REGISTERED NUMBER: 03002686 (England and Wales)

PORTLAND HARBOUR AUTHORITY LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

to

5

Income Statement

6

Other Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

to

17

DIRECTORS:

J C Langham

J M Langham

W T Reeves

A D Deves

SECRETARY:

A D Deves

REGISTERED OFFICE:

Port Office

Castletown

Portland

Dorset

DT5 1PP

REGISTERED NUMBER:

03002686 (England and Wales)

SENIOR STATUTORY AUDITOR:

Michael Argyle BSc ACA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of acting as the Statutory Harbour Authority at Portland, and to provide harbour and towage services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J C Langham

J M Langham

W T Reeves

A D Deves

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A D Deves - Secretary

11 September 2025

Opinion

We have audited the financial statements of Portland Harbour Authority Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors' responsibilities 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 UK, including the FRC's Ethical Standard, and 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

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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other 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 or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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, the directors are 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives 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 a Report of the Auditors that includes our 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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate reported profitability and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment laws and Maritime laws and regulations. The company is subject to regular internal and external audits to ensure compliance with these areas, including the Port Marine Safety Code.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, reading minutes of meetings of those charged with governance, in addition to an assessment of the company’s employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our 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 Report of the Auditors.

Use of our report

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 a Report of the Auditors 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.

Michael Argyle BSc ACA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

11 September 2025

REVENUE

3

5,537,197

5,332,861

Cost of sales

4,212,114

4,536,159

GROSS PROFIT

1,325,083

796,702

Administrative expenses

1,074,244

996,624

OPERATING PROFIT/(LOSS)

250,839

(199,922

)

Interest receivable and similar income

5

136,779

97,261

387,618

(102,661

)

Interest payable and similar expenses

6

612

712

PROFIT/(LOSS) BEFORE TAXATION

7

387,006

(103,373

)

Tax on profit/(loss)

8

(23,610

)

50,972

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

410,616

(154,345

)

PROFIT/(LOSS) FOR THE YEAR

410,616

(154,345

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

410,616

(154,345

)

FIXED ASSETS

Property, plant and equipment

9

891,569

910,230

CURRENT ASSETS

Inventories

10

69,211

54,957

Debtors

11

2,413,770

1,665,128

Cash at bank - repair fund

2,245,201

2,129,378

Cash at bank

890,449

1,300,500

5,618,631

5,149,963

CREDITORS

Amounts falling due within one year

12

1,612,628

1,574,268

NET CURRENT ASSETS

4,006,003

3,575,695

TOTAL ASSETS LESS CURRENT LIABILITIES

4,897,572

4,485,925

CREDITORS

Amounts falling due after more than one year

13

(13,939

)

(18,030

)

PROVISIONS FOR LIABILITIES

16

(231,844

)

(226,722

)

NET ASSETS

4,651,789

4,241,173

CAPITAL AND RESERVES

Called up share capital

17

497,778

497,778

Capital redemption reserve

18

22,222

22,222

Retained earnings

18

4,131,789

3,721,173

SHAREHOLDERS' FUNDS

4,651,789

4,241,173

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

J C Langham - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

497,778

3,875,518

22,222

4,395,518

Changes in equity

Total comprehensive income

-

(154,345

)

-

(154,345

)

Balance at 31 December 2023

497,778

3,721,173

22,222

4,241,173

Changes in equity

Total comprehensive income

-

410,616

-

410,616

Balance at 31 December 2024

497,778

4,131,789

22,222

4,651,789

1.	GENERAL INFORMATION

Portland Harbour Authority Limited is a limited company incorporated in England and Wales. The address of the registered office is given in the company information on page one of these financial statements. The nature of the company's operations and principal activities are detailed in the report of the directors on page two.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

The financial statements cover the individual entity.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

The company is a subsidiary of Langham Industries Limited. Consolidated financial statements of Langham Industries Limited can be obtained from:

Companies House

Crown Way

Cardiff

CF14 3UZ

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods if the revision affects both current and future periods.

There are no significant accounting judgements or estimation uncertainties that, in the opinion of the directors, will have a material effect on the financial statements.

Revenue

Revenue represents sales at invoice value less trade discounts allowed and excluding value added tax.

Revenue from the provision of port services comprises harbour dues, pilotage fees, towage services, licence fees and other sundry income. Revenue from the provision of these services is recognised when the service is provided.

Property, plant and equipment

Property, plant and equipment assets are held at cost less accumulated depreciation and impairment.

Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life.

Long term leasehold property -2% on cost

In relation to freehold property, in the opinion of the directors any depreciation charge would not be significant.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories

Inventory is valued at the lower of cost and fair value less costs to complete and sell. Stocks are accounted for on a first-in-first-out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company is a member of the Langham Industries Group Personal Pension Plan. This Plan is a money purchase scheme and contributions payable for the year are charged to the income statement. Assets for the Plan are held in separate trustee administered funds.

The company is also a member of an industry wide defined benefit scheme. Further details are recorded in note 22.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.

REVENUE

The revenue and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2024

2023

£

£

Commercial

5,430,412

5,248,010

Leisure

106,785

84,851

5,537,197

5,332,861

The company's principal activity was carried on within the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,652,803

1,598,757

Social security costs

173,890

140,721

Other pension costs

94,841

86,140

1,921,534

1,825,618

The average number of employees during the year was as follows:

2024

2023

Direct

35

38

Administration

8

8

Directors

4

4

47

50

As stated in note 21, a group company operates a payroll facility and payroll costs as above have been recharged from that company.

2024

2023

£

£

Directors' remuneration

200,605

178,444

Directors' pension contributions to money purchase schemes

10,890

10,592

Retirement benefits are accruing to one director under a money purchase pension scheme.

No pension contributions are made by the company for the remaining directors.

5.

INTEREST RECEIVABLE AND SIMILAR INCOME

2024

2023

£

£

Bank interest receivable

136,779

97,261

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest payable

612

712

7.	PROFIT/(LOSS) BEFORE TAXATION

The profit (2023 - loss) is stated after charging:

2024

2023

£

£

Depreciation - owned assets

18,661

17,141

Auditors' remuneration

15,937

15,319

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

475

-

Adjustment in respect of previous years: corporation tax

-

42,406

Adjustment re previous year - group relief

(29,207

)

-

Group loss relief for rolled over gains

-

(9,875

)

Total current tax

(28,732

)

32,531

Deferred tax

5,122

18,441

Tax on profit/(loss)

(23,610

)

50,972

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit/(loss) before tax

387,006

(103,373

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

96,752

(24,293

)

Effects of:

Expenses not deductible for tax purposes

50

52

Capital allowances in excess of depreciation

(4,165

)

(4,273

)

Origination and reversal of timing differences

5,122

5,115

Effect of change in tax rate - deferred tax

-

1,106

Adjustment in respect of previous years

-

42,406

Group loss relief (claimed) / surrendered

(90,896

)

29,207

Group loss relief for rolled over gains

-

(9,875

)

Other

(1,266

)

(693

)

Gains rolled over

-

12,220

Adjustment to tax charge in respect of previous years - group relief

(29,207

)

-

Total tax (credit)/charge

(23,610

)

50,972

Taxable profits have been reduced by £363,585 (2023 - £nil) due to the availability of group loss relief. Losses of £nil (2023 - £124,285) were surrendered for utilisation by other group companies.

9.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Long

property

leasehold

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

50,000

883,047

933,047

DEPRECIATION

At 1 January 2024

-

22,817

22,817

Charge for year

-

18,661

18,661

At 31 December 2024

-

41,478

41,478

NET BOOK VALUE

At 31 December 2024

50,000

841,569

891,569

At 31 December 2023

50,000

860,230

910,230

10.	INVENTORIES

2024

2023

£

£

Consumables

69,211

54,957

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

862,416

1,143,184

Other debtors and prepayments

77,314

176,234

Amounts owed by group

undertakings

1,450,515

345,710

Corporation tax debtor

23,525

-

2,413,770

1,665,128

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

31,076

15,011

Other creditors and accruals

1,283,638

1,325,751

Amounts owed to group undertakings

297,914

233,506

1,612,628

1,574,268

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

13,939

18,030

14.	LEASING AGREEMENTS

Operating leases - lessor

Total future minimum lease payments receivable under non-cancellable operating leases are as follows:

2024

2023

£

£

Within one year

31,067

29,613

31,067

26,112

15.	FINANCIAL INSTRUMENTS

The company has no financial assets or financial liabilities measured at fair value through profit or loss.

16.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

15,602

11,437

Deferred pension payments

(4,508

)

(5,465

)

Gains rolled over

220,750

220,750

231,844

226,722

Deferred

tax

£

Balance at 1 January 2024

226,722

Transfer to income statement

5,122

Balance at 31 December 2024

231,844

The expected net reversal of deferred tax liabilities in 2025 is not expected to be significant based on planned capital expenditure for the company and group.

17.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

432,534

'A' Ordinary

£1

432,534

432,534

65,244

'B' Ordinary

£1

65,244

65,244

497,778

497,778

Each class of share capital holds equal voting rights.

18.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2024

3,721,173

22,222

3,743,395

Profit for the year

410,616

410,616

At 31 December 2024

4,131,789

22,222

4,154,011

19.	ULTIMATE PARENT COMPANY

The ultimate parent company is Langham Industries Limited which is registered in England and Wales.

The ultimate controlling party of Langham Industries Limited is the Langham family.

20.	CONTINGENT LIABILITIES

The purchase price of the former naval base is subject to further payments which are conditional on certain events occurring.

The company also has a possible obligation to contribute towards the costs of maintaining the breakwaters. It is not possible to quantify the potential costs that would be incurred, should the obligation arise.

Also, there are unlimited inter-company guarantees given by the company, nine fellow subsidiary companies and the parent company, in favour of Barclays plc. The total amount secured in respect of fellow group companies as at 31 December 2024, excluding this company, was £181,035 (2023 - £124,578).

During the prior year, the company entered into a legal charge with HSBC to guarantee fellow subsidiary borrowings. This charge is held over the property of Portland Harbour Authority Limited.

21.	RELATED PARTY DISCLOSURES

During the year Portland Harbour Authority Limited was charged £2,214,878 for plant hire (2023- £2,133,144) by group companies.

One of the group companies operates a payroll facility for both itself and Portland Harbour Authority Limited. These costs are shown in note 4 to the accounts. Other sundry amounts are recharged as appropriate.

The total amount due from group companies, other than wholly owned subsidiaries, at the year end was £991,056 (2023 - £31,865). All loans are repayable on demand.

Key management personnel compensation in the year totalled £256,010 (2023 - £231,543).