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Financial Statements
Portview Holdings Limited
For the Year Ended 30 November 2024
Registered number: NI031502
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Portview Holdings Limited
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Company Information
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Chartered Accountants & Statutory Auditors
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12 - 15 Donegall Square West
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Portview Holdings Limited
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Contents
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Independent auditor's report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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Portview Holdings Limited
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Strategic Report
For the Year Ended 30 November 2024
The directors present their report and the financial statements of the company for the year ended 30 November 2024.
The principal activity of the Company is that of a holding company.
The loss for the year ended 30 November 2024 is £20,000,510 (2023: profit of £14,120,000).
The net assets of the Company at 30 November 2024 amounted to £2,211,689 (2023: £2,211,779).
Principal risks and uncertainties
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The key business risks and uncertainties affecting the Group are economic conditions, health and safety, contractual risk, cyber security, and financial risks. The details on how these risks are mitigated are provided below:
Economic conditions
Our business continues to perform strongly and is well positioned to manage the various phases of the economic cycle. We continue to use a prudent and flexible model to navigate any potential headwinds within the economic environment.
Health and safety
We maintain appropriate health and safety policies and procedures that comply with laws and regulations to safeguard our employees, clients, sub-contractors, visitors, and any other persons that may be affected by our activities. Inductions and training programs are used to reinforce our health and safety policies.
Contractual risk
Extensive due diligence is completed to mitigate the risk of mispricing contracts, management of change, and maintaining appropriate margin levels.
Cyber security
The Group places great importance on IT and cyber security. We have stringent IT policies and processes that are continually enhanced to mitigate the risk of a cyber-attack. The Group currently holds two accreditations relating to cyber security, ISO 27001:2013 – Information security, cybersecurity & privacy protection, and Cyber Essentials Plus.
Financial risks
The main financial risks are credit risk, interest rate risk, and liquidity risk.
Credit risk:
The Group has an excellent client listing of many well-known public companies and the historical default rate has been insignificant. The company credit checks any potential clients before beginning work, continually monitors throughout a project, and agrees payment commensurate with the directors' view of the perceived risk.
Page 1
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Portview Holdings Limited
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Strategic Report (continued)
For the Year Ended 30 November 2024
Interest rate risk:
The Group exposure to interest rate fluctuations on its borrowings is managed through annual review of its borrowing requirements. The directors see the company's interest rate risk as minimal.
Liquidity risk:
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Short-term flexibility is achieved by overdraft facilities and a discrete invoice factoring facility.
Financial key performance indicators
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Due to the nature of the business there are no relevant key performance indicators that require disclosure.
Directors' statement of compliance with duty to promote the success of the Company
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As part of the Director's role they seek to ensure that it is cognisant of the long-term impact of any decisions. To that end, the Director's periodically reviews the group’s Business Plan for the following year, including full year projections and funding requirements, as well as completing a review of business risks, both principal and emerging.
In that context, any matters presented to the Director's for approval need to align with the group’s strategy and Business Plan.
This report was approved by the board on 11 April 2025 and signed on its behalf.
Page 2
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Portview Holdings Limited
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Directors' Report
For the Year Ended 30 November 2024
The directors present their report and the financial statements for the year ended 30 November 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
The principal activity of the company is that of an interior fit-out contractor.
The profit for the year, after taxation, amounted to £20,000,510 (2023 - £14,120,000).
The directors have not recommended a dividend (2023 - £Nil).
Page 3
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Portview Holdings Limited
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Directors' Report (continued)
For the Year Ended 30 November 2024
The directors who served during the year were:
The company plans to continue its present activities and ongoing growth strategies.
Engagement with suppliers, customers and others
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Our strategy prioritises growth, driven by continued expansion and bringing new customers into the company, and up-selling services to existing clients. To do this, we continue to develop and nurture strong customer relationships. We have a number of key suppliers who we continue to use, value all of our suppliers.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 11 April 2025 and signed on its behalf.
Page 4
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Independent Auditor's Report to the Members of Portview Holdings Limited
We have audited the financial statements of Portview Holdings Limited, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity for the financial year ended 30 November 2024, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, Portview Holdings Limited's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 November 2024 and of its financial performance for the financial year then ended; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
Page 5
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Independent Auditor's Report to the Members of Portview Holdings Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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Independent Auditor's Report to the Members of Portview Holdings Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
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Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
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The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment Law, Data Privacy Law, Environmental Regulations and Health and Safety Laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
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Independent Auditor's Report to the Members of Portview Holdings Limited (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating contract accruals, the allowance for the impairment of receivables and recoverability of work in progress; and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Louise Kelly FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants
Statutory Auditors
Belfast
Date: 14 April 2025
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Portview Holdings Limited
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Statement of Comprehensive Income
For the Year Ended 30 November 2024
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Income from shares in group undertakings
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Profit for the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
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The notes on pages 12 to 16 form part of these financial statements.
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Page 9
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Portview Holdings Limited
Registered number:NI031502
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Balance Sheet
As at 30 November 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 April 2025.
The notes on pages 12 to 16 form part of these financial statements.
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Portview Holdings Limited
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Statement of Changes in Equity
For the Year Ended 30 November 2024
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Capital redemption reserve
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Dividends paid in the year
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Statement of Changes in Equity
For the Year Ended 30 November 2023
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Capital redemption reserve
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Dividends paid in the year
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Shares redeemed during the year
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The notes on pages 12 to 16 form part of these financial statements.
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Page 11
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Portview Holdings Limited
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Notes to the Financial Statements
For the Year Ended 30 November 2024
Portview Holdings Limited is a company limited by shares and incorporated in Northern Ireland. The
registered office is 46 Florenceville Avenue, Belfast BT7, 3GZ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 Company's accounting policies.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Portview Specialist Holdings Limited as at 30 November 2024 and these financial statements may be obtained from Companies House.
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The directors have assessed that the Company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. In coming to this conclusion, the directors have assessed the entity's current financing arrangements and liquid resources. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Page 12
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Portview Holdings Limited
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Notes to the Financial Statements
For the Year Ended 30 November 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Portview Holdings Limited
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Notes to the Financial Statements
For the Year Ended 30 November 2024
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The audit fee is borne by another group company.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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Dividends paid during the year
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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46 Florenceville Avenue, Belfast, BT7 3GZ
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Page 14
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Portview Holdings Limited
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Notes to the Financial Statements
For the Year Ended 30 November 2024
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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122,031 (2023 - 122,031) Ordinary shares of £1.00 each
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Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing
of shares are deducted from share premium.
Capital redemption reserve
Includes any redemption of share capital.
Profit & loss account
Includes all current and prior period retained profits and losses.
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Related party transactions
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The Company and group have availed of the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33.7, from disclosing transactions with group companies.
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Page 15
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Portview Holdings Limited
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Notes to the Financial Statements
For the Year Ended 30 November 2024
The Company's immediate and ultimate parent undertaking is Portview Specialist Holdings Limited, a company incorporated in Northern Ireland.
The smallest and largest group which the results of Portview Holdings Limited are consolidated is that headed by Portview Specialist Holdings Limited. Copies of the group financial statements are available from the registrar of companies in Belfast.
Page 16
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