Company registration number 11277521 (England and Wales)
PORT PARTNERS (CUSTOMS CLEARANCE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PORT PARTNERS (CUSTOMS CLEARANCE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PORT PARTNERS (CUSTOMS CLEARANCE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,781
2,556
Current assets
Debtors
4
2,525,421
2,305,645
Cash at bank and in hand
1,334,529
1,100,356
3,859,950
3,406,001
Creditors: amounts falling due within one year
5
(482,238)
(915,105)
Net current assets
3,377,712
2,490,896
Net assets
3,379,493
2,493,452
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
3,379,393
2,493,352
Total equity
3,379,493
2,493,452
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 July 2025 and are signed on its behalf by:
Mr C Green
Director
Company registration number 11277521 (England and Wales)
PORT PARTNERS (CUSTOMS CLEARANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Port Partners (Customs Clearance) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue, the annual budget, forecasted future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Sale of services
Turnover for the provision of customs clearance services is recognised when the company has supplied local tax authorities with documents, and they have accepted the required documentation to facilitate the successful import of relevant goods.
Commissions receivable
Turnover from commission receivable is recognised when the individual transaction, for which the commission relates, has been successfully reimbursed from the local tax authority.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight Line
Computers
20% Straight Line
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.
PORT PARTNERS (CUSTOMS CLEARANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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).
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and includes deposits held at call with banks and security facilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
PORT PARTNERS (CUSTOMS CLEARANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 18 (2023 - 18).
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
15,837
60,439
76,276
Depreciation and impairment
At 1 January 2024
15,837
57,883
73,720
Depreciation charged in the year
775
775
At 31 December 2024
15,837
58,658
74,495
Carrying amount
At 31 December 2024
1,781
1,781
At 31 December 2023
2,556
2,556
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
740,348
412,548
Amounts owed by group undertakings
1,719,898
1,723,684
Other debtors
65,175
169,413
2,525,421
2,305,645
PORT PARTNERS (CUSTOMS CLEARANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
239,642
346,129
Amounts owed to group undertakings
9,684
51,524
Taxation and social security
32,056
321,161
Other creditors
200,856
196,291
482,238
915,105
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Each share has full rights in the company with respect to voting, dividends and distributions.
7
Financial commitments, guarantees and contingent liabilities
The company provided a total guarantee of £750,000 (2023: £750,000) to HMRC against duty payable to HMRC on the import of goods from the company's customers.
The company was included in a cross guarantee with companies under common control. The maximum liability for the company with regard to the cross guarantee at the year end date was £6,000,679 (2023: £6,735,544).
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Tony Summers BA FCA
Statutory Auditor:
Sumer Audit
Date of audit report:
8 July 2025
Sumer Audit is the trading name of Sumer Auditco Limited
9
Related party transactions
Transactions with related parties
At the balance sheet date, the company was owed £1,589,100 (2023: £1,589,100) from Empyraen Group Limited, its ultimate parent company. Empyraen Group Limited is incorporated in Jersey.
During the year, the company repaid an interest-free loan of £46,163 to Polarkold Distribution Limited; the balance outstanding at the year end was £9,684 (2023: £51,524).