Portofino Fine Foods LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: OC448290

		31 March 2025		31 March 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		80,472		-

			80,472		-
CURRENT ASSETS
Debtors	5	2,822		6,982
Cash at bank and in hand		3,863		48,969

		6,685		55,951
Creditors: Amounts Falling Due Within One Year	6	(8,058 )		(1,511 )

NET CURRENT ASSETS (LIABILITIES)			(1,373 )		54,440

TOTAL ASSETS LESS CURRENT LIABILITIES			79,099		54,440

Creditors: Amounts Falling Due After More Than One Year	7		(13,441 )		-

NET ASSETS ATTRIBUTABLE TO MEMBERS			65,658		54,440

REPRESENTED BY:
Loans and other debts due to members
Other amounts		1,015		47,982

			1,015		47,982

Equity
Members' other interests
Members' capital		64,643		6,458

			64,643		6,458

			65,658		54,440

TOTAL MEMBERS' INTEREST
Loans and other debts due to members			1,015		47,982
Members' other interests			64,643		6,458

			65,658		54,440

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Portofino Fine Foods LLP

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

Mr Totuccio Castiglione

Designated Member

3rd December 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Portofino Fine Foods LLP is a limited liability partnership, incorporated in England & Wales, registered number OC448290 . The Registered Office is Unit 4 I.O Centre, Lea Road, Waltham Cross, Hertfordshire, EN9 1AS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles

20% Reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: NIL (2024: NIL)

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Portofino Fine Foods LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Motor Vehicles
	£
Cost
As at 1 April 2024	-
Additions	100,590

As at 31 March 2025	100,590

Depreciation
As at 1 April 2024	-
Provided during the period	20,118

As at 31 March 2025	20,118

Net Book Value
As at 31 March 2025	80,472

As at 1 April 2024	-

5. Debtors

	31 March 2025	31 March 2024
	£	£
Due within one year
Trade debtors	2,822	6,871
Other debtors	-	111

	2,822	6,982

6. Creditors: Amounts Falling Due Within One Year

	31 March 2025	31 March 2024
	£	£
Net obligations under finance lease and hire purchase contracts	4,762	-
Trade creditors	1	311
Other creditors	2,880	1,200
Taxation and social security	415	-

	8,058	1,511

7. Creditors: Amounts Falling Due After More Than One Year

	31 March 2025	31 March 2024
	£	£
Net obligations under finance lease and hire purchase contracts	13,441	-

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Portofino Fine Foods LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Obligations Under Finance Leases and Hire Purchase

	31 March 2025	31 March 2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	4,762	-
Later than one year and not later than five years	13,441	-

	18,203	-

	18,203	-

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