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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
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 |
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 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 70,000 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 January 2024 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Improvements to property | - |
Plant & equipment | - |
Fixtures & fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Amounts recoverable on contract | 559,517 | 406,972 |
Other debtors | 827 | 877 |
VAT | 80,809 | 87,995 |
Prepayments and accrued income | 35,704 | 56,613 |
1,840,960 | 2,492,379 |
Amounts falling due after more than one | year: |
Amounts recoverable on contract | 395,142 | 352,604 |
Aggregate amounts | 2,236,102 | 2,844,983 |
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 |
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 |
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: | £ | £ |
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 | 1,110,264 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 January 2024 | 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. |