Company Registration No. 10777184 (England and Wales)
Portfolio Manager Consultancy Limited
Unaudited financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Portfolio Manager Consultancy Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Portfolio Manager Consultancy Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,203
2,942
Tangible assets
4
1,004
1,917
4,207
4,859
Current assets
Debtors
5
88,715
54,368
Cash at bank and in hand
46,357
46,332
135,072
100,700
Creditors: amounts falling due within one year
6
(70,845)
(64,293)
Net current assets
64,227
36,407
Total assets less current liabilities
68,434
41,266
Creditors: amounts falling due after more than one year
7
(55,297)
(65,750)
Net assets/(liabilities)
13,137
(24,484)
Capital and reserves
Called up share capital
105
105
Share premium account
49,995
49,995
Profit and loss reserves
(36,963)
(74,584)
Total equity
13,137
(24,484)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Portfolio Manager Consultancy Limited
Statement of financial position (continued)
As at 31 December 2024
2
The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
Edward Jewson
Director
Company Registration No. 10777184
Portfolio Manager Consultancy Limited
Statement of changes in equity
For the year ended 31 December 2024
3
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
100
(86,579)
(86,479)
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
11,995
11,995
Issue of share capital
5
49,995
-
50,000
Balance at 31 December 2023
105
49,995
(74,584)
(24,484)
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
37,621
37,621
Balance at 31 December 2024
105
49,995
(36,963)
13,137
Portfolio Manager Consultancy Limited
Notes to the financial statements
For the year ended 31 December 2024
4
1
Accounting policies
Company information
Portfolio Manager Consultancy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 100 Liverpool Street, London, EC2M 2AT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for consultancy services provided in the normal course of business, and is shown net of VAT.
Turnover is recognised at the point the service is provided.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software costs
25% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
Portfolio Manager Consultancy Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Portfolio Manager Consultancy Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
6
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Based on the results for the period, there is no corporation tax charge.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
Portfolio Manager Consultancy Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
3
Intangible fixed assets
Software costs
£
Cost
At 1 January 2024
4,709
Additions
1,726
At 31 December 2024
6,435
Amortisation and impairment
At 1 January 2024
1,767
Amortisation charged for the year
1,465
At 31 December 2024
3,232
Carrying amount
At 31 December 2024
3,203
At 31 December 2023
2,942
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
7,246
Additions
172
At 31 December 2024
7,418
Depreciation and impairment
At 1 January 2024
5,329
Depreciation charged in the year
1,085
At 31 December 2024
6,414
Carrying amount
At 31 December 2024
1,004
At 31 December 2023
1,917
Portfolio Manager Consultancy Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
8
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
31,797
17,399
Other debtors
50,570
17,732
82,367
35,131
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
6,348
19,237
Total debtors
88,715
54,368
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,453
10,268
Trade creditors
7,210
20,506
Taxation and social security
22,895
15,632
Other creditors
30,287
17,887
70,845
64,293
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
5,297
15,750
Other creditors
50,000
50,000
55,297
65,750
8
Related party transactions
During the previous year the company issued 5 ordinary shares to a shareholder in a debt for equity swap. The consideration paid for the shares was £50,000. At the year end the amount due from the company to this shareholder was £50,000 (2023: £50,000). No interest is charged on this loan.
Portfolio Manager Consultancy Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
9
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors loan account
2.25
3,689
30,000
665
34,354
3,689
30,000
665
34,354