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Registration number: 03934852

Porton Ventures (UK) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Porton Ventures (UK) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Porton Ventures (UK) Ltd

Company Information

Directors

Mrs L D Maher

Mrs M E Allen

Mr G J Allen

Mr A J Allen

Company secretary

Mrs M E Allen

Registered office

Porton Aquatic & Pet Centre
Porton
Salisbury
Wiltshire
SP4 0LA

Accountants

Numeric Accounting
Chartered Certified AccountantsSuite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Porton Ventures (UK) Ltd

(Registration number: 03934852)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

28,838

29,482

Current assets

 

Stocks

6

397,787

412,340

Debtors

7

8,984

13,788

Cash at bank and in hand

 

13,480

90,864

 

420,251

516,992

Creditors: Amounts falling due within one year

8

(240,350)

(159,603)

Net current assets

 

179,901

357,389

Net assets

 

208,739

386,871

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

208,639

386,771

Shareholders' funds

 

208,739

386,871

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 May 2025 and signed on its behalf by:
 

.........................................
Mrs L D Maher
Director

 

Porton Ventures (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Porton Aquatic & Pet Centre
Porton
Salisbury
Wiltshire
SP4 0LA

These financial statements were authorised for issue by the Board on 16 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Porton Ventures (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

10% Straight Line

Equipment

20% Reducing Balance

Motor Vehicles

15% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

As a result of the introduction of Financial Reporting Standard 102 from 1 November 2016 the estimated useful economic life of goodwill purchased in November 2002 for £800,000 has been reduced from 20 years to 10 years resulting in the goodwill being fully written off. Goodwill of £1,120 purchased in February 2006 was written off in the year of acquisition.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Porton Ventures (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognises changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 25).

 

Porton Ventures (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

801,120

801,120

At 30 November 2024

801,120

801,120

Amortisation

At 1 December 2023

801,120

801,120

At 30 November 2024

801,120

801,120

Carrying amount

At 30 November 2024

-

-

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

9,460

221,687

100

231,247

Additions

-

6,650

-

6,650

At 30 November 2024

9,460

228,337

100

237,897

Depreciation

At 1 December 2023

7,252

194,453

60

201,765

Charge for the year

946

6,333

15

7,294

At 30 November 2024

8,198

200,786

75

209,059

Carrying amount

At 30 November 2024

1,262

27,551

25

28,838

At 30 November 2023

2,208

27,234

40

29,482

 

Porton Ventures (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £1,262 (2023 - £2,208) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

397,787

412,340

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,173

2,613

Prepayments

7,634

8,744

Other debtors

177

2,431

 

8,984

13,788

 

Porton Ventures (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

143,913

81,556

Taxation and social security

51,613

40,915

Accruals and deferred income

36,994

36,276

Other creditors

7,830

856

240,350

159,603

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

79,920

79,920

Later than one year and not later than five years

153,180

233,100

233,100

313,020

The amount of non-cancellable operating lease payments recognised as an expense during the year was £233,100 (2023 - £313,020).

 

Porton Ventures (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

11

Related party transactions

During the year the directors, Mr A J Allen and Mrs M E Allen leased land and buildings owned jointly by them to the company at a market rent of £79,920 per annum.