Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312024-01-01false4866truefalsefalse 02171828 2024-01-01 2024-12-31 02171828 2023-05-01 2023-12-31 02171828 2024-12-31 02171828 2023-12-31 02171828 2023-05-01 02171828 c:Exceptional 2024-01-01 2024-12-31 02171828 c:Exceptional 2023-05-01 2023-12-31 02171828 d:Director1 2024-01-01 2024-12-31 02171828 d:Director2 2024-01-01 2024-12-31 02171828 d:Director2 2024-12-31 02171828 d:Director3 2024-01-01 2024-12-31 02171828 d:Director4 2024-01-01 2024-12-31 02171828 d:Director5 2024-01-01 2024-12-31 02171828 d:Director5 2024-12-31 02171828 d:Director6 2024-01-01 2024-12-31 02171828 d:Director7 2024-01-01 2024-12-31 02171828 d:Director7 2024-12-31 02171828 d:RegisteredOffice 2024-01-01 2024-12-31 02171828 d:Agent1 2024-01-01 2024-12-31 02171828 c:Buildings c:LongLeaseholdAssets 2024-01-01 2024-12-31 02171828 c:Buildings c:LongLeaseholdAssets 2024-12-31 02171828 c:Buildings c:LongLeaseholdAssets 2023-12-31 02171828 c:PlantMachinery 2024-01-01 2024-12-31 02171828 c:PlantMachinery 2024-12-31 02171828 c:PlantMachinery 2023-12-31 02171828 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02171828 c:MotorVehicles 2024-01-01 2024-12-31 02171828 c:MotorVehicles 2024-12-31 02171828 c:MotorVehicles 2023-12-31 02171828 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02171828 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02171828 c:CurrentFinancialInstruments 2024-12-31 02171828 c:CurrentFinancialInstruments 2023-12-31 02171828 c:Non-currentFinancialInstruments 2024-12-31 02171828 c:Non-currentFinancialInstruments 2023-12-31 02171828 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 02171828 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 02171828 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 02171828 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 02171828 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-12-31 02171828 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 02171828 c:ReportableOperatingSegment1 2024-01-01 2024-12-31 02171828 c:ReportableOperatingSegment1 2023-05-01 2023-12-31 02171828 c:ReportableOperatingSegment2 2024-01-01 2024-12-31 02171828 c:ReportableOperatingSegment2 2023-05-01 2023-12-31 02171828 e:UnitedKingdom 2024-01-01 2024-12-31 02171828 e:UnitedKingdom 2023-05-01 2023-12-31 02171828 e:RestEuropeOutsideUK 2024-01-01 2024-12-31 02171828 e:RestEuropeOutsideUK 2023-05-01 2023-12-31 02171828 e:RestWorldOutsideUK 2024-01-01 2024-12-31 02171828 e:RestWorldOutsideUK 2023-05-01 2023-12-31 02171828 c:UKTax 2024-01-01 2024-12-31 02171828 c:UKTax 2023-05-01 2023-12-31 02171828 c:ShareCapital 2024-12-31 02171828 c:ShareCapital 2023-05-01 2023-12-31 02171828 c:ShareCapital 2023-12-31 02171828 c:ShareCapital 2023-05-01 02171828 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02171828 c:RetainedEarningsAccumulatedLosses 2024-12-31 02171828 c:RetainedEarningsAccumulatedLosses 2023-05-01 2023-12-31 02171828 c:RetainedEarningsAccumulatedLosses 2023-12-31 02171828 c:RetainedEarningsAccumulatedLosses 2023-05-01 02171828 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02171828 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02171828 d:OrdinaryShareClass1 2024-01-01 2024-12-31 02171828 d:OrdinaryShareClass1 2024-12-31 02171828 d:OrdinaryShareClass1 2023-12-31 02171828 d:FRS102 2024-01-01 2024-12-31 02171828 d:Audited 2024-01-01 2024-12-31 02171828 d:FullAccounts 2024-01-01 2024-12-31 02171828 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02171828 c:WithinOneYear 2024-12-31 02171828 c:WithinOneYear 2023-12-31 02171828 c:BetweenOneFiveYears 2024-12-31 02171828 c:BetweenOneFiveYears 2023-12-31 02171828 c:HirePurchaseContracts c:WithinOneYear 2024-12-31 02171828 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 02171828 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-12-31 02171828 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 02171828 c:HirePurchaseContracts c:MoreThanFiveYears 2024-12-31 02171828 c:HirePurchaseContracts c:MoreThanFiveYears 2023-12-31 02171828 2 2024-01-01 2024-12-31 02171828 4 2024-01-01 2024-12-31 02171828 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02171828













 
PORTABLE VENUES (GROUP) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
PORTABLE VENUES (GROUP) LIMITED
 


CONTENTS



Page
Company Information
1
Strategic Report
2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditors' Report
6 - 9
Profit and Loss Account
10
Balance Sheet
11 - 12
Statement of Changes in Equity
13 - 14
Notes to the Financial Statements
15 - 32



 
PORTABLE VENUES (GROUP) LIMITED
 

 
COMPANY INFORMATION


Directors
Mr T N Heath 
Mr S P Hall 
Mr O V Hohn 
Mr M J Jarvis 
Mrs P J Latham 
Mr J R Lynock 




Registered number
02171828



Registered office
Kingsbury Link Trinity Road
Piccadilly

Tamworth

B78 2EX




Independent auditors
Page Kirk LLP

Chartered Accountants and Statutory Auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB




Bankers
HSBC Bank plc
10 Market Street

Tamworth

Staffordshire

B79 7LZ




Page 1


 
PORTABLE VENUES (GROUP) LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Business review and future developments
 
On 17th August 2023 the company was acquired by SAS TempAsset, a company registered in France. The registered office of SAS TempAsset is 23 rue de l'avenir, 09700 saverdun, France.
In the year to 31 December 2024 the company achieved a turnover of £14,233,283 (8- month period to 31 December 2023: £11,444,589,) and profit on ordinary activities before taxation and exceptional costs of £2,453,677 (8- month period to 31 December 2023: £1,785,054).
The directors believe EBITDA to be a fairer representation of the trading of the company. In the year to 31 December 2024 the company achieved EBITDA before exceptional costs of £4,543,774 (8- month period to 31 December 2023: £3,212,343).
The directors of the company believe the sale of the company to SAS TempAsset will bring great benefits to the company and the customer experience with an increased product offering, economies of scale and further knowledge and experience within the industry not only within the UK but the wider world.

Financial and non-financial key performance indicators (KPIs)
 
The business uses a variety of KPls to help monitor performance and strength of the company being turnover, profitability and cash. The company also monitors health and safety statistics and investigates any trends arising.


This report was approved by the board on 17 March 2025 and signed on its behalf.



Mr T N Heath
Director

Page 2


 
PORTABLE VENUES (GROUP) 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.

Principal activity

The principal activity of the company is manufacturing, selling and hiring out of industrial storage buildings.

Results and dividends

The profit for the year, after taxation, amounted to £1,800,465 (8-month period to 31 December 2023: £932,762). Dividends paid in the year amounted to £1,350,000 (8-month period to 31 December 2023: £2,456,715).

Directors

The directors who served during the year were:

Mr T N Heath 
Mr S P Hall (appointed 5 September 2024)
Mr O V Hohn 
Mr M J Jarvis 
Mrs P J Latham (appointed 2 January 2024)
Mr J R Lynock 
Mr L Brightmore (resigned 1 April 2024)

Principal risks and uncertainties

The company operates in a highly competitive marketplace; however, it enjoys a loyal and strong customer base and an experienced management team. The company continues to trade well, with a good pipeline and strong enquiries.
The principal business risk is to maintain good rental rates, utilisation of the hire assets and service reputation.

Going concern

Detailed cash flow forecasts are prepared and regularly reviewed to ensure the business has adequate liquidity and working capital. Based on these forecasts the company will have adequate resources to continue operating for the foreseeable future. On these grounds the Board has continued to adopt the going concern basis for the preparation of the financial statements.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3


 
PORTABLE VENUES (GROUP) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

The auditorsPage Kirk LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 March 2025 and signed on its behalf.
 





Mr T N Heath
Director

Page 4


 
PORTABLE VENUES (GROUP) LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, 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.

Page 5


 
PORTABLE VENUES (GROUP) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTABLE VENUES (GROUP) LIMITED
 

Opinion


We have audited the financial statements of PORTABLE VENUES (GROUP) LIMITED (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6


 
PORTABLE VENUES (GROUP) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTABLE VENUES (GROUP) LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7


 
PORTABLE VENUES (GROUP) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTABLE VENUES (GROUP) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and money laundering regulations.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue.
Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Sample testing on the posting of journals.
• Reviewing meeting minutes, regulatory correspondence and professional fees.
• Detailed substantive testing on the completeness of income.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8


 
PORTABLE VENUES (GROUP) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTABLE VENUES (GROUP) LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Wallis FCA (Senior Statutory Auditor)
  
for and on behalf of
Page Kirk LLP
 
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

17 March 2025
Page 9


 
PORTABLE VENUES (GROUP) LIMITED
 

 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

Year ended 31 December 2024
8-month period ended 31 December 2023
Note
£
£

  

Turnover
 4 
14,233,283
11,444,589

Cost of sales
  
(8,956,849)
(7,666,630)

Gross profit
  
5,276,434
3,777,959

Administrative expenses
  
(3,076,846)
(2,137,472)

Exceptional administrative expenses
  
(44,659)
(553,018)

Profit on the disposal of tangible fixed assets
  
255,978
171,889

Operating profit
 7 
2,410,907
1,259,358

Interest receivable and similar income
 11 
3,834
4,127

Interest payable and similar expenses
 12 
(5,723)
(31,449)

Profit before tax
  
2,409,018
1,232,036

Tax on profit
 13 
(608,553)
(299,274)

Profit for the financial year
  
1,800,465
932,762

The notes on pages 15 to 32 form part of these financial statements.

Page 10


 
PORTABLE VENUES (GROUP) LIMITED
REGISTERED NUMBER:02171828


BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 15 
8,133,749
9,351,875

  
8,133,749
9,351,875

Current assets
  

Stocks
 16 
437,333
407,569

Debtors: amounts falling due within one year
 17 
3,090,326
2,873,602

Cash at bank and in hand
 18 
2,356,960
1,449,056

  
5,884,619
4,730,227

Creditors: amounts falling due within one year
 19 
(4,110,661)
(4,457,667)

Net current assets
  
 
 
1,773,958
 
 
272,560

Total assets less current liabilities
  
9,907,707
9,624,435

Creditors: amounts falling due after more than one year
  
(1,901)
(82,498)

Provisions for liabilities
  

Deferred tax
  
(1,034,821)
(1,121,417)

  
 
 
(1,034,821)
 
 
(1,121,417)

Net assets
  
8,870,985
8,420,520


Capital and reserves
  

Called up share capital 
 24 
103
103

Profit and loss account
  
8,870,882
8,420,417

  
8,870,985
8,420,520


Page 11


 
PORTABLE VENUES (GROUP) LIMITED
REGISTERED NUMBER:02171828

    
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 17 March 2025.




Mr T N Heath
Director

The notes on pages 15 to 32 form part of these financial statements.

Page 12


 
PORTABLE VENUES (GROUP) LIMITED
 


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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
103
8,420,417
8,420,520



Profit for the year
-
1,800,465
1,800,465

Dividends: Equity capital
-
(1,350,000)
(1,350,000)


At 31 December 2024
103
8,870,882
8,870,985


The notes on pages 15 to 32 form part of these financial statements.

Page 13


 
PORTABLE VENUES (GROUP) LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
100
9,944,370
9,944,470



Profit for the period
-
932,762
932,762

Dividends: Equity capital
-
(2,456,715)
(2,456,715)

Shares issued during the period
3
-
3


At 31 December 2023
103
8,420,417
8,420,520


The notes on pages 15 to 32 form part of these financial statements.

Page 14


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
Kingsbury Link Trinity Road
Piccadilly
Tamworth
B78 2EX
These financial statements were authorised for issue by the Board on ....

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Summary of disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions which have been complied with, including notification of, and no objection to, the use of exemptions by the Company's shareholders. The Company is included in the consolidated financial statements of its parent undertaking, SAS TempAsset. In preparing the financial statements, the Company has taken the following exemptions:
• from disclosing key management personnel compensation, as required by paragraph 7 of Section 33 ‘Related Party Disclosures’.
• from presenting a reconciliation of the number of shares outstanding at the beginning and end of the year, as required by paragraph 12 of Section 4 ‘Statement of Financial Position’.
• from presenting a statement of cash flow, as required by Section 7 ‘Statement of Cash Flows’.
• from disclosing transactions with related parties that are members of the same group as permitted by FRS 102 section 33.1A.
On the basis that equivalent disclosures are given in the consolidated financial statements, the Company has also taken advantage of the exemption not to provide certain disclosures as required by Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues'.

Page 15


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

Detailed cash flow forecasts are prepared and regularly reviewed to ensure the business has adequate liquidity and working capital. Based on these forecasts the company will have adequate resources to continue operating for the foreseeable future. On these grounds the Board has continued to adopt the going concern basis for the preparation of the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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.

  
2.6

Hire purchase and leasing commitments

A lease is classified as a hire purchase or finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under hire purchase or finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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.

 
2.11

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.


Page 18


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

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.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Depreciation is provided on the following basis:

Hire Equipment
-
over 8 years
Plant and machinery
-
over 4 years
Motor vehicles
-
over 4 years

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 profit or loss.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

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.

 
2.16

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 19


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 20


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.20

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgements in applying the entity's accounting policies
Revenue recognition
Management makes judgements in recognising revenue earned by the company on rental assets, in its fulfilment of the different phases within the agreement, being installation, ongoing rentals and dismantle. Management also makes judgements in their assessment that the asset rental agreements with customers constitute operating lease agreements.
b) Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, be definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the asset and note 2.14 for the useful economic lives for each class of assets.

Page 21


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


Year ended 31 December 2024
8-month period ended 31 December 2023
£
£

Sale of goods
5,850,810
5,684,274

Hire and maintenance
8,382,473
5,760,315

14,233,283
11,444,589


Analysis of turnover by country of destination:

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£

United Kingdom
14,087,027
11,335,990

Rest of Europe
23,414
16,135

Rest of the world
122,842
92,464

14,233,283
11,444,589



5.


Other operating income

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£

Profit on disposal of tangible assets
255,978
171,889

255,978
171,889


Page 22


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Exceptional costs

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£


Exceptional costs
44,659
553,018

44,659
553,018

Exceptional redundancy costs of £44,659 (2023: £553,018) were incurred during the year 31 December 2024.


7.


Operating profit

The operating profit is stated after charging:

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£

Depreciation of owned assets
2,080,589
1,387,395

Depreciation of assets held under hire purchase agreements
7,619
12,572

(Profit)/Loss on sale of land and buildings
-
(138,009)

(Profit)/Loss on sale of motor vehicles
(2,054)
-

(Profit)/Loss on sale of hired buildings
(256,511)
-

(Profit)/Loss on sale of plant & machinery
2,587
(33,880)

Foreign exchange (gains)/losses
(11,228)
(10,634)


8.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


Year ended 31 December 2024
8-month period ended 31 December 2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,500
7,250

Page 23


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Employees

Staff costs, including directors' remuneration, were as follows:


Year ended 31 December 2024
8-month period ended 31 December 2023
£
£

Wages and salaries
2,325,659
1,903,729

Social security costs
267,398
206,921

Cost of defined contribution scheme
38,587
32,109

2,631,644
2,142,759


The average monthly number of employees, including the directors, during the year was as follows:


Year ended 31 December 2024
8-month period ended 31 December 2023
            No.
            No.







Production and selling
31
49



Administration
17
17

48
66

Page 24


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Directors' remuneration

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£

Directors' emoluments
287,688
100,994

Company contributions to defined contribution pension schemes
4,062
1,787

291,750
102,781


During the year retirement benefits were accruing to 3 directors (8-month period to 31 December 2023: 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £142,579 (8-month period to 31 December 2023: £39,912).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,521 (8-month period to 31 December 2023 £840).


11.


Interest receivable

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£


Bank interest receivable
3,834
4,127

3,834
4,127

Page 25


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Interest payable and similar expenses

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£


Other loan interest payable
3,455
29,817

Finance leases and hire purchase contracts
2,268
1,632

5,723
31,449


13.


Taxation


Year ended 31 December 2024
8-month period ended 31 December 2023
£
£

Corporation tax


Current tax on profits for the year
695,149
401,720


695,149
401,720


Total current tax
695,149
401,720

Deferred tax


Origination and reversal of timing differences
(86,596)
(102,446)

Total deferred tax
(86,596)
(102,446)


Tax on profit
608,553
299,274
Page 26


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (8-month period to 31 December 2023: 25%) as set out below:

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£


Profit on ordinary activities before tax
2,409,018
1,232,036


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (8-month period to 31 December 2023: 25%)
602,255
308,009

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
745
659

Capital allowances for year/period in excess of depreciation
92,149
-

Adjustments to tax charge in respect of prior periods
-
(9,394)

Short-term timing difference leading to an increase (decrease) in taxation
(86,596)
-

Total tax charge for the year/period
608,553
299,274


14.


Dividends

Year ended 31 December 2024
8-month period ended 31 December 2023
£
£


Interim dividends paid during period
1,000,000
1,596,715


Final dividends paid during period
350,000
860,000

1,350,000
2,456,715

Page 27


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets





Hire Equipment
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2024
18,052,693
643,158
358,238
19,054,089


Additions
1,193,515
10,760
-
1,204,275


Disposals
(879,514)
(44,953)
(95,259)
(1,019,726)



At 31 December 2024

18,366,694
608,965
262,979
19,238,638



Depreciation


At 1 January 2024
8,951,871
540,969
209,374
9,702,214


Charge for the year on owned assets
1,981,893
50,062
56,253
2,088,208


Disposals
(564,475)
(42,366)
(78,692)
(685,533)



At 31 December 2024

10,369,289
548,665
186,935
11,104,889



Net book value



At 31 December 2024
7,997,405
60,300
76,044
8,133,749



At 31 December 2023
9,100,822
102,189
148,864
9,351,875

Included within the net book value of £8,133,749 is £10,158 (8-month period ended 31 December 2023: £32,095) relating to assets held under hire purchase agreements. The depreciation charge to the financial statements in the year in respect of such assets amounted to £7,619  (8-month period ended 31 December 2023: £12,572)


16.


Stocks

2024
2023
£
£

Raw materials and consumables
253,827
233,953

Work in progress (goods to be sold)
183,506
173,616

437,333
407,569


Page 28


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

2024
2023
£
£


Trade debtors
2,348,270
2,688,416

Prepayments and accrued income
742,056
185,186

3,090,326
2,873,602



18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,356,960
1,449,056

2,356,960
1,449,056



19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
70,458
68,424

Trade creditors
1,055,280
1,746,487

Amounts owed to group undertakings
400,287
225,664

Corporation tax
278,573
659,419

Other taxation and social security
446,017
509,020

Obligations under finance lease and hire purchase contracts
7,605
18,810

Other creditors
28,491
58,541

Accruals and deferred income
1,823,950
1,171,302

4,110,661
4,457,667



20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
73,092

Net obligations under finance leases and hire purchase contracts
1,901
9,406

1,901
82,498


Page 29


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
70,458
68,424

HP liabilities
7,605
18,810


78,063
87,234

Amounts falling due after more than one year

Bank loans
-
73,092

HP liabilities
1,901
9,406


1,901
82,498



79,964
169,732



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
8,612
21,507

After more than one year
2,153
10,765

Future finance charges
(1,259)
(4,056)

9,506
28,216

Page 30


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,121,417)
(1,223,863)


Charged to profit or loss
86,596
102,446



At end of year
(1,034,821)
(1,121,417)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,034,821)
(1,121,417)

(1,034,821)
(1,121,417)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



103 (2023 - 103) Ordinary shares of £1.00 each
103
103



25.


Contingent liabilities

The company has an obligation to some of its hire customers to reimburse installation charges which crystalise over the course of the hire in three equal amounts with the final reimbursement repaid if the building remains on hire post month 37 and if payment of the rental income is made to strict time frames.
The maximum obligation of future credits if all buildings remain on hire, no buildings are dismantled and payment terms are adhered to on 31 December 2024 was £593,457 (31 December 2023: £936,096).


26.


Pension commitments

The charge to the profit and loss account in respect of pension contributions for the year ended 31 December 2024 was £38,587 (8-month period to 31 December 2023 : £32,109). As at 31 December 2024, there were outstanding contributions payable of £5,269 (2023: 7,099).

Page 31


 
PORTABLE VENUES (GROUP) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


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
200,977
224,287

Later than 1 year and not later than 5 years
285,689
404,641

486,666
628,928

The amount of non-cancellable operating lease payments recognised as an expense during the year was £217,772 (8-month period ended 31 December 2023: £70,336).


28.


Related party transactions

There have been no related party transactions within the year ended 31 December 2024 outside of those within the group.


29.


Controlling party

The company is included within the consolidated financial statements of SAS TempAsset, a company registered in France. The registered office of SAS TempAsset is 23 rue de l'avenir, 09700 saverdun, France.

 
Page 32