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Registration number: 04177835

Portwell (UK) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Portwell (UK) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Portwell (UK) Ltd

Company Information

Directors

H H Nudling

Ms C Yen

Registered office

9A Burroughs Gardens
London
NW4 4AU

Registered number

04177835

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Portwell (UK) Ltd

(Registration number: 04177835)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,151

1,534

Current assets

 

Debtors

6

83,533

15,849

Cash at bank and in hand

 

309,804

360,540

 

393,337

376,389

Creditors: Amounts falling due within one year

7

(46,866)

(43,391)

Net current assets

 

346,471

332,998

Net assets

 

347,622

334,532

Capital and reserves

 

Called up share capital

8

200,000

200,000

Retained earnings

147,622

134,532

Shareholders' funds

 

347,622

334,532

 

Portwell (UK) Ltd

(Registration number: 04177835)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 February 2025 and signed on its behalf by:
 

.........................................
H H Nudling
Director

   
     
 

Portwell (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
9A Burroughs Gardens
London
NW4 4AU
England

The principal place of business is:
Office TH2 Trident House
Basil Hill Road
Didcot
Oxfordshire
OX11 7HJ
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

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.

 

Portwell (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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.

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

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Portwell (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

3,240

3,207

 

Portwell (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

2,956

2,956

At 31 December 2024

2,956

2,956

Depreciation

At 1 January 2024

1,422

1,422

Charge for the year

383

383

At 31 December 2024

1,805

1,805

Carrying amount

At 31 December 2024

1,151

1,151

At 31 December 2023

1,534

1,534

6

Debtors

Current

2024
£

2023
£

Trade debtors

77,000

4,200

Prepayments

989

4,577

Other debtors

5,544

7,072

 

83,533

15,849

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

1,198

6,748

Taxation and social security

9,584

3,207

Other creditors

36,084

33,436

46,866

43,391

 

Portwell (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200,000

200,000

200,000

200,000

       

9

Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £4,971 (2023 - £4,500).