| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JULY 2023 TO 29 JUNE 2024 |
| FOR |
| PORTFOLIO GROWTH MANAGEMENT LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JULY 2023 TO 29 JUNE 2024 |
| FOR |
| PORTFOLIO GROWTH MANAGEMENT LTD |
| PORTFOLIO GROWTH MANAGEMENT LTD (REGISTERED NUMBER: 10822172) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Period 1 July 2023 to 29 June 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| PORTFOLIO GROWTH MANAGEMENT LTD |
| COMPANY INFORMATION |
| for the Period 1 July 2023 to 29 June 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Wigan |
| Lancashire |
| WN1 2TB |
| PORTFOLIO GROWTH MANAGEMENT LTD (REGISTERED NUMBER: 10822172) |
| STATEMENT OF FINANCIAL POSITION |
| 29 June 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges her 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. |
| PORTFOLIO GROWTH MANAGEMENT LTD (REGISTERED NUMBER: 10822172) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 29 June 2024 |
| The financial statements were approved by the director and authorised for issue on |
| PORTFOLIO GROWTH MANAGEMENT LTD (REGISTERED NUMBER: 10822172) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Period 1 July 2023 to 29 June 2024 |
| 1. | STATUTORY INFORMATION |
| Portfolio Growth Management Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable in respect of services provided excluding value added tax. |
| Tangible fixed assets |
| Tangible fixed assets are recorded at cost less depreciation and impairment. |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
| Land and buildings | - | 2% on cost |
| Motor vehicles | - | 25% reducing balance |
| Impairment of assets |
| At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss. |
| Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Financial instruments |
| Short term financial assets, including trade and other debtors, creditors and related undertakings are measured at the transaction price. Financial assets that have no stated interest rate and are recoverable within one year shall be measured at the undiscounted amount due. |
| Short term financial liabilities, including trade and other creditors and bank balances, are measured at the transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. |
| PORTFOLIO GROWTH MANAGEMENT LTD (REGISTERED NUMBER: 10822172) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 July 2023 to 29 June 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL (2023 - |
| 4. | TANGIBLE FIXED ASSETS |
| Land and |
| buildings |
| £ |
| COST |
| At 1 July 2023 |
| and 29 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for period |
| At 29 June 2024 |
| NET BOOK VALUE |
| At 29 June 2024 |
| At 30 June 2023 |
| PORTFOLIO GROWTH MANAGEMENT LTD (REGISTERED NUMBER: 10822172) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 July 2023 to 29 June 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 29 June 2024 |
| NET BOOK VALUE |
| At 29 June 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by related undertakings |
| Other debtors |
| Directors' current accounts | 77,773 | 116,081 |
| Tax |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to related undertakings | 83,818 | - |
| Tax |
| Other creditors |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| PORTFOLIO GROWTH MANAGEMENT LTD (REGISTERED NUMBER: 10822172) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 July 2023 to 29 June 2024 |
| 9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the period ended 29 June 2024 and the year ended 30 June 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of period | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period |
| Interest is being charged at 2.5% on the loan. |
| 10. | RELATED PARTY DISCLOSURES |
| During the year the company paid a total of £13,475 to other companies with a common director. £81,595 (2023: £68,120) remains outstanding at the year end. |
| During the year the company received funds of £83,818 from other companies with a common director. £83,818 (2023: £Nil) remains outstanding at the year end. |