Portward Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02178555

Portward Limited

Filleted Unaudited Financial Statements

31 December 2024

Portward Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5	4,827	7,249
Investments	6	1,021,040	1,021,040
		-------------	-------------
		1,025,867	1,028,289

Current assets

Stocks		904,033	1,019,033
Debtors	7	262,011	373,997
Cash at bank and in hand		26,052	45,221
		-------------	-------------
		1,192,096	1,438,251

Creditors: amounts falling due within one year	8	431,715		774,824
		-------------		-------------
Net current assets			760,381		663,427
			-------------		-------------
Total assets less current liabilities			1,786,248		1,691,716

Provisions

Taxation including deferred tax	20,758	20,758
	-------------	-------------
Net assets	1,765,490	1,670,958
	-------------	-------------

Capital and reserves

Share premium account	210,999	210,999
Capital redemption reserve	3	3
Other reserves	88,159	88,159
Profit and loss account	1,466,329	1,371,797
	-------------	-------------
Shareholders funds	1,765,490	1,670,958
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

Portward Limited

Statement of Financial Position (continued)

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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 8 September 2025 , and are signed on behalf of the board by:

Mrs S Cartwright
Director

Company registration number: 02178555

Portward Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Heslington Lane, Fulford, York, YO10 4HW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Income from rent received is recognised in accordance with terms and conditions of the relevant lease agreement.

(c) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(e) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance

(f) Investments

Investment properties are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investment properties are measured at fair value with changes in fair value being recognised in profit or loss.

(g) Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

(h) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

(i) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(j) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(k) 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 all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2024	8,440	55,561	64,001
Disposals	–	( 37,886)	( 37,886)
	-------	--------	--------
At 31 December 2024	8,440	17,675	26,115
	-------	--------	--------
Depreciation
At 1 January 2024	6,338	50,414	56,752
Charge for the year	420	1,049	1,469
Disposals	–	( 36,933)	( 36,933)
	-------	--------	--------
At 31 December 2024	6,758	14,530	21,288
	-------	--------	--------
Carrying amount
At 31 December 2024	1,682	3,145	4,827
	-------	--------	--------
At 31 December 2023	2,102	5,147	7,249
	-------	--------	--------

6. Investments

	Associated Company	Investment Properties	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	40	1,021,000	1,021,040
	----	-------------	-------------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–
	----	-------------	-------------

Carrying amount
At 31 December 2024	40	1,021,000	1,021,040
	----	-------------	-------------
At 31 December 2023	40	1,021,000	1,021,040
	----	-------------	-------------

The company's investment in its associated company represents the cost of acquisition of shares in Lindholme Residents Management Company Limited, a company registered in England and Wales.

Investment properties were valued in December 2024 by the directors, who have experience in the location and category of investment property being valued.

7. Debtors

	2024	2023
	£	£
Other debtors	262,011	373,997
	----------	----------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	50,500	400,500
Trade creditors	498	500
Accruals and deferred income	11,499	19,462
Corporation tax	38,911	36,184
Social security and other taxes	166	148
Directors current accounts	1,565	936
Varsity Builders Limited	310,500	299,500
Other creditors	18,076	17,594
	----------	----------
	431,715	774,824
	----------	----------

9. Related party transactions

During the year the director made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the director totalled £ 1,565 (2023 : £ 936 ). During the year the company made available loans to Northmount Limited , a company under common control. The loans are interest free and repayable on demand. At the year end date the balance due from Northmount Limited totalled £ 229,045 (2023 : £ 362,045 ). During the year the company made available loans to Varsity Builders Limited , a company under common control. The loans are interest free and repayable on demand. At the year end date the balance due to Varsity Builders Limited totalled £ 310,500 (2023 : £ 299,500 ). During the year the company made available loans to Varsity Holdings Limited , a company who owns 100% of the shares in Portward Limited . The loans are interest free and repayable on demand. At the year end date the balance due from Varsity Holdings Limited totalled £ 27,000 (2023 : £ 7,000 ).

10. Controlling party

The company is a wholly owned subsidiary of Varsity Holdings Limited , a company registered in England whose registered office is 1 Heslington Lane, Fulford, York, Yo10 4HW.