REGISTERED NUMBER: 03158010 (England and Wales)

PORTLAND PORT LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

Report of the Independent Auditors

5

to

7

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

to

23

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:

03158010 (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 strategic report for the year ended 31 December 2024.

The directors aim to present a balanced and comprehensive review of the development and performance of the company and its position at the year end. The review is consistent with the size and the non-complex nature of the company and is written in the context of the risks and uncertainties faced.

REVIEW OF BUSINESS

The profit on ordinary activities before tax was £5,801,926 (2023 - £5,753,739). Overall the turnover and profit were in line with expectations. Underlying performance was excellent and reflects the continued development of the business as a successful commercial port.

The above results have seen net assets increase by £3,551,782 to £34,349,859 as at 31 December 2024. Cash reserves are in line with expectations taking into account the investments made in the year in improvements to the port’s infrastructure.

DEVELOPMENT AND PERFORMANCE

The company continues to review opportunities to extend the capabilities of the Port and to attract tenants that will provide increased marine revenues in the future.

During the year the second and final phase of the redevelopment of the Deep Water Berth was completed, to create a second large deep water berth capable of handling the largest cruise ships and Panamax cargo vessels. This investment involved converting the original piled berth to a solid berth doubling the capacity for larger vessels. The work on the berth commenced in October 2022 at the end of the cruise season, with a first phase completed before the commencement of the 2023 cruise season. The second phase, which involved installing drainage and the final surfacing commenced at the end of the 2023 cruise season and was completed before the start of the 2024 cruise season. The project was completed on time and under budget.

KEY PERFORMANCE INDICATORS

The directors consider the key performance indicators to be sales, gross profit and profit on ordinary activities before taxation. A table illustrating the performance for the last five years is as follows:

2024

2023

2022

2021

2020

£

£

£

£

£

Turnover

15,822,389

13,806,960

10,894,767

10,607,594

6,706,502

Gross Profit

8,722,857

8,263,580

6,638,987

6,513,036

3,857,443

Gross Profit %

55.13%

59.85%

60.94%

61.40%

57.49%

Profit on Ordinary Activities before

5,801,926

5,753,739

4,917,891

4,958,841

2,860,349

taxation

PRINCIPAL RISKS AND UNCERTAINTIES

The company has an increasingly broad customer base and as such the levels of activity and revenues derived from those customers is stable and growing. The investment in the new Deep Water berth reduces the future risks of turning customers away through berth capacity constraints.

Wherever possible customers are sought that combine both marine and land requirements to provide an element of long-term commitment, and long term relationships are developed wherever possible.

The operations of the business are regularly reviewed by external consultants to ensure that health and safety and marine risks are kept to an acceptable level.

With minimal borrowing the interest rate risks are minimal and the company has no foreign currency exposure.

The company’s exposure to bad debts is kept to a minimum by constant review of amounts owed by customers and a regime is in place to keep the risk to an acceptable level.

Cyber security remains a risk and as such the systems and infrastructure are constantly under review and employees are made aware of the latest protocols and the risks involved.

The directors consider the levels of risk are acceptable.

ON BEHALF OF THE BOARD:

A D Deves - Secretary

11 September 2025

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 operating a commercial port and related activities.

DIVIDENDS

An interim dividend of £373,398 (2023 - £373,398) has been declared during the year. The directors do not recommend the payment of a final dividend.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

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 Strategic Report, 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.

ON BEHALF OF THE BOARD:

A D Deves - Secretary

11 September 2025

Opinion

We have audited the financial statements of Portland Port 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, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Strategic Report or 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 management bias in accounting estimates and judgemental areas of the financial statements, as well as the risk of inappropriate journal entries to manipulate reported profitability. 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. These key areas of uncertainty are disclosed in the accounting policies. We carried out detailed substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation, reviewing the outcome of prior year estimates, and also reviewing the outcome of current year estimates since the financial reporting date.

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.

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

15,822,389

13,806,960

Cost of sales

7,099,532

5,543,380

GROSS PROFIT

8,722,857

8,263,580

Administrative expenses

2,751,724

2,019,130

OPERATING PROFIT

5

5,971,133

6,244,450

Interest receivable and similar income

6

407,384

96,939

6,378,517

6,341,389

Interest payable and similar expenses

7

576,591

587,650

PROFIT BEFORE TAXATION

5,801,926

5,753,739

Tax on profit

8

1,876,746

1,707,292

PROFIT FOR THE FINANCIAL YEAR

3,925,180

4,046,447

PROFIT FOR THE YEAR

3,925,180

4,046,447

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,925,180

4,046,447

FIXED ASSETS

Property, plant and equipment

10

50,602,324

46,899,337

CURRENT ASSETS

Inventories

11

7,780

2,825

Debtors

12

2,916,424

3,168,565

Investments

13

-

1,691

Cash at bank

5,291,308

6,799,182

8,215,512

9,972,263

CREDITORS

Amounts falling due within one year

14

6,907,257

6,927,792

NET CURRENT ASSETS

1,308,255

3,044,471

TOTAL ASSETS LESS CURRENT LIABILITIES

51,910,579

49,943,808

CREDITORS

Amounts falling due after more than one year

15

(5,250,000

)

(8,236,196

)

PROVISIONS FOR LIABILITIES

20

(12,310,720

)

(10,909,535

)

NET ASSETS

34,349,859

30,798,077

CAPITAL AND RESERVES

Called up share capital

21

262,034

262,034

Share premium

22

1,310

1,310

Capital redemption reserve

22

11,113

11,113

Retained earnings

22

34,075,402

30,523,620

SHAREHOLDERS' FUNDS

34,349,859

30,798,077

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

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

262,034

26,850,571

1,310

11,113

27,125,028

Changes in equity

Dividends

-

(373,398

)

-

-

(373,398

)

Total comprehensive income

-

4,046,447

-

-

4,046,447

Balance at 31 December 2023

262,034

30,523,620

1,310

11,113

30,798,077

Changes in equity

Dividends

-

(373,398

)

-

-

(373,398

)

Total comprehensive income

-

3,925,180

-

-

3,925,180

Balance at 31 December 2024

262,034

34,075,402

1,310

11,113

34,349,859

Cash flows from operating activities

Cash generated from operations

1

8,971,952

8,595,360

Interest paid

(576,591

)

(587,650

)

Tax paid

(1,644,908

)

(1,238,939

)

Net cash from operating activities

6,750,453

6,768,771

Cash flows from investing activities

Purchase of tangible fixed assets

(8,551,742

)

(10,422,326

)

Sale of tangible fixed assets

2,259,429

-

Interest received

407,384

96,939

Net cash from investing activities

(5,884,929

)

(10,325,387

)

Cash flows from financing activities

New loans in year

-

8,000,000

Loan repayments in year

(2,000,000

)

-

Equity dividends paid

(373,398

)

(373,398

)

Net cash from financing activities

(2,373,398

)

7,626,602

(Decrease)/increase in cash and cash equivalents

(1,507,874

)

4,069,986

Cash and cash equivalents at beginning of year

2

6,799,182

2,729,196

Cash and cash equivalents at end of year

2

5,291,308

6,799,182

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

5,801,926

5,753,739

Depreciation charges

2,067,412

1,697,816

Loss on disposal of fixed assets

521,914

-

Loss on revaluation of fixed assets

1,691

-

Finance costs

576,591

587,650

Finance income

(407,384

)

(96,939

)

8,562,150

7,942,266

Increase in inventories

(4,955

)

(2,634

)

Decrease in trade and other debtors

252,141

1,270,241

Increase/(decrease) in trade and other creditors

162,616

(614,513

)

Cash generated from operations

8,971,952

8,595,360

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

5,291,308

6,799,182

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

6,799,182

2,729,196

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

6,799,182

(1,507,874

)

5,291,308

6,799,182

(1,507,874

)

5,291,308

Liquid resources

Current asset investments

1,691

(1,691

)

-

1,691

(1,691

)

-

Debt

Debts falling due within 1 year

-

(750,000

)

(750,000

)

Debts falling due after 1 year

(8,000,000

)

2,750,000

(5,250,000

)

(8,000,000

)

2,000,000

(6,000,000

)

Total

(1,199,127

)

490,435

(708,692

)

1.	GENERAL INFORMATION

Portland Port 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, modified to include certain items at fair value.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

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.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Useful economic lives of property, plant and equipment

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended, where necessary, to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Revenue

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

Revenue from the provision of port services comprises berthing and wharfage dues, cargo handling charges, plant hire and infrastructure charges, marine operations and security, utilities and fuel, port related rental income 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% to 5% pa on cost

Plant and machinery

- 10% on cost

Furniture and equipment

- 20% to 33.33% on cost

Motor vehicles

- 33.33% on cost

Tugs and workboats

- 4% to 33% pa on cost

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 its 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

Inventories are stated at the lower of cost and fair value less costs to complete and sell. Inventories 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.

Current asset investments

Current asset investments are initially recognised at cost and are subsequently revalued to fair value at each financial reporting date, with movements through the income statement.

The fair value of investments in companies traded on AIM is represented by the stock exchange value at the financial reporting date, as this is considered to be the market value.

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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

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 (loss) / profit before taxation are attributable to the one principal activity of the company.

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

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,300,324

1,043,866

Social security costs

88,126

75,379

Other pension costs

97,017

89,796

1,485,467

1,209,041

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

2024

2023

Direct

22

17

Administration

8

8

Directors

4

4

34

29

Portland Port Limited operates the payroll for one other group company and the relevant payroll costs are recharged to the other companies, as stated in note 28.

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.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

2,067,412

1,697,816

Loss on disposal of fixed assets

521,914

-

Auditors remuneration

15,938

15,319

Operating lease rentals

45,711

44,148

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

2024

2023

£

£

Bank interest receivable

407,384

96,939

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest payable

521,370

502,628

Other interest payable

55,221

85,022

576,591

587,650

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

652,065

1,625,411

Adjustment in respect of previous years - corporation tax

(176,504

)

-

Group loss relief for rolled over gains

-

9,875

Total current tax

475,561

1,635,286

Deferred tax

1,401,185

72,006

Tax on profit

1,876,746

1,707,292