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Registered number: 02509271
Porter & Porter Ltd.
Unaudited Financial Statements
For The Year Ended 30 April 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02509271
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 42,343 3,651
42,343 3,651
CURRENT ASSETS
Stocks 590 590
Debtors 5 293,763 292,959
Cash at bank and in hand 114,631 138,984
408,984 432,533
Creditors: Amounts Falling Due Within One Year 6 (158,638 ) (141,927 )
NET CURRENT ASSETS (LIABILITIES) 250,346 290,606
TOTAL ASSETS LESS CURRENT LIABILITIES 292,689 294,257
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,045 ) (703 )
NET ASSETS 284,644 293,554
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 284,544 293,454
SHAREHOLDERS' FUNDS 284,644 293,554
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P H Porter
Director
28 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Porter & Porter Ltd. is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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 probisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from membership fees are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the date the service is provided.
Sale of merchandise
Turnover from the sale of merchandise is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
Interest receivable
Interest income is recognised using the effective interest method.
2.3. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Plant & Machinery - 25% on reducing balance
Motor Vehicles - 25% on reducing balance
Fixtures & Fittings - 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.
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 
2.6. Foreign Currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
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2.7. 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 assesments 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Improvements to property Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 May 2023 37,609 5,285 15,000 27,921 85,815
Additions 44,880 - - 100 44,980
Disposals - - - (107 ) (107 )
As at 30 April 2024 82,489 5,285 15,000 27,914 130,688
Depreciation
As at 1 May 2023 37,008 5,046 14,990 25,120 82,164
Provided during the period 5,515 59 3 702 6,279
Disposals - - - (98 ) (98 )
As at 30 April 2024 42,523 5,105 14,993 25,724 88,345
Net Book Value
As at 30 April 2024 39,966 180 7 2,190 42,343
As at 1 May 2023 601 239 10 2,801 3,651
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 23,171 26,658
Prepayments and accrued income 9,469 10,381
Other debtors 258,766 255,920
Corporation tax recoverable assets 2,357 -
293,763 292,959
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 12,941 3,688
Corporation tax - 8,314
VAT 1,403 2,939
Other creditors 392 573
Accruals and deferred income 91,753 87,463
Directors' loan accounts 52,149 38,950
158,638 141,927
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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