Comprehensive Income
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 305,045 384,402


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

305,045

384,402

Total comprehensive income attributable to:
Owners of the parent 305,045 384,402

Portico TTA Limited (Registered number: 13144878)

Consolidated Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,090,056 1,199,820
Tangible assets 10 326,762 366,484
Investments 11 - -
1,416,818 1,566,304

CURRENT ASSETS
Stocks 12 663,779 914,145
Debtors 13 2,236,102 2,844,983
Cash at bank and in hand 2,333,968 1,937,693
5,233,849 5,696,821
CREDITORS
Amounts falling due within one year 14 1,756,536 1,957,733
NET CURRENT ASSETS 3,477,313 3,739,088
TOTAL ASSETS LESS CURRENT LIABILITIES 4,894,131 5,305,392

CREDITORS
Amounts falling due after more than one
year

15

(3,240,130

)

(3,881,226

)

PROVISIONS FOR LIABILITIES 19 (79,526 ) (84,736 )
NET ASSETS 1,574,475 1,339,430

CAPITAL AND RESERVES
Called up share capital 20 1,654 1,654
Share premium 21 884,729 884,729
Retained earnings 21 688,092 453,047
SHAREHOLDERS' FUNDS 1,574,475 1,339,430

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:




Mrs F Williams - Director G J Clayton - Director




O C Hart - Director


Portico TTA Limited (Registered number: 13144878)

Company Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,124,891 1,124,891
1,124,891 1,124,891

CURRENT ASSETS
Debtors 13 70,827 827

CREDITORS
Amounts falling due within one year 14 83,800 13,800
NET CURRENT LIABILITIES (12,973 ) (12,973 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,111,918 1,111,918

CAPITAL AND RESERVES
Called up share capital 20 1,654 1,654
Share premium 21 884,729 884,729
Retained earnings 21 225,535 225,535
SHAREHOLDERS' FUNDS 1,111,918 1,111,918

Company's profit for the financial year 70,000 -

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:




Mrs F Williams - Director G J Clayton - Director




O C Hart - Director


Portico TTA Limited (Registered number: 13144878)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 February 2022 1,654 68,645 884,729 955,028

Changes in equity
Total comprehensive income - 384,402 - 384,402
Balance at 31 January 2023 1,654 453,047 884,729 1,339,430

Changes in equity
Dividends - (70,000 ) - (70,000 )
Total comprehensive income - 305,045 - 305,045
Balance at 31 January 2024 1,654 688,092 884,729 1,574,475

Portico TTA Limited (Registered number: 13144878)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 February 2022 1,654 225,535 884,729 1,111,918

Changes in equity
Balance at 31 January 2023 1,654 225,535 884,729 1,111,918

Changes in equity
Dividends - (70,000 ) - (70,000 )
Total comprehensive income - 70,000 - 70,000
Balance at 31 January 2024 1,654 225,535 884,729 1,111,918

Portico TTA Limited (Registered number: 13144878)

Consolidated Cash Flow Statement
for the Year Ended 31 January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,439,132 694,906
Interest paid (43,680 ) (32,114 )
Interest element of hire purchase payments
paid

(3,338

)

(1,872

)
Tax paid (89,015 ) (68,223 )
Net cash from operating activities 1,303,099 592,697

Cash flows from investing activities
Purchase of intangible fixed assets (43,073 ) -
Purchase of tangible fixed assets (95,173 ) (178,384 )
Sale of tangible fixed assets 26,975 70,268
Interest received 18,212 1,475
Net cash from investing activities (93,059 ) (106,641 )

Cash flows from financing activities
Loan repayments (805,441 ) (770,175 )
New hire purchase loans - 34,244
Hire purchase capital repayments in year (8,324 ) (5,145 )
Net cash from financing activities (813,765 ) (741,076 )

Increase/(decrease) in cash and cash equivalents 396,275 (255,020 )
Cash and cash equivalents at beginning of
year

2

1,937,693

2,192,713

Cash and cash equivalents at end of year 2 2,333,968 1,937,693

Portico TTA Limited (Registered number: 13144878)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 484,663 503,291
Depreciation charges 261,740 238,605
Profit on disposal of fixed assets (983 ) (28,328 )
Finance costs 118,726 147,684
Finance income (18,212 ) (1,475 )
845,934 859,777
Decrease in stocks 250,366 117,111
Decrease/(increase) in trade and other debtors 595,081 (482,507 )
(Decrease)/increase in trade and other creditors (252,249 ) 200,525
Cash generated from operations 1,439,132 694,906

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 2,333,968 1,937,693
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 1,937,693 2,192,713


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 1,937,693 396,275 2,333,968
1,937,693 396,275 2,333,968
Debt
Finance leases (54,183 ) 8,324 (45,859 )
Debts falling due within 1 year (718,459 ) 114,258 (604,201 )
Debts falling due after 1 year (3,835,368 ) 619,475 (3,215,893 )
(4,608,010 ) 742,057 (3,865,953 )
Total (2,670,317 ) 1,138,332 (1,531,985 )

Portico TTA Limited (Registered number: 13144878)

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

1. STATUTORY INFORMATION

Portico TTA 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 General 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

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 TTA Limited (Registered number: 13144878)

Notes to the Consolidated 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 Consolidated 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 TTA Limited (Registered number: 13144878)

Notes to the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group'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 TTA Limited (Registered number: 13144878)

Notes to the Consolidated 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

The average number of employees by undertakings that were proportionately consolidated during the year was 56 (2023 - 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 )
Goodwill amortisation 149,977 149,977
Computer software amortisation 2,860 -
Auditors' remuneration 11,000 11,000

Portico TTA Limited (Registered number: 13144878)

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

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 43,680 32,114
Hire purchase interest 3,338 1,872
Preference share present value adjustments 71,708 113,698
118,726 147,684

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 484,663 503,291
Profit multiplied by the standard rate of corporation tax in the UK of 24 %
(2023 - 19 %)

116,319

95,625

Effects of:
Expenses not deductible for tax purposes 4,984 3,673
Capital allowances in excess of depreciation - (12,579 )
Depreciation in excess of capital allowances 10,320 -
Goodwill amortisation not taxable 35,995 28,496
Preference share present value adjustment not taxable 17,210 21,601
Deferred tax (5,210 ) 29,874
Non taxable insurance receipts - (47,801 )
Total tax charge 179,618 118,889

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Portico TTA Limited (Registered number: 13144878)

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

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £0.01 each
Interim - ordinary shares 70,000 -

9. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 February 2023 1,499,774 - 1,499,774
Additions - 43,073 43,073
At 31 January 2024 1,499,774 43,073 1,542,847
AMORTISATION
At 1 February 2023 299,954 - 299,954
Amortisation for year 149,977 2,860 152,837
At 31 January 2024 449,931 2,860 452,791
NET BOOK VALUE
At 31 January 2024 1,049,843 40,213 1,090,056
At 31 January 2023 1,199,820 - 1,199,820

Portico TTA Limited (Registered number: 13144878)

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

10. TANGIBLE FIXED ASSETS

Group
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

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

Portico TTA Limited (Registered number: 13144878)

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

10. TANGIBLE FIXED ASSETS - continued

Group

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

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 1,124,891
NET BOOK VALUE
At 31 January 2024 1,124,891
At 31 January 2023 1,124,891

Portico TTA Limited (Registered number: 13144878)

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

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Portico AS Limited (100% holding company of Portico GB Limited)
Registered office: Unit 9 Woolpit Business Park, Windmill Avenue, Woolpit, Bury St Edmunds, IP30 9UP
Nature of business: Supply and fix subcontractor
%
Class of shares: holding
Ordinary 100.00

This subsidiary was purchased 1 February 2021 and is held at cost in the single company accounts of Portico TTA Limited.

This subsidiary is fully consolidated in the consolidated financial statements of the Portico TTA Ltd Group.

All subsidiaries of Portico AS Limited are fully consolidated in the consolidated financial statements of the Portico TTA Ltd Group. These include Portico GB Limited and Hangers@ Limited.

Acquisition accounting has been applied to the purchase of this subsidiary in the year ended 31 January 2022.


12. STOCKS

Group
2024 2023
£    £   
Stocks 663,779 914,145

13. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,164,103 1,926,122 - -
Amounts owed by group undertakings - 13,800 70,000 -
Amounts recoverable on contract 559,517 406,972 - -
Other debtors 827 877 827 827
VAT 80,809 87,995 - -
Prepayments and accrued income 35,704 56,613 - -
1,840,960 2,492,379 70,827 827

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

Aggregate amounts 2,236,102 2,844,983 70,827 827

Portico TTA Limited (Registered number: 13144878)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 198,518 200,000 - -
Other loans (see note 16) 405,683 518,459 - -
Hire purchase contracts (see note 17) 21,622 8,325 - -
Trade creditors 762,057 792,450 - -
Amounts owed to group undertakings - 13,800 13,800 13,800
Corporation tax 184,828 89,015 - -
Other taxes & social security 44,338 59,755 - -
Other creditors 5,142 5,782 - -
Directors' loan accounts 70,000 - 70,000 -
Accruals & deferred income 64,348 270,147 - -
1,756,536 1,957,733 83,800 13,800

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) 301,826 500,221
Other loans (see note 16) 2,914,067 3,335,147
Hire purchase contracts (see note 17) 24,237 45,858
3,240,130 3,881,226

Portico TTA Limited (Registered number: 13144878)

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

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 198,518 200,000
Other loans 405,683 518,459
604,201 718,459
Amounts falling due between one and two years:
Bank loans - 1-2 years 198,518 200,000
Other loans - 1-2 years 541,063 618,357
739,581 818,357
Amounts falling due between two and five years:
Bank loans - 2-5 years 103,308 300,221
Other loans - 2-5 years 1,515,862 1,515,861
1,619,170 1,816,082
Amounts falling due in more than five years:
Repayable by instalments
Other loans more 5yrs instal 857,142 1,200,929

Redeemable preference shares - shown within creditors in these financial statements

Other loans comprises the liability element of the redeemable preference shares in issue.

The following preference shares were in issue as at 31 January 2024.

2,128 (2023: 6,838) A Preference shares with nominal value of £128.57 per share.
16,041 (2023: 16,041) B Preference shares with nominal value of £128.57 per share.
10,694 (2023: 10,964) C Preference shares with nominal value of £128.57 per share.

Due to the contractual obligations and characteristics of these shares, all of the above have been accounted for as a liability rather than equity. The liability has been accounted for at amortised cost as explained in the accounting policy for financial instruments.

In the year to 31 January 2024 4,710 (2023: 2,492) A preference shares were redeemed at the nominal value shown above.

Portico TTA Limited (Registered number: 13144878)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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

Group
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

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
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.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 79,526 84,736

Portico TTA Limited (Registered number: 13144878)

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

19. PROVISIONS FOR LIABILITIES - continued

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

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
165,438 Ordinary £0.01 1,654 1,654

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2023 453,047 884,729 1,337,776
Profit for the year 305,045 305,045
Dividends (70,000 ) (70,000 )
At 31 January 2024 688,092 884,729 1,572,821

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2023 225,535 884,729 1,110,264
Profit for the year 70,000 70,000
Dividends (70,000 ) (70,000 )
At 31 January 2024 225,535 884,729 1,110,264


22. 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Portico TTA Limited (Registered number: 13144878)

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

23. 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.