Portway Domestic Appliances Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02437178 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PORTWAY DOMESTIC APPLIANCES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J K V White

SECRETARY:

Mr J K V White

REGISTERED OFFICE:

Kingsgate House

Newbury Road

Andover

Hampshire

SP10 4DU

BUSINESS ADDRESS:

Centurion House

Central Way

Andover

Hampshire

SP10 5AN

REGISTERED NUMBER:

02437178 (England and Wales)

SENIOR STATUTORY AUDITOR:

Neil Raynsford

AUDITORS:

Langdowns DFK Limited

Statutory Auditor

Kingsgate House,

North Wing, Ground Floor

Newbury Road

Andover

Hampshire

SP10 4DU

FIXED ASSETS

Intangible assets

5

-

Tangible assets

6

1,639,599

1,604,837

1,639,599

1,604,837

CURRENT ASSETS

Stocks

1,797,087

1,887,294

Debtors

7

1,878,609

991,042

Cash at bank and in hand

3,240

84

3,678,936

2,878,420

CREDITORS

Amounts falling due within one year

8

2,620,181

1,738,801

NET CURRENT ASSETS

1,058,755

1,139,619

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,698,354

2,744,456

CREDITORS

Amounts falling due after more than one
year

9

(99,711

)

(160,996

)

PROVISIONS FOR LIABILITIES

(11,661

)

-

NET ASSETS

2,586,982

2,583,460

CAPITAL AND RESERVES

Called up share capital

11

74

Share premium

12

4,995

Revaluation reserve

12

586,455

600,586

Capital redemption reserve

12

36

Retained earnings

12

1,995,422

1,977,769

SHAREHOLDERS' FUNDS

2,586,982

2,583,460

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2025 and were signed by:

Mr J K V White - Director

1.	STATUTORY INFORMATION

Portway Domestic Appliances Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the company information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis as the director believes that no material uncertainties exist and the company is still in a stable position. The director has considered the level of reserves held and the expected level of income and expenditure for a period of twelve months from authorising these financial statements.

The bank overdraft facility has been renewed to 30 April 2026 and the director has no reason to doubt that the company's bankers will not continue to support the company beyond that date. The company also has the continued support of it's parent company Ken White Holdings Limited.

Significant judgements and estimates

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

The following accounting policies have been applied.

Turnover

Turnover represents net invoiced sales of domestic appliances, excluding value added tax and is reduced for estimated customer returns and sales settlement discounts.

Turnover is recognised when all the following conditions are satisfied:-

1) the company has transferred to the customer the significant risks and rewards of ownership of the goods;

2) the amount of turnover can be measured reliably;

3) it is probable that the economic benefits associated with the transaction will flow to the company; and

4) the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, turnover is recognised when the domestic appliances are delivered to the customer and legal title is passed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill

Goodwill arising on the amount paid in connection with the acquisition of a business in June 2006 is carried at cost less accumulated amortisation and impairment losses if any.

This has been amortised evenly over its estimated useful life of ten years and ended during 2016.

Website costs

Website development, design and content costs are capitalised due to the website having the capability to be used for direct selling and is classified as an identifiable non-monetary asset without physical substance.

Website costs are stated at cost less accumulated amortisation and are amortised, using the straight line method, over its appropriate useful life of 3 years.

Tangible fixed assets

Long leasehold building is held and used in the company's own activities for supply of goods or for administrative purposes and is stated in the statement of financial position at latest valuation less accumulated depreciation.

Depreciation on this building is charged to the income statement so as to write off its value less residual value, over the estimated useful life, being the remaining lease term.

Fixtures and fittings, plant and motor vehicles and computer equipment are stated at cost less accumulated depreciation.

Depreciation is charged to the income statement so as to write off their value less residual value, over the estimated useful lives, using the straight line method, with fixtures and fittings at 10%, 15% and 25%, plant and motor vehicles at 20% and computer equipment at 33%.

At the end of each reporting period, the company reviews the carrying amounts of it's property, fixtures and fittings, plant and motor vehicles and computer equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Estimated selling price less costs to complete and sell is ascertained by the review of post balance sheet selling prices.

Cost is ascertained on a First In First Out basis from the invoiced amount charged by suppliers.

The amount of any write-downs of stocks to estimated selling price less costs to complete and sell and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting its liabilities.

Taxation

Taxation expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. The taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all deductible temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and laws enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in the income statement, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised at their fair value at the inception of the hire purchase contract or finance lease in the statement of financial position when all the risks and rewards of ownership are substantially transferred to the company.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The corresponding liability of the future payments to the lessor is recognised in the statement of financial position as a hire purchase or finance lease obligation.

The interest element of these obligations is charged to the income statement over the relevant period.

Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases. Rentals paid under operating leases are charged to the income statement as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the company in an independent administered fund.

Trade and other debtors

Short term trade and other debtors are measured at transaction value less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand and bank overdrafts. In the statement of financial position, bank overdrafts are shown within current liabilities.

Trade and other creditors

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

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

5.	INTANGIBLE FIXED ASSETS

Website

Goodwill

costs

Totals

£

COST

At 1 January 2024

95,302

11,320

106,622

Disposals

-

(5,000

)

(5,000

)

At 31 December 2024

95,302

6,320

101,622

AMORTISATION

At 1 January 2024

95,302

11,320

106,622

Eliminated on disposal

-

(5,000

)

(5,000

)

At 31 December 2024

95,302

6,320

101,622

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Long

to

and

leasehold

property

fittings

£

COST OR VALUATION

At 1 January 2024

1,500,000

64,943

73,998

Additions

-

50,384

Disposals

-

(7,170

)

At 31 December 2024

1,500,000

64,943

117,212

DEPRECIATION

At 1 January 2024

8,772

18,468

59,596

Charge for year

35,088

3,247

10,750

Eliminated on disposal

-

(6,095

)

At 31 December 2024

43,860

21,715

64,251

NET BOOK VALUE

At 31 December 2024

1,456,140

43,228

52,961

At 31 December 2023

1,491,228

46,475

14,402

Plant and

motor

Computer

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 January 2024

238,353

84,515

1,961,809

Additions

52,195

-

102,579

Disposals

(60,913

)

(14,378

)

(82,461

)

At 31 December 2024

229,635

70,137

1,981,927

DEPRECIATION

At 1 January 2024

188,067

82,069

356,972

Charge for year

15,473

2,184

66,742

Eliminated on disposal

(60,913

)

(14,378

)

(81,386

)

At 31 December 2024

142,627

69,875

342,328

NET BOOK VALUE

At 31 December 2024

87,008

262

1,639,599

At 31 December 2023

50,286

2,446

1,604,837

Cost or valuation at 31 December 2024 is represented by:

Improvements

Fixtures

Long

to

and

leasehold

property

fittings

£

Valuation in 2019

231,687

-

Valuation in 2023

100,000

-

Cost

1,168,313

64,943

117,212

1,500,000

64,943

117,212

Plant and

motor

Computer

vehicles

equipment

Totals

£

Valuation in 2019

-

231,687

Valuation in 2023

-

100,000

Cost

229,635

70,137

1,650,240

229,635

70,137

1,981,927

If Long Leasehold property had not been revalued it would have been included at the following historical cost:

2024

2023

£

Cost

1,168,313

Aggregate depreciation

298,627

277,670

Value of land in freehold land and buildings

869,686

890,643

The long leasehold property was valued by External Valuers Stratfords Commercial, Chartered Surveyors as at 21st September 2023 on the basis of Fair Value (UK GAAP) in accordance with the RICS Red Book Global and FRS 102, the Financial Reporting Standard applicable in the UK. It was assumed that the property would be subject to vacant possession. The Valuer's opinion of Fair Value (UK GAAP) was primarily derived using comparable recent market transactions on arm's length terms.

The net book value of assets held under hire purchase contracts is £134,580 (2023 - £50,286).

The depreciation charge for the year in respect of these assets was £17,283 (2023 - £15,473).

7.

DEBTORS

2024

2023

£

Amounts falling due within one year:

Trade debtors

1,223,198

898,458

Other debtors

480,148

92,584

1,703,346

991,042

Amounts falling due after more than one year:

Other debtors

175,263

-

Aggregate amounts

1,878,609

991,042

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

263,951

290,758

Loan from group undertaking

48,738

56,147

Hire purchase contracts

38,667

14,251

Trade creditors

1,785,356

785,458

Amounts owed to group undertakings

61,366

72,798

Tax

10,883

51,143

Social security and other taxes

178,096

251,478

Other creditors

9,025

12,770

Directors' current accounts

-

3,607

Accrued expenses

224,099

200,391

2,620,181

1,738,801

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans - 1-2 years

19,799

57,243

Bank loans - 2-5 years

-

19,799

Loan from group undertaking

-

48,738

Hire purchase contracts

79,912

35,216

99,711

160,996

The bank loan is repayable over 15 years commencing 1 October 2010.

Interest was payable on this loan at a fixed rate of 6.04% until 1 June 2020 when the interest rate was changed to a fixed rate of 5.57%.

For details for security held for the bank loans and bank overdraft facility - See note 12.

The loan from the group undertaking is repayable over 15 years commencing 1 October 2010 and interest is payable on this loan at a fixed rate of 6.04%.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank overdrafts

206,708

236,612

Bank loans

77,042

131,188

Hire purchase contracts

118,579

49,467

Loan from group undertaking

-

104,885

402,329

522,152

The bank overdraft facility is secured by a fixed and floating charge over the assets and undertakings of the company.

The bank loan is secured by a first legal charge over the commercial leasehold property.

A loan from the group undertaking is secured by a second legal charge over the commercial leasehold property.

The hire purchase contracts are secured on the fixed assets for which they were used to purchase.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

85

Ordinary

£1

74

12.

RESERVES

Capital

Retained

Share

Revaluation

redemption

earnings

premium

reserve

Totals

£

At 1 January 2024

1,977,769

4,995

600,586

36

2,583,386

Profit for the year

3,522

-

3,522

Revaluation of long leasehold

14,131

-

(14,131

)

-

At 31 December 2024

1,995,422

4,995

586,455

36

2,586,908

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Raynsford (Senior Statutory Auditor)

for and on behalf of Langdowns DFK Limited

14.	OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £3,112,811 (2023: £3,189,752).

This amount is in relation to operating lease commitments which are payable over the next 42 years.

15.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

Mr J K V White

Balance outstanding at start of year

-

Amounts advanced

300,501

60,419

Amounts repaid

-

(60,419

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

300,501

-

This loan was unsecured with interest charged at HMRC approved rates and £225,000 of the outstanding balance was repaid within nine months of the year end.

16.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.

17.	POST BALANCE SHEET EVENTS

A demerger took place post year end, whereby the retail side of the business was taken over by a company owned and run by Mr R J Pope, a former director of the company.

18.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ken White Holdings Limited(incorporated in Great Britain).

The company's registered office address is Kingsgate House, Newbury Road, Andover, Hampshire, SP10 4DU.