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Registration number: 05839628

Pryor Portfolio Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Pryor Portfolio Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Pryor Portfolio Management Limited

Company Information

Directors

M J Pryor

L J Siddall

Registered office

The Needle Factory
British Mills
Albert Street
Redditch
Worcestershire
B97 4DA

 

Pryor Portfolio Management Limited

(Registration number: 05839628)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

7,200

9,000

Tangible assets

6

12,804

20,041

 

20,004

29,041

Current assets

 

Debtors

7

813,635

660,004

Cash at bank and in hand

 

132,467

139,130

 

946,102

799,134

Creditors: Amounts falling due within one year

8

(100,741)

(88,357)

Net current assets

 

845,361

710,777

Total assets less current liabilities

 

865,365

739,818

Creditors: Amounts falling due after more than one year

8

(27,778)

(33,390)

Net assets

 

837,587

706,428

Capital and reserves

 

Called up share capital

2

2

Retained earnings

837,585

706,426

Shareholders' funds

 

837,587

706,428

For the financial year ending 30 June 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 and 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 7 March 2025 and signed on its behalf by:
 

.........................................
M J Pryor
Director

 

Pryor Portfolio Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
The Needle Factory
British Mills
Albert Street
Redditch
Worcestershire
B97 4DA

These financial statements were authorised for issue by the Board on 7 March 2025.

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.

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 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.

 

Pryor Portfolio Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Fittings fixtures and equipment

25% reducing balance

Office equipment

Straight line over 3 years

Plant and machinery

25% reducing balance

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

Computer software

Straight line over 5 years

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.

 

Pryor Portfolio Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 9 (2023 - 5).

 

Pryor Portfolio Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

87,219

72,310

 

Pryor Portfolio Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

84,000

84,000

At 30 June 2024

84,000

84,000

Amortisation

At 1 July 2023

75,000

75,000

Amortisation charge

1,800

1,800

At 30 June 2024

76,800

76,800

Carrying amount

At 30 June 2024

7,200

7,200

At 30 June 2023

9,000

9,000

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

56,678

1,599

58,277

Additions

5,355

-

5,355

At 30 June 2024

62,033

1,599

63,632

Depreciation

At 1 July 2023

38,124

112

38,236

Charge for the year

12,220

372

12,592

At 30 June 2024

50,344

484

50,828

Carrying amount

At 30 June 2024

11,689

1,115

12,804

At 30 June 2023

18,554

1,487

20,041

 

Pryor Portfolio Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

805,552

648,802

Other debtors

 

-

2,540

Prepayments

 

8,083

8,662

 

813,635

660,004

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,556

5,579

Taxation and social security

 

88,395

76,804

Accruals and deferred income

 

3,600

3,600

Other creditors

 

3,190

2,374

 

100,741

88,357

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

27,778

33,390

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,778

33,390

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,556

5,579