REGISTERED NUMBER: 10396539 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

PORT FLYER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J S E Arnell

L M Arnell

REGISTERED OFFICE:

25 Bury Street

London

SW1Y 6AL

REGISTERED NUMBER:

10396539 (England and Wales)

ACCOUNTANTS:

Galloways Accounting Limited

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Investments

4

60,758,008

54,966,479

CURRENT ASSETS

Cash at bank

725,162

358,410

CREDITORS

Amounts falling due within one year

5

6,127,747

7,398,028

NET CURRENT LIABILITIES

(5,402,585

)

(7,039,618

)

TOTAL ASSETS LESS CURRENT LIABILITIES

55,355,423

47,926,861

CREDITORS

Amounts falling due after more than one year

6

(35,197,673

)

(29,645,283

)

PROVISIONS FOR LIABILITIES

7

(3,789,340

)

(3,756,638

)

NET ASSETS

16,368,410

14,524,940

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

16,368,310

14,524,840

16,368,410

14,524,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 23 December 2025 and were signed on its behalf by:

J S E Arnell - Director

1.	STATUTORY INFORMATION

Port Flyer 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 as modified by the revaluation of certain assets.

Turnover

Turnover comprises of interest and dividends paid to the company in respect of its fixed asset investments. This income is recognised when it is received.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year 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 year 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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

Investments are stated at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the investment is sold.

3.

EMPLOYEES

The average number of employees during the year was 1 (2024 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Investments

£

COST OR VALUATION

At 1 April 2024

54,966,479

Additions

12,302,731

Disposals

(8,677,304

)

Revaluations

2,166,102

At 31 March 2025

60,758,008

NET BOOK VALUE

At 31 March 2025

60,758,008

At 31 March 2024

54,966,479

Cost or valuation at 31 March 2025 is represented by:

Investments

£

Valuation in 2017

(75,909

)

Valuation in 2018

1,241,978

Valuation in 2019

1,303,627

Valuation in 2021

3,270,849

Valuation in 2022

4,627,225

Valuation in 2023

4,990,256

Valuation in 2024

(331,476

)

Valuation in 2025

2,166,098

Cost

43,565,360

60,758,008

During the year the company reviewed the presentation of balances relating to its liquid reserve arrangements. In prior year financial statements these balances were presented within fixed asset investments. Management consider that, given the highly liquid nature of these balances, classification as cash and cash equivalents provides more relevant and reliable information.

Comparative figures have not been restated. The reclassification has no effect on net assets or profit for either period.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

2,989,899

2,770,081

Tax

349,256

347,840

Social security and other taxes

47

420

Other creditors

-

1,142

Directors' current accounts

2,000,000

3,750,000

Accruals and deferred income

788,545

528,545

6,127,747

7,398,028

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans - 1-2 years

6,002,390

-

Directors' loan accounts

29,195,283

29,645,283

35,197,673

29,645,283

7.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

3,789,340

3,756,638

Deferred

tax

£

Balance at 1 April 2024

3,756,638

Provided during year

32,702

Balance at 31 March 2025

3,789,340

8.	RELATED PARTY DISCLOSURES

Included within creditors are loans from shareholders / directors. Interest is payable at a rate of 1.5%. At the balance sheet date interest of £784,945 (2024: £528,544) had been accrued but not paid.