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REGISTERED NUMBER: 02931796 (England and Wales)



















PORTLAND WIRE PRODUCTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


PORTLAND WIRE PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr M O Lee
Mr K McGuigan





REGISTERED OFFICE: 997 London Road
Alvaston
Derby
DE24 8PX





BUSINESS ADDRESS: Venture Point
Wheelhouse Road
Rugeley
Staffordshire
WS15 1UZ





REGISTERED NUMBER: 02931796 (England and Wales)





AUDITORS: Johnson Tidsall Limited
Chartered Accountants
& Statutory Auditor
81 Burton Road
Derby
Derbyshire
DE1 1TJ

PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,226 34,084

CURRENT ASSETS
Stocks 5 18,363 31,237
Debtors 6 353,181 224,025
Cash at bank 161,508 161,105
533,052 416,367
CREDITORS
Amounts falling due within one year 7 289,067 245,078
NET CURRENT ASSETS 243,985 171,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,211

205,373

PROVISIONS FOR LIABILITIES 6,490 6,433
NET ASSETS 263,721 198,940

CAPITAL AND RESERVES
Called up share capital 8 4,000 4,000
Retained earnings 259,721 194,940
SHAREHOLDERS' FUNDS 263,721 198,940

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





Mr K McGuigan - Director


PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sales of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually upon delivery.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

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

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

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 33,771 10,016 29,950 73,737
DEPRECIATION
At 1 March 2023 30,459 8,907 287 39,653
Charge for year 331 111 7,416 7,858
At 29 February 2024 30,790 9,018 7,703 47,511
NET BOOK VALUE
At 29 February 2024 2,981 998 22,247 26,226
At 28 February 2023 3,312 1,109 29,663 34,084

5. STOCKS
2024 2023
£    £   
Stocks 18,363 31,237

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 242,891 100,160
Amounts owed by group undertakings 104,886 119,861
Other debtors 2,604 1,849
Prepayments and accrued income 2,800 2,155
353,181 224,025

PORTLAND WIRE PRODUCTS LIMITED (REGISTERED NUMBER: 02931796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 196,485 178,036
Amounts owed to group undertakings 46,849 47,882
Corporation tax 23,592 6,573
Social security and other taxes 2,890 2,669
VAT 13,499 4,458
Other creditors 262 208
Accruals and deferred income 5,490 5,252
289,067 245,078

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary A £1 1,000 1,000
1,000 Ordinary B £1 1,000 1,000
1,000 Ordinary C £1 1,000 1,000
1,000 Ordinary D £1 1,000 1,000
4,000 4,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Mellor FCA (Senior Statutory Auditor)
for and on behalf of Johnson Tidsall Limited

10. OTHER FINANCIAL COMMITMENTS

As at 29 February 2024 the company had financial commitments under operating leases of £23,225 (2023: £32,150) in relation to property rental.

11. 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.

12. ULTIMATE PARENT COMPANY

Portland Wire Products Limited is a wholly owned subsidiary of PWP Properties Limited, who in turn are a wholly owned subsidiary of ASG Group Limited.

They all share the same registered office.

ASG Group Limited prepare consolidated financial statements, of which Portland Wire Products Limited forms a part of. The consolidated financial statements are publicly available at Companies House, Crown Way, Cardiff, CF14 3UZ, DX 33050 Cardiff, United Kingdom.