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Registration number: 04138696

Porter & Woodman Gifts Limited

Filleted Financial Statements

for the Year Ended 31 January 2024

 

Porter & Woodman Gifts Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Porter & Woodman Gifts Limited

Company Information

Directors

Mr M J Branch

Mr M Hodgetts

Mr A Lill

Mr I Williams

Company secretary

Mr M Hodgetts

Registered office

1&2 Mill Race Lane
Stourbridge
West Midlands
DY8 1JN

Auditors

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Porter & Woodman Gifts Limited

(Registration number: 04138696)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

165,126

177,838

Tangible assets

5

58,136

58,278

 

223,262

236,116

Current assets

 

Stocks

6

200,459

263,214

Debtors

7

258,386

291,351

Cash at bank and in hand

 

459,083

619,480

 

917,928

1,174,045

Creditors: Amounts falling due within one year

8

(555,181)

(681,786)

Net current assets

 

362,747

492,259

Total assets less current liabilities

 

586,009

728,375

Creditors: Amounts falling due after more than one year

8

(42,960)

(71,156)

Provisions for liabilities

(13,125)

(10,976)

Net assets

 

529,924

646,243

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

529,824

646,143

Shareholders' funds

 

529,924

646,243

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

Mr M J Branch
Director

Mr A Lill
Director

 
     
 

Porter & Woodman Gifts Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1&2 Mill Race Lane
Stourbridge
West Midlands
DY8 1JN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 October 2024 was Louise Osselton FCA, who signed for and on behalf of CBSL Accountants Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Porter & Woodman Gifts Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Fixtures and fittings

25% Reducing balance

Computer equipment

33% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Website costs

33% straight line

 

Porter & Woodman Gifts Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 41 (2023 - 43).

 

Porter & Woodman Gifts Limited

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

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

319,267

41,457

360,724

At 31 January 2024

319,267

41,457

360,724

Amortisation

At 1 February 2023

141,432

41,454

182,886

Amortisation charge

12,712

-

12,712

At 31 January 2024

154,144

41,454

195,598

Carrying amount

At 31 January 2024

165,123

3

165,126

At 31 January 2023

177,835

3

177,838

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

162,419

5,295

360,910

528,624

Additions

-

-

15,388

15,388

At 31 January 2024

162,419

5,295

376,298

544,012

Depreciation

At 1 February 2023

157,238

3,829

309,279

470,346

Charge for the year

1,294

366

13,870

15,530

At 31 January 2024

158,532

4,195

323,149

485,876

Carrying amount

At 31 January 2024

3,887

1,100

53,149

58,136

At 31 January 2023

5,181

1,466

51,631

58,278

Included within the net book value of £58,136 is £13,336 (2023 - £17,781) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £4,446 (2023 - £3,253).

 

Porter & Woodman Gifts Limited

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

6

Stocks

2024
£

2023
£

Stock

200,459

263,214

7

Debtors

Current

2024
£

2023
£

Trade debtors

221,246

249,341

Prepayments

35,874

40,621

Other debtors

1,266

1,389

 

258,386

291,351

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

29,211

47,528

Trade creditors

 

304,405

377,658

Taxation and social security

 

203,389

216,166

Accruals and deferred income

 

2,924

29,833

Other creditors

 

15,252

10,601

 

555,181

681,786

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,819 (2023 - £6,305).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

42,960

71,156

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,443 (2023 - £9,261).

 

Porter & Woodman Gifts Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

82

82

82

82

Ordinary B of £1 each

18

18

18

18

100

100

100

100

10

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

62,355

106,895

Later than one year and not later than five years

-

62,356

62,355

169,251

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

5,443

9,261

Other borrowings

37,517

61,895

42,960

71,156

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

3,819

6,305

Other borrowings

25,392

41,223

29,211

47,528

 

Porter & Woodman Gifts Limited

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

12

Related party transactions

Two of the directors hold a floating charge over the assets and future intellectual property rights of the company.

The ultimate parent company is Porter and Woodman Holdings Limited, incorporated in England & Wales.