Registration number: 04138696

Porter & Woodman Gifts Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Porter & Woodman Gifts Limited

Company Information

Directors

Mr M J Branch Mr A Lill

Registered office

1&2 Mill Race Lane Stourbridge West Midlands DY8 1JN

Accountants

CBSL Accountants Limited Chartered Accountants Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Porter & Woodman Gifts Limited

(Registration number: 04138696)
Balance Sheet as at 31 January 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	153,414	165,126
Tangible assets	5	54,436	58,136
		207,850	223,262
Current assets
Stocks	6	194,931	200,459
Debtors	7	377,981	258,386
Cash at bank and in hand		363,428	459,083
		936,340	917,928
Creditors: Amounts falling due within one year	8	(586,581)	(555,181)
Net current assets		349,759	362,747
Total assets less current liabilities		557,609	586,009
Creditors: Amounts falling due after more than one year	8	(15,105)	(42,960)
Provisions for liabilities		(12,349)	(13,125)
Net assets		530,155	529,924
Capital and reserves
Called up share capital	9	100	100
Retained earnings		530,055	529,824
Shareholders' funds		530,155	529,924

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Porter & Woodman Gifts Limited

(Registration number: 04138696)
Balance Sheet as at 31 January 2025

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 June 2025 and signed on its behalf by:
 

Mr M J Branch Director

Mr A Lill Director

Porter & Woodman Gifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1&2 Mill Race Lane
Stourbridge
West Midlands
DY8 1JN

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Porter & Woodman Gifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% Reducing balance
Motor vehicles	25% Reducing balance
Fixtures and fittings	25% Reducing balance
Computer equipment	33% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line
Website costs	33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Porter & Woodman Gifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2024 - 41).

Porter & Woodman Gifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

4	Intangible assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 February 2024	319,267	41,457	360,724
At 31 January 2025	319,267	41,457	360,724
Amortisation
At 1 February 2024	154,144	41,454	195,598
Amortisation charge	11,712	-	11,712
At 31 January 2025	165,856	41,454	207,310
Carrying amount
At 31 January 2025	153,411	3	153,414
At 31 January 2024	165,123	3	165,126

Porter & Woodman Gifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 February 2024	162,419	5,295	376,298	544,012
Additions	-	-	14,225	14,225
Disposals	-	(5,295)	-	(5,295)
At 31 January 2025	162,419	-	390,523	552,942
Depreciation
At 1 February 2024	158,532	4,195	323,149	485,876
Charge for the year	971	206	15,854	17,031
Eliminated on disposal	-	(4,401)	-	(4,401)
At 31 January 2025	159,503	-	339,003	498,506
Carrying amount
At 31 January 2025	2,916	-	51,520	54,436
At 31 January 2024	3,887	1,100	53,149	58,136

Included within the net book value of £54,436 is £14,044 (2024 - £13,336) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £3,524 (2024 - £4,446).

6

Stocks

	2025 £	2024 £
Stock	194,931	200,459

7

Debtors

Current	Note	2025 £	2024 £
Trade debtors		205,111	221,246
Amounts owed by related parties	12	129,000	-
Prepayments		38,208	35,874
Other debtors		5,662	1,266
		377,981	258,386

Porter & Woodman Gifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	11	33,402	29,211
Trade creditors		376,683	304,405
Taxation and social security		159,263	203,389
Accruals and deferred income		6,809	2,924
Other creditors		10,424	15,252
		586,581	555,181

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,656 (2024 - £3,819).

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	11	15,105	42,960

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,333 (2024 - £5,443).

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A of £1 each	82	82	82	82
Ordinary B of £1 each	18	18	18	18
	100	100	100	100

Porter & Woodman Gifts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

10	Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	88,804	62,355
Later than one year and not later than five years	352,082	-
	440,886	62,355

11	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Finance lease liabilities	5,333	5,443
Other borrowings	9,772	37,517
	15,105	42,960

Current loans and borrowings

	2025 £	2024 £
Finance lease liabilities	5,656	3,819
Other borrowings	27,746	25,392
	33,402	29,211

12	Related party transactions

At 31 January 2025 two of the directors held a floating charge over the assets and future intellectual property rights of the company.

The ultimate parent company is Porter and Woodman Holdings Limited, incorporated in England & Wales.