REGISTERED NUMBER: 05124215 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Portico Group Products Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Craggs

C J Craggs

A T Craggs

M Tindle

REGISTERED OFFICE:

Unit 12 Walton Road

Pattinson Industrial Estate

Washington

Tyne and Wear

NE38 8QA

REGISTERED NUMBER:

05124215 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

Kepier House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

4

843,031

682,617

CURRENT ASSETS

Stocks

5

84,316

76,942

Debtors

6

681,938

519,392

Cash at bank and in hand

1,343,727

704,742

2,109,981

1,301,076

CREDITORS

Amounts falling due within one year

7

1,164,036

929,058

NET CURRENT ASSETS

945,945

372,018

TOTAL ASSETS LESS CURRENT LIABILITIES

1,788,976

1,054,635

CREDITORS

Amounts falling due after more than one year

8

(814,658

)

(921,765

)

PROVISIONS FOR LIABILITIES

11

(197,309

)

(3,701

)

NET ASSETS

777,009

129,169

CAPITAL AND RESERVES

Called up share capital

12

101

101

Retained earnings

776,908

129,068

777,009

129,169

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:

C J Craggs - Director

1.	STATUTORY INFORMATION

Portico Group Products 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition

Income is recognised when goods are sold or when the service is completed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

over period of the lease

Plant and machinery

-

10% - 33% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Stocks

Stocks and work in progress are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

31,388

591,053

50,943

110,202

783,586

Additions

4,100

272,450

1,246

-

277,796

Disposals

-

-

-

(21,000

)

(21,000

)

At 31 December 2024

35,488

863,503

52,189

89,202

1,040,382

DEPRECIATION

At 1 January 2024

3,772

62,563

9,065

25,569

100,969

Charge for year

3,309

70,970

6,365

24,050

104,694

Eliminated on disposal

-

-

-

(8,312

)

(8,312

)

At 31 December 2024

7,081

133,533

15,430

41,307

197,351

NET BOOK VALUE

At 31 December 2024

28,407

729,970

36,759

47,895

843,031

At 31 December 2023

27,616

528,490

41,878

84,633

682,617

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

226,853

63,920

290,773

Additions

238,200

-

238,200

At 31 December 2024

465,053

63,920

528,973

DEPRECIATION

At 1 January 2024

22,108

11,761

33,869

Charge for year

30,626

15,980

46,606

At 31 December 2024

52,734

27,741

80,475

NET BOOK VALUE

At 31 December 2024

412,319

36,179

448,498

At 31 December 2023

204,745

52,159

256,904

5.

STOCKS

2024

2023

£

£

Stocks

43,230

34,618

Work-in-progress

41,086

42,324

84,316

76,942

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

652,527

473,305

Other debtors

253

135

Prepayments and accrued income

29,158

45,952

681,938

519,392

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 9)

96,010

34,814

Trade creditors

599,127

513,896

Taxation and social security

196,992

107,903

Other creditors

8,025

11,631

Directors' loan accounts

162,500

162,500

Accruals and deferred income

101,382

98,314

1,164,036

929,058

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 9)

204,658

134,265

Directors' loan accounts

610,000

787,500

814,658

921,765

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2024

2023

£

£

Net obligations repayable:

Within one year

96,010

34,814

Between one and five years

204,658

134,265

300,668

169,079

Non-cancellable operating

leases

2024

2023

£

£

Within one year

175,000

175,000

Between one and five years

700,000

700,000

In more than five years

437,500

612,500

1,312,500

1,487,500

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

300,668

169,079

Hire purchase contracts are secured on the assets to which they relate.

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

197,309

3,701

Deferred

tax

£

Balance at 1 January 2024

3,701

Accelerated capital allowances

193,608

Balance at 31 December 2024

197,309

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

52

Ordinary A

£1

52

52

3

Ordinary B

£1

3

23

37

Ordinary C

£1

37

20

9

Ordinary D

£1

9

6

101

101

13.	RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below:

2024

2023

£

£

Amounts due to directors

772,500

950,000

Of the amount owed, £500,000 is repayable over eight years at an interest rate of 0.5%, with repayments which started in January 2024.