Registered number: 02959142
PORT - P LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PORT - P LIMITED
COMPANY INFORMATION
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PORT - P LIMITED
CONTENTS
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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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
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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 2006. They 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.
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.
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PORT - P LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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%).
The directors who served during the year were:
Principal risks and uncertainties
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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).
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PORT - P LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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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.
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.
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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 2023. Our 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
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PORT - P LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest payable and similar expenses
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Profit for the financial year
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 9 to 18 form part of these financial statements.
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PORT - P LIMITED
REGISTERED NUMBER: 02959142
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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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.
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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.
The notes on pages 9 to 18 form part of these financial statements.
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PORT - P LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Capital redemption reserve
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The notes on pages 9 to 18 form part of these financial statements.
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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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.
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Foreign currency translation
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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.
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt.
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.
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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:
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Straight line over the life of the associated license.
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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.
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
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.
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The average monthly number of employees, including directors, during the year was 23 (2023 - 20).
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investment in subsidiary company
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The following was a subsidiary undertaking of the Company:
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45 Church Street, Birmingham, B3 2RT
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Amounts owed by group undertakings
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Prepayments and accrued income
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Deferred tax on tangible fixed assets
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Authorised, allotted, called up and fully paid
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52,500 (2023 - 52,500) Ordinary shares of £0.10 each
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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.
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.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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PORT - P LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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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.
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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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