Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01falseprovision of serviced office space22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC334569 2024-01-01 2024-12-31 OC334569 2023-01-01 2023-12-31 OC334569 2024-12-31 OC334569 2023-12-31 OC334569 c:FurnitureFittings 2024-01-01 2024-12-31 OC334569 c:FurnitureFittings 2024-12-31 OC334569 c:FurnitureFittings 2023-12-31 OC334569 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC334569 c:ComputerEquipment 2024-01-01 2024-12-31 OC334569 c:ComputerEquipment 2024-12-31 OC334569 c:ComputerEquipment 2023-12-31 OC334569 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC334569 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 OC334569 c:CurrentFinancialInstruments 2024-12-31 OC334569 c:CurrentFinancialInstruments 2023-12-31 OC334569 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 OC334569 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC334569 d:FRS102 2024-01-01 2024-12-31 OC334569 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 OC334569 d:FullAccounts 2024-01-01 2024-12-31 OC334569 d:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC334569 2 2024-01-01 2024-12-31 OC334569 d:PartnerLLP1 2024-01-01 2024-12-31 OC334569 c:FurtherSpecificReserve2ComponentTotalEquity 2024-12-31 OC334569 c:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC334569










PORTAL CHATHAM LLP








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PORTAL CHATHAM LLP
REGISTERED NUMBER: OC334569

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,054
4,459

Current assets
  

Debtors: amounts falling due within one year
 5 
603,478
609,437

Cash at bank and in hand
  
1,905,105
1,116,099

  
2,508,583
1,725,536

Creditors: Amounts Falling Due Within One Year
 6 
(1,691,034)
(1,330,479)

Net current assets
  
 
 
817,549
 
 
395,057

Total assets less current liabilities
  
820,603
399,516

  

Net assets
  
820,603
399,516


Represented by:
  

Other amounts
  
185,268
(464,652)

Members' other interests
  

Other Reserves
  
635,335
864,168

  
820,603
399,516


Total members' interests
  

Loans and other debts due to members
  
185,268
(464,652)

Members' other interests
  
635,335
864,168

  
820,603
399,516

Page 1

 
PORTAL CHATHAM LLP
REGISTERED NUMBER: OC334569
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 28 August 2025.




D Patten on behalf of Portal Holdco Limited
Designated member

The notes on pages 4 to 9 form part of these financial statements.
Page 2

 
PORTAL CHATHAM LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024




EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Other amounts
Total

£
£
£

Profit for the year available for discretionary division among members
 
864,168
-
864,168

Members' interests after profit for the year
1,934,080
(499,762)
1,434,318

Other division of profits
(1,069,912)
1,069,912
-

Drawings on account and distribution of profit
-
(1,034,802)
(1,034,802)

Amounts due to members
(464,652)

Balance at 31 December 2023
864,168
(464,652)
399,516

Profit for the year available for discretionary division among members
 
635,335
-
635,335

Members' interests after profit for the year
1,499,503
(464,652)
1,034,851

Other division of profits
(864,168)
864,168
-

Drawings on account and distribution of profit
-
(214,248)
(214,248)

Amounts due to members
185,268

Balance at 31 December 2024 
635,335
185,268
820,603

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
PORTAL CHATHAM LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Portal Chatham LLP is a limited liability partnership registered in England and Wales. Registered number OC334569. Its registered head office is located at Chantry House High Street, Coleshill, Birmingham, England, B46 3BP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The LLP has contracts in place which provide guaranteed income until 2026. After reviewing the LLP's forecasts and projections, the members therefore have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future.
For this reason, the members consider that the adoption of the going concern basis in preparing the financial statements is appropriate.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Valued Added Tax and trade discounts.
Turnover is recognised as the call centre space is utilised by customers, and as the company earns the right to income.

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
PORTAL CHATHAM LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of comprehensive income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
PORTAL CHATHAM LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Members
2
2

Page 6

 
PORTAL CHATHAM LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2024
3,936,152
115,332
4,051,484



At 31 December 2024

3,936,152
115,332
4,051,484



Depreciation


At 1 January 2024
3,931,693
115,332
4,047,025


Charge for the year
1,405
-
1,405



At 31 December 2024

3,933,098
115,332
4,048,430



Net book value



At 31 December 2024
3,054
-
3,054



At 31 December 2023
4,459
-
4,459


5.


Debtors

2024
2023
£
£


Trade debtors
441,851
19,351

Other debtors
7,217
10,505

Prepayments and accrued income
154,410
579,581

603,478
609,437


Amounts owed by related parties are unsecured, interest free and repayable on demand.

Page 7

 
PORTAL CHATHAM LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
86,193
118,942

Amounts owed to related parties
10,526
9,957

Other taxation and social security
90,784
-

Accruals and deferred income
1,503,531
1,201,580

1,691,034
1,330,479


Amounts owed to related parties are unsecured, interest free and repayable on demand.


7.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
185,268
(464,652)

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
185,268
(464,652)

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


8.


Related party transactions

The LLP had transactions with companies under common control during the year. Trading balances outstanding and the transactions that occured during the year and prior year were as follows:
At 31 December 2024 the LLP owed £10,526 (2023: £9,957) to Port@l Limited.
At 31 December 2024 Portal Topco Ltd owed the LLP £2,580,037 (2023: £2,435,228).
At 31 December 2024 Portal Holdco Ltd owed the LLP £517,383 (2023: £447,943).

Page 8

 
PORTAL CHATHAM LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Controlling party

The immediate controlling party is Portal Topco Ltd by virtue of their 68% interest in the entity. The ultimate controlling party is the Portal Group Employee Ownership Trust by virtue of its 100% shareholding in Portal Holdco Limited. Portal Holdco Limited owns 100% of Portal Topco Limited which own 68% of Portal Chatham LLP. Portal Holdco Limited also own the remaining 32% of Portal Chatham LLP.

 
Page 9