Registration number:
Porton Ventures (UK) Ltd
for the Year Ended 30 November 2024
Porton Ventures (UK) Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Porton Ventures (UK) Ltd
Company Information
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Directors |
Mrs L D Maher Mrs M E Allen Mr G J Allen Mr A J Allen |
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Company secretary |
Mrs M E Allen |
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Registered office |
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Accountants |
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Porton Ventures (UK) Ltd
(Registration number: 03934852)
Balance Sheet as at 30 November 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Porton Ventures (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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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)
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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:
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Asset class |
Depreciation method and rate |
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Leasehold Improvements |
10% Straight Line |
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Equipment |
20% Reducing Balance |
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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)
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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
Recognition and measurement
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Porton Ventures (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 December 2023 |
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At 30 November 2024 |
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Amortisation |
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At 1 December 2023 |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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Tangible assets |
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Long leasehold land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 December 2023 |
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Additions |
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At 30 November 2024 |
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Depreciation |
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At 1 December 2023 |
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Charge for the year |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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Porton Ventures (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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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.
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Porton Ventures (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Porton Ventures (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
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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.