Company No:
Contents
| DIRECTORS | L Groenendijk |
| I Leshem | |
| C Osburg (Appointed 19 July 2024) | |
| J Van Schoonheten |
| REGISTERED OFFICE | Broadley House |
| 2nd Floor | |
| 48 Broadley Terrace | |
| London | |
| NW1 6LG | |
| United Kingdom |
| COMPANY NUMBER | 12639845 (England and Wales) |
| ACCOUNTANT | Gravita Business Services Limited |
| Aldgate Tower | |
| 2 Leman Street | |
| London | |
| E1 8FA | |
| United Kingdom |
| Note | 31.12.2024 | 30.06.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investments | 4 |
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| 10,821 | 8,571 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 4,660,796 | 2,020,060 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 4,642,349 | 1,989,898 | ||
| Total assets less current liabilities | 4,653,170 | 1,998,469 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Primary Portal Solutions Limited (registered number:
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I Leshem
Director |
J Van Schoonheten
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Primary Portal Solutions Limited (the Company) 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 the Company's registered office is Broadley House, 2nd Floor, 48 Broadley Terrace, London, NW1 6LG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
The previous accounting year was 12 month period ending 30 June 2023 as compared to current year which is 18 month period ending 31 December 2024. Periods are therefore not entirely comparable.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Fixtures and fittings |
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| Computer equipment |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
| Period from 01.07.2023 to 31.12.2024 |
Year ended 30.06.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the period, including directors |
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| Fixtures and fittings | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 July 2023 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||
| At 01 July 2023 |
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| Charge for the financial period |
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| At 31 December 2024 |
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| Net book value | |||||
| At 31 December 2024 | 2,707 | 7,214 | 9,921 | ||
| At 30 June 2023 | 3,156 | 4,515 | 7,671 |
Investments in subsidiaries
| 31.12.2024 | |
| £ | |
| Cost | |
| At 01 July 2023 |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 30 June 2023 |
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Investments in shares
Details of the company's subsidiaries at 31 December 2024 are as follows:
| Name of entity | Registered office | Class of shares |
Ownership 31.12.2024 |
Ownership 30.06.2023 |
Held |
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Poland |
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Direct |
| 31.12.2024 | 30.06.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Corporation tax |
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| Other debtors |
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| 31.12.2024 | 30.06.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Other taxation and social security |
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| Other creditors |
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| 31.12.2024 | 30.06.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 138 | 136 | ||
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| 73 | 25 | ||
| 211 | 161 |
In the financial period 2024 class A Ordinary shares were allotted with an aggregate nominal value of £2.541 and consideration of £285,329 was received.
In the financial period 2024 class A Preference shares were allotted with an aggregate nominal value of £47.709 and consideration of £5,357,244 was received.
The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.
At the year end the was company owed £224 (2023 - £19,802 was owed to) by directors of the company, in respect of interest free loans which are repayable on demand.