Portit Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 12213604

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,342,530		1,527,930
Tangible Assets	5		14,290		11,448

			1,356,820		1,539,378
CURRENT ASSETS
Debtors	6	572,849		950,271
Cash at bank and in hand		9,285		5,491

		582,134		955,762
Creditors: Amounts Falling Due Within One Year	7	(101,039 )		(37,085 )

NET CURRENT ASSETS (LIABILITIES)			481,095		918,677

TOTAL ASSETS LESS CURRENT LIABILITIES			1,837,915		2,458,055

Creditors: Amounts Falling Due After More Than One Year	8		(154,512 )		(151,576 )

NET ASSETS			1,683,403		2,306,479

CAPITAL AND RESERVES
Called up share capital	9		1,385		1,385
Share premium account			2,499,615		2,499,615
Other reserves			1,000,000		1,000,000
Profit and Loss Account			(1,817,597 )		(1,194,521 )

SHAREHOLDERS' FUNDS			1,683,403		2,306,479

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Portit Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Gian Marco Cabiato

Director

16/07/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Portit Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12213604 . The registered office is 24 Fitzroy Square, London, W1T 6EP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are software solutions for the financial sector. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to the profit and loss account on a straight line basis over their expected useful economic lives of 10 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

33.33%

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.8. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

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Portit Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Other	Development Costs	Total
	£	£	£
Cost
As at 1 January 2024	1,899,824	122,661	2,022,485
Additions	-	4,582	4,582

As at 31 December 2024	1,899,824	127,243	2,027,067

Amortisation
As at 1 January 2024	494,555	-	494,555
Provided during the period	189,982	-	189,982

As at 31 December 2024	684,537	-	684,537

Net Book Value
As at 31 December 2024	1,215,287	127,243	1,342,530

As at 1 January 2024	1,405,269	122,661	1,527,930

5. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 January 2024	19,210
Additions	8,926
Disposals	(4,726 )

As at 31 December 2024	23,410

Depreciation
As at 1 January 2024	7,762
Provided during the period	6,084
Disposals	(4,726 )

As at 31 December 2024	9,120

Net Book Value
As at 31 December 2024	14,290

As at 1 January 2024	11,448

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	60,000	5,400
Prepayments and accrued income	12,770	115,315
Other debtors	79	283
Share premium not paid	499,923	499,923
VAT	-	45,596
Called up share capital not paid	77	77

	572,849	666,594

...CONTINUED

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Portit Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Due after more than one year
Other debtors	-	283,677

	572,849	950,271

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	33,366	15,762
Other taxes and social security	11,513	-
VAT	25,429	-
Other creditors	10,537	1,743
Accruals and deferred income	20,194	19,580

	101,039	37,085

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Amounts owed to related parties	154,512	151,576

9. Share Capital

	2024	2023
	£	£
Called Up Share Capital not Paid	77	77
Called Up Share Capital has been paid up	1,308	1,308

Amount of Allotted, Called Up Share Capital	1,385	1,385

10. Pension Commitments

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £256.83 (PY £256.83) were due to the fund. They are included in Other Creditors.

11. Controlling Party

The company's controlling party is Ephelia Capital Gmbh by virtue of his ownership of 63% of the issued share capital in the company.

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