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REGISTERED NUMBER: 10396539 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PORT FLYER LIMITED

PORT FLYER LIMITED (REGISTERED NUMBER: 10396539)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORT FLYER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J S E Arnell
Mrs L Arnell



REGISTERED OFFICE: 25 Bury Street
London
SW1Y 6AL



REGISTERED NUMBER: 10396539 (England and Wales)



SOLICITORS: New Quadrant Partners Limited
25 Bury Street
London
SW1Y 6AL

PORT FLYER LIMITED (REGISTERED NUMBER: 10396539)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 55,192,522 50,593,833

CURRENT ASSETS
Debtors 5 - 873,581
Cash at bank 132,367 28,134
132,367 901,715
CREDITORS
Amounts falling due within one year 6 7,398,028 3,581,766
NET CURRENT LIABILITIES (7,265,661 ) (2,680,051 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,926,861

47,913,782

CREDITORS
Amounts falling due after more than one
year

7

(29,645,283

)

(30,185,703

)

PROVISIONS FOR LIABILITIES (3,756,638 ) (2,749,597 )
NET ASSETS 14,524,940 14,978,482

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 14,524,840 14,978,382
14,524,940 14,978,482

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PORT FLYER LIMITED (REGISTERED NUMBER: 10396539)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:




J S E Arnell - Director



Mrs L Arnell - Director


PORT FLYER LIMITED (REGISTERED NUMBER: 10396539)

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


1. STATUTORY INFORMATION

Port Flyer Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover comprises of interest and dividends paid to the company in respect of its fixed asset investments. This income is recognised when it is received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments
Listed investments are stated at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the investment is sold.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

PORT FLYER LIMITED (REGISTERED NUMBER: 10396539)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 50,593,833
Additions 8,641,997
Disposals (3,711,831 )
Revaluations (331,477 )
At 31 March 2024 55,192,522
NET BOOK VALUE
At 31 March 2024 55,192,522
At 31 March 2023 50,593,833

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2017 (75,909 )
Valuation in 2018 1,241,978
Valuation in 2019 1,303,627
Valuation in 2021 3,270,849
Valuation in 2022 4,627,225
Valuation in 2023 4,990,256
Valuation in 2024 (331,476 )
Cost 40,165,972
55,192,522

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors - 873,581

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other loans 2,770,081 -
Tax 347,840 75,096
Social security and other taxes 420 885
Other creditors 1,143 3,864
Directors' current accounts 3,750,000 3,250,000
Accruals and deferred income 528,544 251,921
7,398,028 3,581,766

PORT FLYER LIMITED (REGISTERED NUMBER: 10396539)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Directors' loan accounts 29,645,283 30,185,703

8. RELATED PARTY DISCLOSURES

Included within creditors are loans from shareholders / directors totalling £33,395,283. Interest is payable at a rate of 1.5%. At the balance sheet date interest of £528,544 had been accrued but not paid.