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COMPANY REGISTRATION NUMBER: NI630662
Porter Property Holdings Limited
Financial Statements
31 March 2024
Porter Property Holdings Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Porter Property Holdings Limited
Officers and Professional Advisers
The board of directors
Mr. W.C. Porter
Mr. R. Stack
Registered office
30 Lady Wallace Lane
Lisburn
Northern Ireland
BT28 3WT
Auditor
Maneely Mc Cann Chartered Accountants
Chartered accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank Limited
1-9 Victoria Street
Belfast
BT1 3GA
Solicitors
Shoosmiths (Northern Ireland) LLP
2-14 East Bridge Street
Belfast
BT1 3NQ
Carson McDowell
Murray House
Murray Street
Belfast
BT1 6DN
Porter Property Holdings Limited
Strategic Report
Year ended 31 March 2024
The directors present their Strategic Report on the group for the year ended 31 March 2024. Review of business and future developments The principal activities of the Group during the year were those of a holding company, the construction of high quality housing developments in Northern Ireland, the rental of commercial property, mixed farming activities and renting and leasing of recreational and sports goods. The group reported an operating profit in the period of £4,434,129 (2023: £3,212,618) on turnover of £12,647,066 (2023: £12,261,434). The net assets of the group at the balance sheet date were £20.6m (2023: £18.3m). Future developments The Directors intend to develop and maximise further investment opportunities in order to provide high quality housing. Principal risks and uncertainties The key risks to the business are changes to housing demand, competition for development land, planning delays, the availability of mortgage finance, as well as increases in material costs. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee. The policies are set and reviewed by the director, and are implemented by the group's finance team. In addition to the risks noted above, the group is sensitive to the following risks below: Liquidity risk The group actively maintains a mixture of long-term and short-term finance to ensure sufficient liquidity available for operations and any planned expansions. Interest rate risk The group finances its operations through a combination of bank overdrafts and loans, and has a policy of maintaining debt at competitive rates to ensure a reasonable degree of certainty over future interest cash flows. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.
This report was approved by the board of directors on 25 March 2025 and signed on behalf of the board by:
Mr. W.C. Porter
Director
Registered office:
30 Lady Wallace Lane
Lisburn
Northern Ireland
BT28 3WT
Porter Property Holdings Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the group for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr. W.C. Porter
Mr. R. Stack
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 25 March 2025 and signed on behalf of the board by:
Mr. W.C. Porter
Director
Registered office:
30 Lady Wallace Lane
Lisburn
Northern Ireland
BT28 3WT
Porter Property Holdings Limited
Independent Auditor's Report to the Members of Porter Property Holdings Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Porter Property Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and of the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's or the parent 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in new making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 2006. Our 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 auditor's 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.
Cathal Maneely
(Senior Statutory Auditor)
For and on behalf of
Maneely Mc Cann Chartered Accountants
Chartered accountants & statutory auditor
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
25 March 2025
Porter Property Holdings Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
12,647,066
12,261,434
Cost of sales
9,996,573
8,473,448
-------------
-------------
Gross profit
2,650,493
3,787,986
Administrative expenses
( 1,701,585)
658,503
Other operating income
5
82,051
83,135
------------
------------
Operating profit
6
4,434,129
3,212,618
Income from interests in associates
10
( 2)
Other interest receivable and similar income
11
692
Interest payable and similar expenses
12
866,045
601,601
------------
------------
Profit before taxation
3,568,776
2,611,015
Tax on profit
13
1,283,102
738,476
------------
------------
Profit for the financial year and total comprehensive income
2,285,674
1,872,539
------------
------------
Retained earnings at the start of the year
18,329,229
16,456,690
-------------
-------------
Retained earnings at the end of the year
20,614,903
18,329,229
-------------
-------------
All the activities of the group are from continuing operations.
Porter Property Holdings Limited
Company Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
( 111,043)
( 12,452)
Retained earnings at the start of the year
7,944,714
7,957,166
------------
------------
Retained earnings at the end of the year
7,833,671
7,944,714
------------
------------
Porter Property Holdings Limited
Consolidated Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
25,902,320
23,661,195
Current assets
Stocks
16
10,855,677
12,960,311
Debtors
17
1,296,198
1,984,736
Cash at bank and in hand
140,188
169,420
-------------
-------------
12,292,063
15,114,467
Creditors: amounts falling due within one year
18
8,427,799
9,099,696
-------------
-------------
Net current assets
3,864,264
6,014,771
-------------
-------------
Total assets less current liabilities
29,766,584
29,675,966
Creditors: amounts falling due after more than one year
19
7,330,426
10,702,137
Provisions
21
1,820,653
643,998
-------------
-------------
Net assets
20,615,505
18,329,831
-------------
-------------
Capital and reserves
Called up share capital
25
602
602
Profit and loss account
20,614,903
18,329,229
-------------
-------------
Shareholders funds
20,615,505
18,329,831
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr. W.C. Porter
Director
Company registration number: NI630662
Porter Property Holdings Limited
Company Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
15
801
803
Current assets
Stocks
16
1,288,746
1,288,746
Debtors
17
7,316,615
7,821,532
Cash at bank and in hand
594
------------
------------
8,605,955
9,110,278
Creditors: amounts falling due within one year
18
772,483
1,165,765
------------
------------
Net current assets
7,833,472
7,944,513
------------
------------
Total assets less current liabilities
7,834,273
7,945,316
------------
------------
Net assets
7,834,273
7,945,316
------------
------------
Capital and reserves
Called up share capital
25
602
602
Profit and loss account
7,833,671
7,944,714
------------
------------
Shareholders funds
7,834,273
7,945,316
------------
------------
The loss for the financial year of the parent company was £ 111,043 (2023: £ 12,452 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr. W.C. Porter
Director
Company registration number: NI630662
Porter Property Holdings Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
2,285,674
1,872,539
Adjustments for:
Depreciation of tangible assets
699,203
530,413
Fair value adjustment of investment property
( 3,195,000)
( 713,967)
Government grant income
( 82,051)
( 73,932)
Income from interests in associates
2
Other interest receivable and similar income
( 692)
Interest payable and similar expenses
866,045
601,601
Gains on disposal of tangible assets
( 122,792)
( 15,397)
Tax on profit
1,283,102
738,476
Accrued (income)/expenses
( 1,630,366)
1,805,205
Changes in:
Stocks
2,104,634
432,645
Trade and other debtors
310,785
( 1,100,848)
Trade and other creditors
( 302,958)
320,647
------------
------------
Cash generated from operations
2,215,584
4,397,384
Interest paid
( 866,045)
( 601,601)
Interest received
692
Tax paid
( 170,450)
( 100,490)
------------
------------
Net cash from operating activities
1,179,781
3,695,293
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,149,183)
( 1,979,439)
Proceeds from sale of tangible assets
1,526,647
103,499
Proceeds from sale of interests in associates and joint ventures
2
------------
------------
Net cash from/(used in) investing activities
377,464
( 1,875,938)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 3,273,160)
279,846
Proceeds from loans from participating interests
1,887,063
( 1,887,063)
Government grant income
82,051
73,932
Payments of finance lease liabilities
( 282,431)
( 228,084)
------------
------------
Net cash used in financing activities
( 1,586,477)
( 1,761,369)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 29,232)
57,986
Cash and cash equivalents at beginning of year
169,420
111,434
---------
---------
Cash and cash equivalents at end of year
140,188
169,420
---------
---------
Porter Property Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 30 Lady Wallace Lane, Lisburn, BT28 3WT, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. These consolidated group accounts have been prepared for management reporting purposes only and as such are not required to be filed. The group qualifies for audit exemption and is not required to file group accounts or prepare a group cashflow statement. Individual entity financial statements will be filed separately as required by the companies act.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Porter Property Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
None
Plant and machinery
-
25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
10% straight line
Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sales
11,669,482
11,048,233
Farm turnover
273,794
389,101
Rental income
703,790
824,100
-------------
-------------
12,647,066
12,261,434
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
82,051
73,932
Other operating income
9,203
--------
--------
82,051
83,135
--------
--------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
699,203
530,413
Gains on disposal of tangible assets
( 122,792)
( 15,397)
Fair value adjustments to investment property
( 3,195,000)
( 713,967)
Impairment of trade debtors
52,235
Foreign exchange differences
1,973
------------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
15,500
25,000
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
22
21
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
110,419
232,038
Social security costs
12,313
13,655
Other pension costs
823
808
---------
---------
123,555
246,501
---------
---------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
89,785
97,753
--------
--------
10. Income from interests in associates
2024
2023
£
£
(Gain)/loss on FV adj to interests in associates
(2)
----
----
11. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
692
----
----
12. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
770,672
541,451
Interest on obligations under finance leases and hire purchase contracts
68,774
56,705
Other interest payable and similar charges
26,599
3,445
---------
---------
866,045
601,601
---------
---------
13. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
165,815
446,634
Adjustments in respect of prior periods
( 59,368)
9
---------
---------
Total current tax
106,447
446,643
---------
---------
Deferred tax:
Origination and reversal of timing differences
1,176,655
291,833
------------
---------
Tax on profit
1,283,102
738,476
------------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
3,568,776
2,611,015
------------
------------
Profit on ordinary activities by rate of tax
892,194
496,093
Adjustment to tax charge in respect of prior periods
( 59,368)
9
Effect of expenses not deductible for tax purposes
( 792,181)
( 135,980)
Effect of capital allowances and depreciation
65,802
44,487
Unused tax losses
42,034
Origination and reversal of timing differences
1,176,655
291,833
------------
------------
Tax on loss
1,283,102
738,476
------------
------------
14. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
12,559,653
3,701,599
30,051
517,642
9,045,000
25,853,945
Additions
26,768
1,086,415
36,000
1,149,183
Disposals
( 1,244,948)
( 458,829)
( 1,703,777)
Revaluations
3,195,000
3,195,000
Transfers
( 358,668)
3,200
( 355,468)
-------------
------------
--------
---------
-------------
-------------
At 31 Mar 2024
11,341,473
3,970,517
33,251
553,642
12,240,000
28,138,883
-------------
------------
--------
---------
-------------
-------------
Depreciation
At 1 Apr 2023
2,056,227
24,608
111,915
2,192,750
Charge for the year
64,579
580,233
1,810
52,581
699,203
Disposals
( 299,922)
( 299,922)
Transfers
( 355,948)
480
( 355,468)
-------------
------------
--------
---------
-------------
-------------
At 31 Mar 2024
64,579
1,980,590
26,898
164,496
2,236,563
-------------
------------
--------
---------
-------------
-------------
Carrying amount
At 31 Mar 2024
11,276,894
1,989,927
6,353
389,146
12,240,000
25,902,320
-------------
------------
--------
---------
-------------
-------------
At 31 Mar 2023
12,559,653
1,645,372
5,443
405,727
9,045,000
23,661,195
-------------
------------
--------
---------
-------------
-------------
The company has no tangible assets.
Tangible assets held at valuation
Property was revalued by the directors at its open market value at 31 March 2024. The historical cost of investment properties at 31 March 2024 was £6,477,529.
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
801
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 1 April 2023 and 31 March 2024
801
----
At 31 March 2023
801
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
JW & J Porter Limited
Ordinary
100
Porter First Land Limited
Ordinary
100
Porter Landbank Limited
Ordinary
100
Porter Property Estates Limited
Ordinary
100
Porter Thaxton Limited
Ordinary
100
Gillhall Leisure Limited
Ordinary
100
Gill Hall Smithworks Limited
Ordinary
100
Porter Farms Limited
Ordinary
100
Porter Hermit Limited
Ordinary
100
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Stock and work in progress
10,855,677
12,960,311
1,288,746
1,288,746
-------------
-------------
------------
------------
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
181,031
304,645
84,564
Amounts owed by group undertakings
7,274,393
7,648,359
Prepayments and accrued income
127,685
674,313
19,531
Other debtors
987,482
1,005,778
42,222
69,078
------------
------------
------------
------------
1,296,198
1,984,736
7,316,615
7,821,532
------------
------------
------------
------------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
3,140,890
1,277,329
Trade creditors
1,676,902
2,309,039
41,059
Accruals and deferred income
584,459
2,592,578
44,100
33,400
Corporation tax
706,518
770,521
25,583
Social security and other taxes
104,898
121,685
Obligations under finance leases and hire purchase contracts
309,978
273,375
Director loan accounts
769,171
847,835
644,634
984,940
Other creditors
1,134,983
907,334
83,749
80,783
------------
------------
---------
------------
8,427,799
9,099,696
772,483
1,165,765
------------
------------
---------
------------
Bank loans and overdrafts are secure by mortgage debentures incorporating fixed and floating charges over company assets.
19. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
6,297,046
9,468,040
Accruals and deferred income
160,826
275
Obligations under finance leases and hire purchase contracts
512,538
831,572
Other creditors
360,016
402,250
------------
-------------
----
----
7,330,426
10,702,137
------------
-------------
----
----
Bank loans and overdrafts are secure by mortgage debentures incorporating fixed and floating charges over company assets.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
309,978
273,375
Later than 1 year and not later than 5 years
512,538
831,572
---------
------------
----
----
822,516
1,104,947
---------
------------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 April 2023
643,998
Additions
1,176,655
------------
At 31 March 2024
1,820,653
------------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
1,820,653
643,998
------------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
1,820,653
643,998
------------
---------
----
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 823 (2023: £ 808 ).
24. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in creditors:
Deferred government grants due after more than one year
160,826
275
---------
----
----
----
Recognised in other operating income:
Government grants recognised directly in income
82,051
73,932
--------
--------
----
----
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
600
600
600
600
Ordinary Class 2 shares of £ 0.01 each
200
2
200
2
----
----
----
----
800
602
800
602
----
----
----
----
26. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
169,420
(29,232)
140,188
Debt due within one year
(2,398,539)
(1,821,500)
(4,220,039)
Debt due after one year
(10,299,612)
3,490,028
(6,809,584)
-------------
------------
-------------
( 12,528,731)
1,639,296
( 10,889,435)
-------------
------------
-------------
27. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr. W.C. Porter
( 847,835)
78,664
( 769,171)
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr. W.C. Porter
( 677,810)
( 170,025)
( 847,835)
---------
---------
---------