Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-31truetruetruetruetruefalse322024-04-01falseNo description of principal activity35true 02280171 2024-04-01 2025-03-31 02280171 2025-03-31 02280171 2023-04-01 2024-03-31 02280171 2024-03-31 02280171 2023-04-01 02280171 2 2024-04-01 2025-03-31 02280171 2 2023-04-01 2024-03-31 02280171 5 2024-04-01 2025-03-31 02280171 5 2023-04-01 2024-03-31 02280171 d:Director1 2024-04-01 2025-03-31 02280171 d:Director2 2024-04-01 2025-03-31 02280171 d:Director3 2024-04-01 2025-03-31 02280171 d:RegisteredOffice 2024-04-01 2025-03-31 02280171 d:Agent1 2024-04-01 2025-03-31 02280171 e:Buildings e:LongLeaseholdAssets 2024-04-01 2025-03-31 02280171 e:Buildings e:LongLeaseholdAssets 2025-03-31 02280171 e:Buildings e:LongLeaseholdAssets 2024-03-31 02280171 e:PlantMachinery 2024-04-01 2025-03-31 02280171 e:PlantMachinery 2025-03-31 02280171 e:PlantMachinery 2024-03-31 02280171 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 02280171 e:FurnitureFittings 2024-04-01 2025-03-31 02280171 e:FurnitureFittings 2025-03-31 02280171 e:FurnitureFittings 2024-03-31 02280171 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 02280171 e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 02280171 e:CurrentFinancialInstruments 2025-03-31 02280171 e:CurrentFinancialInstruments 2024-03-31 02280171 e:CurrentFinancialInstruments e:WithinOneYear 2025-03-31 02280171 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 02280171 e:ReportableOperatingSegment1 2024-04-01 2025-03-31 02280171 e:ReportableOperatingSegment1 2023-04-01 2024-03-31 02280171 e:ReportableOperatingSegment2 2024-04-01 2025-03-31 02280171 e:ReportableOperatingSegment2 2023-04-01 2024-03-31 02280171 f:UnitedKingdom 2024-04-01 2025-03-31 02280171 f:UnitedKingdom 2023-04-01 2024-03-31 02280171 f:RestWorldOutsideUK 2024-04-01 2025-03-31 02280171 f:RestWorldOutsideUK 2023-04-01 2024-03-31 02280171 e:UKTax 2024-04-01 2025-03-31 02280171 e:UKTax 2023-04-01 2024-03-31 02280171 e:ShareCapital 2025-03-31 02280171 e:ShareCapital 2024-03-31 02280171 e:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 02280171 e:RetainedEarningsAccumulatedLosses 2025-03-31 02280171 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02280171 e:RetainedEarningsAccumulatedLosses 2024-03-31 02280171 e:RetainedEarningsAccumulatedLosses 2023-04-01 02280171 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2025-03-31 02280171 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 02280171 d:OrdinaryShareClass1 2024-04-01 2025-03-31 02280171 d:OrdinaryShareClass1 2025-03-31 02280171 d:OrdinaryShareClass1 2024-03-31 02280171 d:OrdinaryShareClass2 2024-04-01 2025-03-31 02280171 d:OrdinaryShareClass2 2025-03-31 02280171 d:OrdinaryShareClass2 2024-03-31 02280171 d:OrdinaryShareClass3 2024-04-01 2025-03-31 02280171 d:OrdinaryShareClass3 2025-03-31 02280171 d:OrdinaryShareClass3 2024-03-31 02280171 d:FRS102 2024-04-01 2025-03-31 02280171 d:Audited 2024-04-01 2025-03-31 02280171 d:FullAccounts 2024-04-01 2025-03-31 02280171 d:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 02280171 e:Subsidiary1 2024-04-01 2025-03-31 02280171 e:Subsidiary1 1 2024-04-01 2025-03-31 02280171 e:WithinOneYear 2025-03-31 02280171 e:WithinOneYear 2024-03-31 02280171 e:BetweenOneFiveYears 2025-03-31 02280171 e:BetweenOneFiveYears 2024-03-31 02280171 e:MoreThanFiveYears 2025-03-31 02280171 e:MoreThanFiveYears 2024-03-31 02280171 6 2024-04-01 2025-03-31 02280171 e:AcceleratedTaxDepreciationDeferredTax 2025-03-31 02280171 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02280171 e:TaxLossesCarry-forwardsDeferredTax 2025-03-31 02280171 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02280171







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025


E.T.S. PORTSMOUTH LIMITED






































img27f6.png                        

 


E.T.S. PORTSMOUTH LIMITED
 


 
COMPANY INFORMATION


Directors
K.P. Moloney 
A.V. Skarbrandt 
A-P.J. Jakonen 




Registered number
02280171



Registered office
Unit 43 Barwell Business Park
Leatherhead Road

Chessington

Surrey

KT9 2NY




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

2nd Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ




Bankers
Lloyds Bank Plc
147 High Street

Guildford

Surrey

GU1 3AG





 


E.T.S. PORTSMOUTH LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Notes to the Financial Statements
11 - 22


 


E.T.S. PORTSMOUTH LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Principal activity
 
The principal activity of the Company during the year comprised of the distribution of electrical components in the UK and globally.

Business review
 
Results for the year were strong both for the UK and Irish company and the Directors were pleased with the profit on ordinary activities before tax being £5,407,900 (2024: £3,027,439) for the UK company. The company has adequate financial resources to take advantage of any business opportunities that arise. The balance sheet discloses a strong financial position as at 31 March 2025.

E.T.S. Portsmouth Limited has established distribution depots in the EU and through its subsidiary in Ireland. The demand for energy is increasing worldwide and the group has a strong order book going into the new year, both for the UK and Irish Company.

The company is also proud of its new environmental and sustainability credentials achieved during the year. As part of our ongoing sustainability drive, we have achieved a Bronze EcoVadis Medal. This globally recognized accolade highlights our ongoing dedication to sustainability and reflects the robust efforts we make to integrate environmentally and socially responsible practices into everything we do. We are further seeking to achieve ISO 45001 certification, to demonstrate our commitment to our employees’ safety and well-being. 

Future developments
 
Competition remains strong but the Directors see no new imminent threat to the business from the UK or overseas. Future developments remain focused on organic growth but also on acquisitions in the EU and the UK to both improve logistics and to offer additional products for both current and new markets. The company has a confirmed move to larger premises both in the UK and In Ireland to further future proof and strengthen the business. The physical move to new premises is planned to be during quarter two. 

Financial risk management objectives and policies
 
E.T.S. Portsmouth Limited continue to implement risk management through a system of policies, processes and internal controls which are subject to external review on an annual basis. Through this process the company ensures that it is meeting in full, all legal, regulatory, and H&S requirements which continue to be a key business priority. Business insolvencies have statistically been high this year, but by utilising our strong insurance and customer evaluation processes, this has resulted in minimal bad debts from customers.


Financial risk

The company has no loans in place to finance its operations, and the group returned strong finances for the year.  Therefore, it is considered that the company’s exposure to risk in terms of credit, liquidity, interest rates and cashflow is not material to the principal statement.
Page 1

 


E.T.S. PORTSMOUTH LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


Directors' statement of compliance with duty to promote the success of the company

The Board of Directors consider that the decisions they have made during the financial year and the way they have acted promoted the success of the Company for the benefit of its members, having regard for the stakeholders and matters set out in s172 (1) (a-f) of the Companies Act.

Engagement with employees, customers and suppliers:

Employees – Internal updates regarding the Company trading performance and key decisions and developments, target setting and results discussed, provisions of training, rewards for achieving targets for all staff. 

Customers – Website, technical support, data sheets and technical submittals, samples, account reviews in order to foster strong long term relationships.

Suppliers – Regular review meetings with sales and management teams, information sharing, joint sales promotions to grow sales and launch expanded product ranges, to foster strong long term supply arrangements.

Key Performance Indicators:
 
2025
2024
2023
2022
Gross profit percentage (%)

31.15

32.75

31.91
 
33.34
 
Current ratio

2.22:1

2.44:1

2.35:1
 
3.46:1
 
ROCE (%)

60.82

44.31

45.99
 
38.19
 
Turnover/staff costs

12.98

9.62

9.85
 
8.24
 
Stock turnover days

37.62

38.43

33.04
 
29.07
 


Gross margin has been marginally impacted by the substantial increase in revenue but remains at a level comparable over 3 years. This has been achieved by strong distribution process, a focus on logistics and increasing stock/inventory to mitigate rising costs.

Non-financial KPIs are not produced here because, given the nature of the business, the company's directors are of the opinion that analysis using such KPIs is not necessary to gain an understanding of the development, performance or position of the entity.


This report was approved by the board and signed on its behalf by:.



................................................
K.P. Moloney
Director

Date: 25 June 2025

Page 2

 


E.T.S. PORTSMOUTH LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The Directors present their report and the financial statements for the year ended 31 March 2025.

Directors

The Directors who served during the year were:

K.P. Moloney 
A.V. Skarbrandt 
A-P.J. Jakonen 

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Dividends

The profit for the year, after taxation, amounted to £4,014,480 (2024 - £2,200,707).

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Engagement with employees

The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the company. This is achieved through regular contact by management with employees both over electronic communication and formal and informal communications.

Matters covered in the Strategic Report

In accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the Strategic Report preceding the Directors' Report Includes information that would have formerly have been included in the business review and the principal risk and uncertainties sections of the Directors' report.

Page 3

 


E.T.S. PORTSMOUTH LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
K.P. Moloney
Director

Date: 25 June 2025

Page 4

 


E.T.S. PORTSMOUTH LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E.T.S. PORTSMOUTH LIMITED

Opinion


We have audited the financial statements of E.T.S. Portsmouth Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


E.T.S. PORTSMOUTH LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E.T.S. PORTSMOUTH LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


E.T.S. PORTSMOUTH LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E.T.S. PORTSMOUTH LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the Companies Act 2006 was the most significant law and regulation the Company was subject to. We assessed the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement items. 

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

The Companies Act 2006;
Financial Reporting Standard 102;
UK Employment Legislation;
UK Health and Safety Legislation; and
General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of legal expenditure and board minutes for the year.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount;
Timing of revenue recognition; and
The use of management override of controls to manipulate results.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 7

 


E.T.S. PORTSMOUTH LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF E.T.S. PORTSMOUTH LIMITED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Tom Woods FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
2nd Floor
Midas House
62 Goldsworth Road
Woking
Surrey
GU21 6LQ

25 June 2025
Page 8

 


E.T.S. PORTSMOUTH LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
31,903,653
20,930,751

Cost of sales
  
(21,966,779)
(14,075,615)

Gross profit
  
9,936,874
6,855,136

Administrative expenses
  
(4,588,116)
(3,874,399)

Operating profit
 5 
5,348,758
2,980,737

Interest receivable and similar income
 9 
62,809
53,104

Interest payable and expenses
 10 
(3,667)
(6,402)

Profit before tax
  
5,407,900
3,027,439

Tax on profit
 11 
(1,393,420)
(826,732)

Profit after tax
  
4,014,480
2,200,707

  

  

Retained earnings at the beginning of the year
  
6,517,336
6,016,629

  
6,517,336
6,016,629

Profit for the year
  
4,014,480
2,200,707

Dividends declared and paid
 12 
(2,000,000)
(1,700,000)

Retained earnings at the end of the year
  
8,531,816
6,517,336
The notes on pages 11 to 22 form part of these financial statements.

Page 9

 


E.T.S. PORTSMOUTH LIMITED
REGISTERED NUMBER:02280171



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 13 
460,673
263,568

Investments
 14 
90
90

  
460,763
263,658

Current assets
  

Stocks
 15 
3,288,025
2,203,950

Debtors: amounts falling due within one year
 16 
9,094,515
6,475,153

Cash at bank and in hand
  
2,783,912
2,282,123

  
15,166,452
10,961,226

Creditors: amounts falling due within one year
 17 
(6,832,879)
(4,497,839)

Net current assets
  
 
 
8,333,573
 
 
6,463,387

Total assets less current liabilities
  
8,794,336
6,727,045

Provisions for liabilities
  

Deferred tax
 18 
(33,318)
19,493

Other provisions
 19 
(229,102)
(229,102)

  
 
 
(262,420)
 
 
(209,609)

Net assets
  
8,531,916
6,517,436


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
8,531,816
6,517,336

  
8,531,916
6,517,436


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
K.P. Moloney
Director

Date: 25 June 2025

The notes on pages 11 to 22 form part of these financial statements.

Page 10

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

E.T.S. Portsmouth Limited is a private Company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.
The principal activities of the Company are set out in the strategic report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the Statement of Income and Retained Earnings and in accordance with Financial Reporting Standard 102, the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). 

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Addtech AB (PUBL.) as at 31 March 2025 and these financial statements may be obtained from Companies House.

  
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

  
2.4

Turnover recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Turnover from "Tools for hire" is recognised at the end of the month in which the services are provided.

Page 11

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

  
2.5

Current and deferred taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
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 is recognised in respect of all timing differences at the reporting date.  Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

 
2.6

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Leasehold property is stated at a valuation. The value is determined from market-based evidence by appraisal from a professionally qualified valuer. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long-term leasehold property
-
over the length of the lease
Plant and machinery
-
10% to 25% straight line
Fixtures and fittings
-
25% straight line

  
2.7

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

  
2.8

Stocks

Stocks are measured at the average cost and are revalued to the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Directors assess stock for provisions on a line by line basis at year end, see Note 3.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Financial instruments

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 entity after deducting all of its financial liabilities.

Page 12

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.13

Defined contribution plans

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

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. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

Page 13

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The company did not make any significant judgements (apart from those involving estimations which are detailed below) that have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
- A provision against stock is provided based upon specific lines that are deemed to be obsolete or very slow moving by management.
- A dilapidation provision has been made in relation to the anticipated costs that the entity will be required to pay upon the termination of the lease agreement on the rental property. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Sale of goods
31,080,524
20,404,485

Services
823,129
526,266

31,903,653
20,930,751


Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
14,376,000
11,216,751

Rest of the world
17,527,653
9,714,000

31,903,653
20,930,751


Page 14

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Loss/(Profit) on sale of tangible assets
1,222
(3,647)

(Gain) / Loss on foreign exchange
66,606
104,279

Other operating lease rentals
364,585
317,238

Depreciation
150,614
143,871


6.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2025
2024
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
28,550
25,250


7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
2,138,824
1,865,282

Social security costs
224,694
192,043

Cost of defined contribution scheme
94,562
118,754

2,458,080
2,176,079


The average monthly number of employees, including the Directors, during the year was as follows:


        2025
        2024
            No.
            No.







Administrative & Management
10
10



Warehouse
11
9



Sales
14
13

35
32

Page 15

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

8.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
193,730
196,299

Company contributions to defined contribution pension schemes
57,641
66,620

251,371
262,919



9.


Interest receivable

2025
2024
£
£


Other interest receivable
62,809
53,104

62,809
53,104


10.


Interest payable and similar expenses

2025
2024
£
£


Other interest payable
3,667
6,402

3,667
6,402


11.


Tax on profit on ordinary activities


2025
2024
£
£

Corporation tax


Current tax on profits for the year
1,365,096
750,958

Adjustments in respect of previous periods
89,050
48,366


1,454,146
799,324


Total current tax
1,454,146
799,324

Deferred tax


Origination and reversal of timing differences
(60,726)
27,408

Total deferred tax
(60,726)
27,408


Taxation on profit on ordinary activities
1,393,420
826,732
Page 16

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
11.Tax on profit on ordinary activities (continued)


Reconciliation of tax expenses

The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
5,407,900
3,027,439


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
1,351,975
756,860

Effects of:


Expenses not deductible for tax purposes
5,155
8,017

Fixed asset differences
6,725
14,493

Adjustments to tax charge in respect of prior periods
-
48,366

Adjustments to tax charge in respect of
previous periods - deferred tax
29,793
550

Other tax adjustments, reliefs and transfers
(228)
(1,554)

Total tax charge/(credit) for the year
1,393,420
826,732

The Company falls within the scope of Pillar Two legislation and disclosures are included within the consolidated financial  statements of Addtech Nordic AB (see note 24).


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2025
2024
£
£


Dividends paid
2,000,000
1,700,000

2,000,000
1,700,000

Page 17

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


Tangible assets





Long-term leasehold property dilapidations
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2024
229,102
794,977
328,481
1,352,560


Additions
-
356,565
-
356,565


Disposals
-
(16,700)
-
(16,700)



At 31 March 2025

229,102
1,134,842
328,481
1,692,425



Depreciation


At 1 April 2024
189,714
580,305
318,973
1,088,992


Charge for the year on owned assets
39,388
104,955
6,271
150,614


Disposals
-
(7,854)
-
(7,854)



At 31 March 2025

229,102
677,406
325,244
1,231,752



Net book value



At 31 March 2025
-
457,436
3,237
460,673



At 31 March 2024
39,388
214,672
9,508
263,568

Page 18

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2024
90



At 31 March 2025
90





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

ETS Cable Components (Ireland) Limited
Suite 7, The Courtyard Carmanhall Road Sandyford, Dublin 18
Ordinary
100%


15.


Stocks

2025
2024
£
£

Raw materials and consumables
3,288,025
2,203,950

3,288,025
2,203,950


The carrying value of stocks are stated net of impairment losses nil in the year (2024: £83,262).

Page 19

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

16.


Debtors

2025
2024
£
£


Trade debtors
6,946,337
3,417,398

Amounts owed by group undertakings
1,277,461
2,844,682

Other debtors
294,414
107,393

Prepayments and accrued income
576,303
105,680

9,094,515
6,475,153



17.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
5,452,054
3,460,505

Amounts owed to group undertakings
3,030
-

Corporation tax
127,828
149,882

Other taxation and social security
46,760
43,571

Other creditors
453,148
324,505

Accruals and deferred income
750,059
519,376

6,832,879
4,497,839



18.


Deferred taxation




2025
2024


£

£






At beginning of year
19,493
46,901


Charged to profit or loss
(52,811)
(27,408)



At end of year
(33,318)
19,493

Page 20

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
18.Deferred taxation (continued)

The deferred tax balance is made up as follows:

2025
2024
£
£


Accelerated capital allowances
19,493
(38,598)

Short term timing differences
(52,811)
58,091

(33,318)
19,493

Comprising:

Liability
(33,318)
19,493

(33,318)
19,493



19.


Provisions




Dilapidation provision

£





At 1 April 2024
229,102



At 31 March 2025
229,102

20.

Employee benefits

Defined contribution plans
The amount recognised in the Statement of Income and Retained Earnings as an expense in relation to defined contribution plans was £94,562 (2024: £118,754). At 31 March 2025 there was a liability in connection with the defined contribution plan of £8,586 (2024: £8,089). 

Page 21

 


E.T.S. PORTSMOUTH LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

21.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



75 (2024 - 75) Ordinary Class A shares of £1.00 each
75
75
10 (2024 - 10) Ordinary Class B shares of £1.00 each
10
10
15 (2024 - 15) Ordinary Class C shares of £1.00 each
15
15

100

100


Each class of share ranks equally but they have variable dividend rights.



22.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


23.


Operating leases

At 31 March 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
276,734
305,371

Later than 1 year and not later than 5 years
605,931
934,185

Later than 5 years
-
50

882,665
1,239,606


24.


Parent company

The ultimate parent company of E.T.S. Portsmouth Limited (and the parent company of the largest and smallest group for which consolidated financial statements are prepared, including E.T.S. Portsmouth Limited) is Addtech AB (PUBL.). Addtech AB (PUBL.) is registered at Birger Jarlsgatan 43, Box 5112, SE-102 43, Stockholm, Sweden. The consolidated financial statements may be obtained from the Addtech company website: www.addtech.com.
The immediate parent company of E.T.S. Portsmouth Limited is Addtech Nordic AB. Addtech Nordic AB is registered at Birger Jarlsgatan 43, Box 5112, SE-102 43, Stockholm, Sweden.

 
Page 22