REGISTERED NUMBER: 07671660 (England and Wales)

PORT 2 PORT MARITIME SECURITY LTD

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

David Albert Montgomery

Christopher John Farrell

Paul Michael Keys

REGISTERED OFFICE:

269 Great Ancoats Street

Greater Manchester

Manchester

M47DB

REGISTERED NUMBER:

07671660 (England and Wales)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Tangible assets

5

9,407

15,392

CURRENT ASSETS

Receivables: amounts falling due within one year

6

326,632

354,661

Cash at bank and in hand

212,996

135,548

539,628

490,209

PAYABLES

Amounts falling due within one year

7

(476,211

)

(316,066

)

NET CURRENT ASSETS

63,417

174,143

TOTAL ASSETS LESS CURRENT LIABILITIES

72,824

189,535

CAPITAL AND RESERVES

Called up share capital

9

164

164

Retained earnings

72,660

189,371

SHAREHOLDERS' FUNDS

72,824

189,535

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 Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

David Albert Montgomery - Director

1.	STATUTORY INFORMATION

Port 2 Port Maritime Security Ltd is a private company, limited by shares, registered in England and Wales within the United Kingdom. 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 US Dollars ($).

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 "on a going concern basis" under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue

Revenue comprises the invoice value of services provided by the Company exclusive of value added tax. Revenue is recognised on completion of transit specifically disembarkation date. If disembarkation date is post period, then any revenue will only be recognised post period and cost related to it will be accrued accordingly. Full provision is made for any losses on a transit in progress at the reporting date.

Property, plant and equipment

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures & fittings

20% straight line

Office/computer equipment

33% straight line

Security equipment

22%/33% straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies 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. Such assets are subsequently carried at amortised cost using the effective interest method.

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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts 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. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Fixed Asset Investments

Fixed assets investments are held at cost less accumulated impairment losses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 8 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Office/Computer

Security

fittings

Equipment

Equipment

Totals

$

$

$

$

COST

At 1 January 2024

and 31 December 2024

77,450

310,704

1,568,395

1,956,549

DEPRECIATION

At 1 January 2024

75,758

300,479

1,564,920

1,941,157

Charge for year

484

5,501

-

5,985

At 31 December 2024

76,242

305,980

1,564,920

1,947,142

NET BOOK VALUE

At 31 December 2024

1,208

4,724

3,475

9,407

At 31 December 2023

1,692

10,225

3,475

15,392

6.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

Trade receivables

274,436

108,403

Other receivables

44,475

99,845

Cash equivalent investment

1,063

1,063

Amounts owed by group undertakings

-

141,916

VAT

6,658

3,434

326,632

354,661

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

7.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

Bank loans and overdrafts (see note 8)

26,578

11,684

Trade payables

127,722

109,191

Amounts owed to group undertakings

76,135

-

Social security and other taxes

76,589

69,345

Other payables

1,173

670

Accruals and deferred income

168,014

125,176

476,211

316,066

Amounts owed by group undertakings are unsecured, interest free and payable on demand.

8.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

$

$

Amounts falling due within one year or on demand:

Bank overdrafts

26,578

11,684

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

$

$

100

Issued Share Capital

1.64

164

164

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

The Auditors' Report was unqualified.

Mr. Ryan Falls FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

11.	OTHER FINANCIAL COMMITMENTS

The company have financial commitments in respect of rates and rent for office building amounting to $18,264 (2022: $56,167).

12.	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.