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Registered number: 00537066










PORT TENNANT COMPANY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PORT TENNANT COMPANY LIMITED
REGISTERED NUMBER: 00537066

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,081,737
3,955,893

  
4,081,737
3,955,893

Current assets
  

Debtors: amounts falling due within one year
 5 
1,012,776
1,179,209

Current asset investments
 6 
6,797,006
6,077,408

Cash at bank and in hand
  
125,950
106,589

  
7,935,732
7,363,206

Creditors: amounts falling due within one year
  
(3,572,745)
(3,592,424)

Net current assets
  
 
 
4,362,987
 
 
3,770,782

Total assets less current liabilities
  
8,444,724
7,726,675

Provisions for liabilities
  

Deferred tax
  
(1,175,297)
(1,017,732)

  
 
 
(1,175,297)
 
 
(1,017,732)

Net assets
  
7,269,427
6,708,943


Capital and reserves
  

Called up share capital 
  
11,200
11,200

Share premium account
  
46,800
46,800

Capital redemption reserve
  
55,316
55,316

Other reserves
  
3,958,664
3,471,197

Non-distributable reserve
  
(1,356,219)
(1,356,219)

Profit and loss account
  
4,553,666
4,480,649

  
7,269,427
6,708,943


Page 1

 
PORT TENNANT COMPANY LIMITED
REGISTERED NUMBER: 00537066
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




John Ashley Coombe-Tennant
Director

Date: 10 March 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Port Tennant Company Limited is a private company, limited by shares, registered in England and Wales. The company's registered office:
44 Doughty Street
London
WC1N 2LJ
The presentation currency of the financial statements is the Pound Sterling (£).
 
Monetary amounts in these financial statements are rounded to the nearest (£).

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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net assets and net current assets at the balance sheet date.
The company has considerable financial resources. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.

Page 3

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

  
2.4

Turnover and revenue recognition

Turnover consists of rental income from water charges and reimbursed environmental agency charges, all of which is recognised evenly over the period to which it relates.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.6

Pensions

The Company operates a defined contribution plan for its employees.It has also made discretionary payments to employees' pension schemes. 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 4

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.


  
2.8

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, over their expected useful lives. 
Included within freehold land and property is a canal located in Wales, which the directors do not consider to have a finite useful life. In the opinion of the directors, any depreciation calculated on the canal would not be material and, as such, has not been provided for in the financial statements.
On other assets, depreciation is provided using the straight-line method at 5% and the reducing balance method at rates between 5% and 25%.

  
2.9

Investment Properties

Under the requirements of FRS 102 1A, Investment properties are required to be revalued at the    balance sheet date at fair value and they are not depreciated. Any surplus or deficit arising from    revaluation is to be transferred to the income statement.   

 
2.10

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.

Page 5

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

  
2.14

Investments - theatrical participators

Theatrical participators are valued at cost less capital repayments to date. Provisions are made against the theatrical participators if, in the opinion of the directors, the amount invested may prove irrecoverable.

  
2.15

Other current asset investments

Other current asset investments are valued at fair value.

Page 6

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.16

Judgement and Estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Bad debt provision
A specific provision is made against older debtor balances. Additional provisions are made against newer debtor balances where there is evidence to suggest that a balance may not recoverable.
Impairment of assets
Assets are assessed for indicators of impairment at each statement of financial position date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.


3.


Employees

The average monthly numbers of employees, including directors, during this year was 9 (2022 - 9).

Page 7

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold investment property
Boat-house and vehicle improve-  ments
Boat-House
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,943,640
167,490
170,640
4,281,770


Additions
-
154,427
-
154,427



At 31 December 2023

3,943,640
321,917
170,640
4,436,197



Depreciation


At 1 January 2023
-
155,238
170,639
325,877


Charge for the year on owned assets
-
28,583
-
28,583



At 31 December 2023

-
183,821
170,639
354,460



Net book value



At 31 December 2023
3,943,640
138,096
1
4,081,737



At 31 December 2022
3,943,640
12,252
1
3,955,893

Page 8

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
29,441
19,666

Other debtors
983,335
1,159,543

1,012,776
1,179,209


Page 9

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Current asset investments

2023
2022
£
£

Deposits with stockbrokers
510,415
266,741

Theatrical participators
1
1

Listed investments - Great Britain
351,206
528,156

Listed investments - Overseas
5,935,384
5,282,510

6,797,006
6,077,408


Page 10

 
PORT TENNANT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Related party transactions

D S Williams, a director of the company, is a director of Leeder Property Consultants Limited which provides property management services to the company. Charges for services in the year totalled £53,260 (2022 - £53,190). Included within trade creditors is an amount of £31,554 (2022 -  £18,257) due to Leeder Property Consultants Limited in respect of management charges. Included within other debtors is a balance due from Leeder Property Consultants Limited of £949,243 (2022 - £1,127,915).
At the year-end, an amount of £3,505,889 (2022 - £3,481,673) was owed to Coombe-Tennant Estate Company Limited, a company related by common directors. There are no interest charges and no set repayment terms.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 March 2025 by James Edward Dobson BSc FCA (Senior Statutory Auditor) on behalf of MHA.

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). 

 
Page 11