REGISTERED NUMBER: 02931796 (England and Wales)

PORTLAND WIRE PRODUCTS LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

Mr K McGuigan

Mr M O Lee

REGISTERED OFFICE:

997 London Road

Alvaston

Derby

DE24 8PX

BUSINESS ADDRESS:

Venture Point

Wheelhouse Road

Rugeley

Staffordshire

WS15 1UZ

REGISTERED NUMBER:

02931796 (England and Wales)

AUDITORS:

Johnson Tidsall Limited

Chartered Accountants

& Statutory Auditor

81 Burton Road

Derby

Derbyshire

DE1 1TJ

FIXED ASSETS

Tangible assets

4

21,259

26,226

CURRENT ASSETS

Stocks

5

23,373

18,363

Debtors

6

290,765

353,181

Cash at bank

181,309

161,508

495,447

533,052

CREDITORS

Amounts falling due within one year

7

201,979

289,067

NET CURRENT ASSETS

293,468

243,985

TOTAL ASSETS LESS CURRENT LIABILITIES

314,727

270,211

PROVISIONS FOR LIABILITIES

5,314

6,490

NET ASSETS

309,413

263,721

CAPITAL AND RESERVES

Called up share capital

8

4,000

4,000

Retained earnings

305,413

259,721

SHAREHOLDERS' FUNDS

309,413

263,721

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr K McGuigan - Director

1.	STATUTORY INFORMATION

Portland Wire Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sales of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually upon delivery.

Tangible fixed assets

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

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Taxation

Taxation for the period 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2024

and 31 December 2024

33,771

10,016

29,950

73,737

DEPRECIATION

At 1 March 2024

30,790

9,018

7,703

47,511

Charge for period

249

83

4,635

4,967

At 31 December 2024

31,039

9,101

12,338

52,478

NET BOOK VALUE

At 31 December 2024

2,732

915

17,612

21,259

At 29 February 2024

2,981

998

22,247

26,226

5.

STOCKS

2024

2024

£

£

Stocks

23,373

18,363

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade debtors

78,550

242,891

Amounts owed by group undertakings

205,836

104,886

Other debtors

1,849

2,604

Prepayments and accrued income

4,530

2,800

290,765

353,181

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade creditors

108,417

196,485

Amounts owed to group undertakings

55,152

46,849

Corporation tax

16,494

23,592

Social security and other taxes

2,984

2,890

VAT

12,737

13,499

Other creditors

266

262

Accruals and deferred income

5,929

5,490

201,979

289,067

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2024

value:

£

£

1,000

Ordinary A

£1

1,000

1,000

1,000

Ordinary B

£1

1,000

1,000

1,000

Ordinary C

£1

1,000

1,000

1,000

Ordinary D

£1

1,000

1,000

4,000

4,000

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

The Report of the Auditors was unqualified.

David Mellor FCA (Senior Statutory Auditor)

for and on behalf of Johnson Tidsall Limited

10.	OTHER FINANCIAL COMMITMENTS

As at 31 December 2024 the company had financial commitments under operating leases of £9,032 (Y.E 29 Feb 2024: £23,225) in relation to property rental.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE PARENT COMPANY

Portland Wire Products Limited is a wholly owned subsidiary of PWP Properties Limited, who in turn are a wholly owned subsidiary of Pendine Holdco Limited.

The registered office of Pendine Holdco Limited is 4 Apollo Park, University Way, Crewe, CW1 6HX.

Pendine Holdco Limited prepare consolidated financial statements, of which Portland Wire Products Limited forms a part of. The consolidated financial statements are publicly available at Companies House, Crown Way, Cardiff, CF14 3UZ, DX 33050 Cardiff, United Kingdom.