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REGISTERED NUMBER: 13124538 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

Porteous Groundworks Ltd

Porteous Groundworks Ltd (Registered number: 13124538)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


Porteous Groundworks Ltd

COMPANY INFORMATION
for the year ended 31 December 2024







Director: B I D Porteous





Registered office: Unit 3, Forresters Business Park
Estover Close
Estover
Plymouth
Devon
PL6 7PL





Registered number: 13124538 (England and Wales)





Accountants: Websters
129 North Hill
Plymouth
Devon
PL4 8JY

Porteous Groundworks Ltd (Registered number: 13124538)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 4 1,749,265 1,310,896

Current assets
Stocks 131,180 -
Debtors 5 1,701,001 1,411,822
Cash at bank and in hand 41,226 125,631
1,873,407 1,537,453
Creditors
Amounts falling due within one year 6 1,402,976 1,043,866
Net current assets 470,431 493,587
Total assets less current liabilities 2,219,696 1,804,483

Creditors
Amounts falling due after more than one
year

7

(1,139,038

)

(745,426

)

Provisions for liabilities 9 (250,000 ) (249,000 )
Net assets 830,658 810,057

Capital and reserves
Called up share capital 10 1 1
Retained earnings 830,657 810,056
Shareholders' funds 830,658 810,057

Porteous Groundworks Ltd (Registered number: 13124538)

BALANCE SHEET - continued
31 December 2024


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 director acknowledges his 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 & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 April 2025 and were signed by:





B I D Porteous - Director


Porteous Groundworks Ltd (Registered number: 13124538)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Porteous Groundworks Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from ongoing completion of construction based contracts. Turnover from the contracts is recognised by the reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - (see below*)
Plant and machinery - 15% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Short leasehold assets are depreciated straight line over an expected useful life of 20 years.

Stocks and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.


Porteous Groundworks Ltd (Registered number: 13124538)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme on behalf of it's employees. Contributions payable to the company's employees pension schemes are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors and provisions
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2023 - 35 ) .

Porteous Groundworks Ltd (Registered number: 13124538)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
Cost
At 1 January 2024 - 1,123,629 22,385
Additions 207,973 443,562 13,147
Disposals - (49,000 ) -
At 31 December 2024 207,973 1,518,191 35,532
Depreciation
At 1 January 2024 - 138,602 4,789
Charge for year 10,399 181,119 8,634
Eliminated on disposal - (5,000 ) -
At 31 December 2024 10,399 314,721 13,423
Net book value
At 31 December 2024 197,574 1,203,470 22,109
At 31 December 2023 - 985,027 17,596

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 January 2024 353,822 11,311 1,511,147
Additions 114,020 3,809 782,511
Disposals (39,445 ) - (88,445 )
At 31 December 2024 428,397 15,120 2,205,213
Depreciation
At 1 January 2024 54,405 2,455 200,251
Charge for year 67,487 3,702 271,341
Eliminated on disposal (10,644 ) - (15,644 )
At 31 December 2024 111,248 6,157 455,948
Net book value
At 31 December 2024 317,149 8,963 1,749,265
At 31 December 2023 299,417 8,856 1,310,896

20242023
££
Net book value of assets included above held under finance leases
and hire purchase contracts

1,306,941

1,123,281

Porteous Groundworks Ltd (Registered number: 13124538)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,359,883 1,347,142
Amounts owed by group undertakings 238,416 -
Other debtors 102,702 64,680
1,701,001 1,411,822

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 138,697 -
Hire purchase contracts 319,274 242,233
Trade creditors 585,642 476,769
Taxation and social security 142,357 73,073
Other creditors 217,006 251,791
1,402,976 1,043,866

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 217,565 -
Hire purchase contracts 918,539 739,844
Other creditors 2,934 5,582
1,139,038 745,426

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 356,262 -
Hire purchase contracts 1,237,813 982,077
1,594,075 982,077

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 250,000 249,000

Porteous Groundworks Ltd (Registered number: 13124538)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 249,000
Timing differences on capital
allowances 131,000
On tax losses carried forward (130,000 )
Balance at 31 December 2024 250,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1.00 1 1

11. RELATED PARTY TRANSACTIONS

The company was owed £238,416 by Porteous Investments Limited, the holding company at the balance sheet date. There is no fixed date for repayment.

The company rents premises from its holding company and during the year paid £32,000 for rent.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the holding company, Porteous Investments Ltd, which is controlled by the director Mr B I D Porteous.