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G M PORTER LIMITED

Registered Number
05535874
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

G M PORTER LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

PORTER, George Maxwell
PORTER, Linda Mary

Company Secretary

PORTER, Linda Mary

Registered Address

136 Gray Street
Workington
Cumbria
CA14 2LU

Registered Number

05535874 (England and Wales)
G M PORTER LIMITED
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4117,252138,256
117,252138,256
Current assets
Stocks5120,000145,000
Debtors654,75144,305
Cash at bank and on hand23,85415,092
198,605204,397
Creditors amounts falling due within one year7(106,326)(115,480)
Net current assets (liabilities)92,27988,917
Total assets less current liabilities209,531227,173
Creditors amounts falling due after one year8(6,835)(16,557)
Provisions for liabilities9(17,755)(22,215)
Net assets184,941188,401
Capital and reserves
Called up share capital1,0001,000
Profit and loss account183,941187,401
Shareholders' funds184,941188,401
The financial statements were approved and authorised for issue by the Board of Directors on 11 April 2025, and are signed on its behalf by:
PORTER, Linda Mary
Director
Registered Company No. 05535874
G M PORTER LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by 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.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
Trade and other 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.
Trade and other creditors
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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement 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 Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year22
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 October 2322,50022,500
At 30 September 2422,50022,500
Amortisation and impairment
At 01 October 2322,50022,500
At 30 September 2422,50022,500
Net book value
At 30 September 24--
At 30 September 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 October 2310,40013,107196,540239,689459,736
Additions-1,56017,2501,13019,940
At 30 September 2410,40014,667213,790240,819479,676
Depreciation and impairment
At 01 October 23-5,057130,353186,070321,480
Charge for year-1,38115,74123,82240,944
At 30 September 24-6,438146,094209,892362,424
Net book value
At 30 September 2410,4008,22967,69630,927117,252
At 30 September 2310,4008,05066,18753,619138,256
5.Stocks

2024

2023

££
Raw materials and consumables120,000145,000
Total120,000145,000
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables30,98017,196
Other debtors16,36219,732
Prepayments and accrued income7,4097,377
Total54,75144,305
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables44,75732,224
Bank borrowings and overdrafts15,135-
Taxation and social security4,9035,274
Other creditors11,14144,518
Accrued liabilities and deferred income30,39033,464
Total106,326115,480
8.Creditors: amounts due after one year

2024

2023

££
Other creditors6,83516,557
Total6,83516,557
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)17,75522,215
Total17,75522,215