Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-310false20The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2024-01-0123falsefalsefalse 02959142 2024-01-01 2024-12-31 02959142 2023-01-01 2023-12-31 02959142 2024-12-31 02959142 2023-12-31 02959142 2023-01-01 02959142 c:CompanySecretary1 2024-01-01 2024-12-31 02959142 c:Director1 2024-01-01 2024-12-31 02959142 c:Director2 2024-01-01 2024-12-31 02959142 c:RegisteredOffice 2024-01-01 2024-12-31 02959142 d:FurnitureFittings 2024-01-01 2024-12-31 02959142 d:FurnitureFittings 2024-12-31 02959142 d:FurnitureFittings 2023-12-31 02959142 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02959142 d:ComputerEquipment 2024-01-01 2024-12-31 02959142 d:ComputerEquipment 2024-12-31 02959142 d:ComputerEquipment 2023-12-31 02959142 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02959142 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02959142 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 02959142 d:ComputerSoftware 2024-01-01 2024-12-31 02959142 d:ComputerSoftware 2024-12-31 02959142 d:ComputerSoftware 2023-12-31 02959142 d:CurrentFinancialInstruments 2024-12-31 02959142 d:CurrentFinancialInstruments 2023-12-31 02959142 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02959142 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02959142 d:ShareCapital 2024-12-31 02959142 d:ShareCapital 2023-12-31 02959142 d:ShareCapital 2023-01-01 02959142 d:SharePremium 2024-01-01 2024-12-31 02959142 d:SharePremium 2024-12-31 02959142 d:SharePremium 2023-12-31 02959142 d:SharePremium 2023-01-01 02959142 d:CapitalRedemptionReserve 2024-01-01 2024-12-31 02959142 d:CapitalRedemptionReserve 2024-12-31 02959142 d:CapitalRedemptionReserve 2023-12-31 02959142 d:CapitalRedemptionReserve 2023-01-01 02959142 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02959142 d:RetainedEarningsAccumulatedLosses 2024-12-31 02959142 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02959142 d:RetainedEarningsAccumulatedLosses 2023-12-31 02959142 d:RetainedEarningsAccumulatedLosses 2023-01-01 02959142 d:OtherDeferredTax 2024-12-31 02959142 d:OtherDeferredTax 2023-12-31 02959142 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02959142 c:OrdinaryShareClass1 2024-12-31 02959142 c:OrdinaryShareClass1 2023-12-31 02959142 c:FRS102 2024-01-01 2024-12-31 02959142 c:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02959142 c:FullAccounts 2024-01-01 2024-12-31 02959142 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02959142 d:Subsidiary1 2024-01-01 2024-12-31 02959142 d:Subsidiary1 1 2024-01-01 2024-12-31 02959142 d:WithinOneYear 2024-12-31 02959142 d:WithinOneYear 2023-12-31 02959142 d:BetweenOneFiveYears 2024-12-31 02959142 d:BetweenOneFiveYears 2023-12-31 02959142 d:MoreThanFiveYears 2024-12-31 02959142 d:MoreThanFiveYears 2023-12-31 02959142 6 2024-01-01 2024-12-31 02959142 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02959142









PORT - P LIMITED







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PORT - P LIMITED
 
 
COMPANY INFORMATION


Directors
Mr A Harte 
Dr M Paget 




Company secretary
Dr M Paget



Registered number
02959142



Registered office
45 Church Street

Birmingham

B3 2RT




Accountants
PKF Smith Cooper Limited

Cornerblock

2 Cornwall Street

Birmingham

West Midlands

B3 2DX





 
PORT - P LIMITED
 

CONTENTS



Page
Directors' report
1 - 3
Accountants' report
4
Statement of comprehensive income
5
Balance sheet
6 - 7
Statement of changes in equity
8
Notes to the financial statements
9 - 18


 
PORT - P LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company's principal activity in the year under review was managed services plus the supply of IT solutions and products.
We seek to present a balanced and comprehensive review of our business' financial performance and position. The review is consistent with the size and non-complex nature of our business model to account for the risks and uncertainties we face. 
The Company supplies IT solutions and products, either on-premises, in the cloud, or a combination of both, that make our client’s businesses work better. We serve several hundred clients across the UK, providing traditional on-premises server, storage and networking solutions as well as evaluating how existing applications can benefit by being migrated to the cloud. 

Page 1

 
PORT - P LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review

It's been a year since Wopple Limited (the parent company) became majority owned by its employees through the Employee Ownership Trust (EOT), and the impact has been remarkable. Our team has embraced this new chapter with enthusiasm, taking even greater pride in their work and actively contributing to the Company’s success. This shared commitment has strengthened collaboration, innovation, and our dedication to upholding the Company’s core values. As we look ahead, we’re excited to continue growing together as an employee-led organisation.
In 2024, we continued our focus on expanding our annuity and service business while delivering high-quality engineered technical solutions. To support this growth, we made strategic investments in skilled staff, strengthening our engineering and service desk capabilities. These enhancements enable us to provide more advanced technical solutions, deliver exceptional customer support, and drive long-term business success. By proactively scaling our expertise and resources, we are well-positioned to meet increasing demand, exceed customer expectations, and maintain a competitive edge in the market.
 

Results and dividends

The profit for the year, after taxation, amounted to £1,085,232 (2023 - £785,443).

The Company achieved a turnover of £15,538,075 (2023: £14,549,765), a gross profit of £3,456,585 (2023: £2,943,863) and a gross profit margin of 22.25% (2023: 20.11%).

Directors

The directors who served during the year were:

Mr A Harte 
Dr M Paget 

Principal risks and uncertainties

Due to the non-complex nature of our business, we face a relatively low level of risk. Risks and uncertainties concerned with market and competition are mitigated in many ways, including investment in our systems, people and bespoke solutions offerings. A continued focus on services and sector-leading client experience differentiates us from many competitors. 

Credit risk
The Company manages its trade debtors and trade creditors to ensure that sufficient cash is available to meet operational need. Financial risk is also mitigated by our policy of insuring our client debts via a third-party insurer who offer protection in the event of customer insolvency.

Liquidity risk
The Company funds its working capital needs through generating and retaining profits and using traditional banking facilities. The company's net cash position in 2024 was £220,580 (2023: £621,012).  

Page 2

 
PORT - P LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

In 2025, we will build upon our existing strategy with a strong emphasis on increasing market share through multiple key initiatives. This includes fostering deeper relationships with our existing clients to enhance retention and long-term value, actively acquiring new customers to expand our reach, and investing in the continuous development of our team. By strengthening our expertise and capabilities, we aim to deliver comprehensive, full-service solutions that go beyond traditional offerings, incorporating robust support systems tailored to client needs. Our approach will be structured around both purchase-based and annuity-driven models, ensuring sustainable growth and long-term success.

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of it's directors during the year. These provisions remain in force at the reporting date.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.



This report was approved by the board on 12 March 2025 and signed on its behalf.
 





Mr A Harte
Director

Page 3

 
PORT - P LIMITED
 
 
  
 ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PORT - P LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Port - P Limited for the year ended 31 December 2024 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Port - P Limited, as a body, in accordance with the terms of our engagement letter dated 20 October 2023Our work has been undertaken solely to prepare for your approval the financial statements of Port - P Limited and state those matters that we have agreed to state to the Board of directors of Port - P Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Port - P Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Port - P Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Port - P Limited. You consider that Port - P Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Port - P Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



PKF Smith Cooper Limited
 
Cornerblock
2 Cornwall Street
Birmingham
West Midlands
B3 2DX
13 March 2025
Page 4

 
PORT - P LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
15,538,075
14,549,765

Cost of sales
  
(12,081,490)
(11,605,902)

Gross profit
  
3,456,585
2,943,863

Distribution costs
  
(1,206,312)
(1,028,996)

Administrative expenses
  
(871,574)
(836,828)

Operating profit
  
1,378,699
1,078,039

Interest payable and similar expenses
  
(20,584)
(7,928)

Profit before tax
  
1,358,115
1,070,111

Tax on profit
  
(272,883)
(284,668)

Profit for the financial year
  
1,085,232
785,443

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 9 to 18 form part of these financial statements.

Page 5

 
PORT - P LIMITED
REGISTERED NUMBER: 02959142

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
751,831
999,184

Investments
 6 
1
1

  
751,832
999,185

Current assets
  

Debtors: amounts falling due within one year
 7 
2,684,956
1,796,928

Cash at bank and in hand
 8 
220,580
621,012

  
2,905,536
2,417,940

Creditors: amounts falling due within one year
 9 
(1,988,023)
(2,102,632)

Net current assets
  
 
 
917,513
 
 
315,308

Total assets less current liabilities
  
1,669,345
1,314,493

Provisions for liabilities
  

Deferred tax
 10 
(100,000)
(230,380)

Net assets
  
1,569,345
1,084,113


Capital and reserves
  

Called up share capital 
 11 
5,250
5,250

Share premium account
 12 
975
975

Capital redemption reserve
 12 
5,000
5,000

Profit and loss account
 12 
1,558,120
1,072,888

  
1,569,345
1,084,113


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

 

                
Page 6

 
PORT - P LIMITED
REGISTERED NUMBER: 02959142
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.



Mr A Harte
Director

The notes on pages 9 to 18 form part of these financial statements.

Page 7

 
PORT - P LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
5,250
975
5,000
957,445
968,670



Profit for the year
-
-
-
785,443
785,443

Dividends
-
-
-
(670,000)
(670,000)



At 1 January 2024
5,250
975
5,000
1,072,888
1,084,113



Profit for the year
-
-
-
1,085,232
1,085,232

Dividends
-
-
-
(600,000)
(600,000)


At 31 December 2024
5,250
975
5,000
1,558,120
1,569,345


The notes on pages 9 to 18 form part of these financial statements.

Page 8

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Port - P Limited, is a private company, limited by shares, registered in England and Wales. The company's registered office address and registration number can be found on the Company information page to these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. The amounts in these financial statements are rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 9

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt. 

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 10

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer Software
-
Straight line over the life of the associated license.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 11

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

The estimated useful lives range as follows:

Fixtures and fittings
-
3-5 years straight line
Computer equipment
-
3-5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 20).

Page 12

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Computer software

£





At 1 January 2024
110,559


Disposals
(110,559)



At 31 December 2024

-





At 1 January 2024
110,559


On disposals
(110,559)



At 31 December 2024

-



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 13

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Furniture and equipment
Computer equipment
Total

£
£
£



Cost


At 1 January 2024
188,268
1,210,533
1,398,801


Additions
10,958
24,662
35,620



At 31 December 2024

199,226
1,235,195
1,434,421



Depreciation


At 1 January 2024
53,498
346,119
399,617


Charge for the year 
33,206
249,767
282,973



At 31 December 2024

86,704
595,886
682,590



Net book value



At 31 December 2024
112,522
639,309
751,831



At 31 December 2023
134,770
864,414
999,184

Page 14

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Fixed asset investments





Investment in subsidiary company

£



Cost


At 1 January 2024
100



At 31 December 2024

100



Impairment


At 1 January 2024
99



At 31 December 2024

99



Net book value



At 31 December 2024
1



At 31 December 2023
1


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Cloud-P Limited
45 Church Street, Birmingham, B3 2RT
Ordinary
100%


7.


Debtors

2024
2023
£
£


Trade debtors
1,245,114
1,282,886

Amounts owed by group undertakings
1,200,000
-

Prepayments and accrued income
239,842
514,042

2,684,956
1,796,928


Page 15

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
220,580
621,012



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,283,092
1,544,825

Amounts owed to group undertakings
1
1

Corporation tax
245,169
120,032

Other taxation and social security
272,270
242,681

Other creditors
8,016
9,986

Accruals and deferred income
179,475
185,107

1,988,023
2,102,632



10.


Deferred taxation




2024


£






At beginning of year
(230,380)


Charged to profit or loss
130,380



At end of year
(100,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on tangible fixed assets
(100,000)
(230,380)

(100,000)
(230,380)


 

Page 16

 
PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



52,500 (2023 - 52,500) Ordinary shares of £0.10 each
5,250
5,250



12.


Reserves

Share premium account

This reserve records the value of allotted and fully paid share capital, in excess of nominal value.

Capital redemption reserve

This reserve records the value of the Company's ordinary share capital repurchased from its shareholders in current and prior periods.

Profit and loss account

This reserve records all current and prior period retained profits and losses.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £58,609 (2023 - £40,449) . Contributions totaling £6,438 (2023 - £3,987) were payable to the fund at the balance sheet date and are included in creditors.


14.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
79,605
79,605

Later than 1 year and not later than 5 years
318,420
318,420

Later than 5 years
-
79,605

398,025
477,630

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PORT - P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Related party transactions

The Company has taken advantage of the exemption, under the terms of the 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.


16.


Controlling party

The Company immediate parent undertaking is Wopple Limited, a company incorporated in England and Wales, which owns 100% of the issued share capital in the business. The registered office address is 45 Church Street, Birmingham, England, B3 2RT.

The ultimate parent undertaking is Port-P EOT Trustees Limited, a company incorporated in England and Wales. The registered office address is 45 Church Street, Birmingham, England, B3 2RT. The directors consider there to be no single controlling party.

 
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