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Registered number: 02912016









PORTLAND STONE FIRMS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PORTLAND STONE FIRMS LIMITED
 
 
COMPANY INFORMATION


Directors
Serena Mansfield (appointed 22 June 2023)
Michael Smith 
Mervyn Stewkesbury (resigned 7 May 2023)




Company secretary
Emma Smith



Registered number
02912016



Registered office
Wadebridge House
16 Wadebridge Square

Poundbury

Dorchester

Dorset

DT1 3AQ





 
PORTLAND STONE FIRMS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11 - 12
Company balance sheet
13 - 14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17 - 18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 41


 
PORTLAND STONE FIRMS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The principal activity of the company is the quarrying, mining, and manufacture of Portland Stone from its landholdings on the Island of Portland. The processing of our stone is carried out at the factory into slabs, cladding, paving, flooring, masonry, and walling stone.

Business review
 
The group maintained its strong order intake and continues to invest in quarry, mining, and factory plant to ensure a continued delivery of quality products to its client base. When considering the lasting impacts of the broader market, such as the pandemic, Ukraine war and Brexit, cost pressures have been managed. Long-term orders helped to reduce strain on supply chain impacts and a focus on maintaining customer relations led to similar levels of turnover and profitability.
The results for the year have maintained the group’s balance sheet with a small increase in net current assets and no bank debt.
We have focused on environmental performance and prepared an Environmental Product Declaration (EPD), which shows a continued reduction in our embodied carbon with additional offset by our solar panel installation, which continues to reduce the company’s environmental footprint and energy reliance.
Output from mining has increased availability of quality Whitbeds. Perryfield Mine has increased lower-level extraction and Coombefield Mine brings to the market an historic Whitbed favoured amongst Architects and contractors.  Broadcroft remains an open cast quarry with high levels of tight grained stock available for short notice and just in time projects. Access to extant large open cast mineral reserves is subject to an ongoing mining application.
We remain committed to investing in energy saving initiatives and manufacturing practices that will reduce impacts in the coming years. The masonry market remains steady, and we anticipate efficiencies in extraction to continue to improve our competitiveness.
We have included a prior year adjustment to represent the value of investment property held by the group.  The effect is to increase the carrying value of land by £1.5m and deferred tax by £375k.

Principal risks and uncertainties
 
The principal risks to the business would be a downturn in the core commercial development market of London. Stalled projects, when considering the pandemic, remain a concern within the industry as more home working has led to a reduction in office space requirements. The company remains competitive in the market to achieve all business opportunities whilst being conscious of external factors that may bring additional cost pressures. We retain certainty of work in the medium term as existing projects carry through established programmes.

Financial key performance indicators
 
The group's key financial performance indicators during the year were as follows:
                                                                                                                         
2024               2023
Turnover                                                                                                       £4,215,403       £4,624,430
Gross profit                                                                                                   £1,285,876       £1,677,028
Profit before tax                                                                                             £49,017            £478,086.
The balance sheet remains strong showing net assets of £8.5m and net current assets of £1.2m.

Page 1

 
PORTLAND STONE FIRMS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other key performance indicators
 
The group's key other performance indicators during the year were as follows:
                                                                                                                         
2024               2023
Cubic metres of viable stone extracted                                                            4,123              5,248


This report was approved by the board and signed on its behalf.



MJ Smith
Director

Date: 2 March 2025

Page 2

 
PORTLAND STONE FIRMS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £36,423 (2023 - £239,926).

The Directors do not propose payment of a dividend.

Directors

The directors who served during the year were:

Serena Mansfield (appointed 22 June 2023)
Michael Smith 
Mervyn Stewkesbury (resigned 7 May 2023)

Future developments

Considering the cash position, order book, banking facilities available and the potential for additional borrowing based on the investment property and other assets held by the group. The Directors have concluded that the group is a going concern for a period of at least the next 12 months from the approval of these accounts and have prepared these accounts on that basis.
We continued to place great emphasis on staff training and the health and safety of our employees to not only meet our legal obligations but as part of our retention policies for our skilled workforce.

Page 3

 
PORTLAND STONE FIRMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





MJ Smith
Director

Date: 2 March 2025

Page 4

 
PORTLAND STONE FIRMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTLAND STONE FIRMS LIMITED
 

Opinion


We have audited the financial statements of Portland Stone Firms Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
PORTLAND STONE FIRMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTLAND STONE FIRMS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
PORTLAND STONE FIRMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTLAND STONE FIRMS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
PORTLAND STONE FIRMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTLAND STONE FIRMS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to the determination of material amounts and disclosures in the financial statements such as the UK reporting framework, UK company law and UK tax legislation. Other laws and regulations that are fundamental to the operating aspects of the business include health and safety regulations (particularly as they relate to mining and quarrying), environmental regulations, land and planning regulations and employment law.  
We assessed the risk of material misstatement in respect of non-compliance with laws and regulations as follows:
- Enquiring of management concerning actual or potential litigation or claims; and
- Reviewing legal and professional costs for evidence of any expenditure in relation to potential litigation or claims. 
We assessed the risk of material misstatement in respect of irregularities and fraud as follows:
- Enquiring of management concerning actual and potential instances of fraud, as well assessing areas in the financial statements that are at risk of material misstatement due to fraud;
- Assessing the risk of management override of controls via a review of accounting entries, estimates and the testing of journal entries;
- Seeking explanations and evidence for any significant transactions outside the normal course of business;
- Performing analytical procedures to identify any unusual relationships that may indicate risks of material misstatement due to fraud; 
- Testing revenue recognition to source documentation; and
- Maintaining professional scepticism and challenging explanations provided by management, particularly where we found evidence of internal control weaknesses.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
PORTLAND STONE FIRMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PORTLAND STONE FIRMS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr P A Cattermole FCA (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Registered Auditor
  
Wadebridge House
16 Wadebridge Square
Dorchester
Dorset
DT1 3AQ

2 March 2025
Page 9

 
PORTLAND STONE FIRMS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
As restated 2023
Note
£
£

  

Turnover
 4 
4,215,403
4,624,430

Cost of sales
  
(2,929,527)
(2,947,402)

Gross profit
  
1,285,876
1,677,028

Administrative expenses
  
(1,347,506)
(1,267,755)

Other operating income
 5 
134,996
123,145

Operating profit
  
73,366
532,418

Interest receivable and similar income
 9 
1,623
78

Interest payable and similar expenses
 10 
(25,972)
(54,410)

Profit before taxation
  
49,017
478,086

Tax on profit
 11 
(12,594)
(238,160)

Profit for the financial year
  
36,423
239,926

  

Total comprehensive income for the year
  
36,423
239,926

Profit for the year attributable to:
  

Owners of the parent Company
  
36,423
239,926

  
36,423
239,926

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
36,423
239,926

  
36,423
239,926

The notes on pages 20 to 41 form part of these financial statements.

Page 10

 
PORTLAND STONE FIRMS LIMITED
REGISTERED NUMBER: 02912016

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,649,349
4,611,369

Investments
 14 
-
2

Investment property
 15 
4,137,600
4,137,600

  
8,786,949
8,748,971

Current assets
  

Stocks
 16 
1,484,424
1,551,931

Debtors: amounts falling due within one year
 17 
916,956
837,016

Current asset investments
 18 
300,066
-

Cash at bank and in hand
 19 
202,965
679,080

  
2,904,411
3,068,027

Creditors: amounts falling due within one year
 20 
(1,705,761)
(1,874,986)

Net current assets
  
 
 
1,198,650
 
 
1,193,041

Total assets less current liabilities
  
9,985,599
9,942,012

Creditors: amounts falling due after more than one year
 21 
(126,584)
(132,014)

Provisions for liabilities
  

Deferred taxation
 23 
(1,376,932)
(1,364,338)

  
 
 
(1,376,932)
 
 
(1,364,338)

Net assets excluding pension asset
  
8,482,083
8,445,660

Net assets
  
8,482,083
8,445,660

Page 11

 
PORTLAND STONE FIRMS LIMITED
REGISTERED NUMBER: 02912016
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
511,000
511,000

Investment property reserve
 25 
2,985,745
2,985,745

Profit and loss account
 25 
4,985,338
4,948,915

Equity attributable to owners of the parent Company
  
8,482,083
8,445,660

  
8,482,083
8,445,660


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




MJ Smith
Serena Mansfield
Director
Director


Date: 2 March 2025

The notes on pages 20 to 41 form part of these financial statements.

Page 12

 
PORTLAND STONE FIRMS LIMITED
REGISTERED NUMBER: 02912016

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,649,349
4,611,369

Investments
 14 
3
3

Investment property
  
4,137,600
4,137,600

  
8,786,952
8,748,972

Current assets
  

Stocks
 16 
1,484,424
1,551,931

Debtors: amounts falling due within one year
 17 
917,354
837,414

Current asset investments
  
300,066
-

Cash at bank and in hand
 19 
202,811
678,927

  
2,904,655
3,068,272

Creditors: amounts falling due within one year
 20 
(1,409,586)
(1,592,096)

Net current assets
  
 
 
1,495,069
 
 
1,476,176

Total assets less current liabilities
  
10,282,021
10,225,148

  

Creditors: amounts falling due after more than one year
 21 
(126,584)
(132,014)

Provisions for liabilities
  

Deferred taxation
 23 
(1,376,932)
(1,364,338)

  
 
 
(1,376,932)
 
 
(1,364,338)

Net assets excluding pension asset
  
8,778,505
8,728,796

Net assets
  
8,778,505
8,728,796

Page 13

 
PORTLAND STONE FIRMS LIMITED
REGISTERED NUMBER: 02912016
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 24 
511,000
511,000

Investment property reserve
 25 
2,985,745
2,985,745

Profit and loss account brought forward
  
5,232,051
4,709,235

Profit for the year
  
49,709
522,816

Profit and loss account carried forward
  
5,281,760
5,232,051

  
8,778,505
8,728,796


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


MJ Smith
Serena Mansfield
Director
Director


Date: 2 March 2025

The notes on pages 20 to 41 form part of these financial statements.

Page 14
 

 
PORTLAND STONE FIRMS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Investment property revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£



At 1 April 2022 (as restated)
511,000
2,985,745
4,708,989
8,205,734
8,205,734





Profit for the year (as restated)
-
-
239,926
239,926
239,926





At 1 April 2023 (as restated)
511,000
2,985,745
4,948,915
8,445,660
8,445,660





Profit for the year
-
-
36,423
36,423
36,423



Total transactions with owners
-
-
-
-
-



At 31 March 2024
511,000
2,985,745
4,985,338
8,482,083
8,482,083



The notes on pages 20 to 41 form part of these financial statements.

Page 15

 

 
PORTLAND STONE FIRMS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity


£
£
£
£



At 1 April 2022 (as restated)
511,000
2,985,745
4,709,235
8,205,980



Comprehensive income for the year


Profit for the year
-
-
522,816
522,816

Total comprehensive income for the year
-
-
522,816
522,816



Total transactions with owners
-
-
-
-





At 1 April 2023 (as restated)
511,000
2,985,745
5,232,051
8,728,796





Profit for the year
-
-
49,709
49,709



Total transactions with owners
-
-
-
-



At 31 March 2024
511,000
2,985,745
5,281,760
8,778,505



The notes on pages 20 to 41 form part of these financial statements.

Page 16
 
PORTLAND STONE FIRMS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
As restated 2023
£
£

Cash flows from operating activities

Profit for the financial year
36,423
239,926

Adjustments for:

Depreciation of tangible assets
536,967
455,396

Loss on disposal of tangible assets
(17,365)
7,615

Interest paid
25,972
9,520

Interest received
(1,623)
(78)

Taxation charge
12,594
160

Decrease/(increase) in stocks
67,507
(280,823)

(Increase) in debtors
(75,178)
(224,531)

(Decrease)/increase in creditors
(58,135)
651,875

Corporation tax (paid)
(146,056)
(54,271)

Net cash generated from operating activities

381,106
804,789


Cash flows from investing activities

Purchase of tangible fixed assets
(401,947)
(184,246)

Sale of tangible fixed assets
44,363
13,932

Purchase of short-term unlisted investments
(300,066)
-

Interest received
1,623
78

HP interest paid
(12,574)
-

Net cash from investing activities

(668,601)
(170,236)

Cash flows from financing activities

Repayment of/new finance leases
(188,507)
(221,256)

Interest paid
(113)
(9,520)

Net cash used in financing activities
(188,620)
(230,776)

Net (decrease)/increase in cash and cash equivalents
(476,115)
403,777
Page 17

 
PORTLAND STONE FIRMS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
679,080
275,303

Cash and cash equivalents at the end of year
202,965
679,080


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
202,965
679,080

202,965
679,080


The notes on pages 20 to 41 form part of these financial statements.

Page 18

 
PORTLAND STONE FIRMS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

679,080

(476,115)

-

202,965

Debt due within 1 year

(472,897)

(16,651)

-

(489,548)

Finance leases

(287,779)

188,507

(200,000)

(299,272)

Liquid investments

-

300,066

-

300,066


(81,596)
(4,193)
(200,000)
(285,789)

The notes on pages 20 to 41 form part of these financial statements.

Page 19

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Portland Stone Firms Limited is a private company incorporated in England and Wales and limited by shares.  Its registered office is Wadebridge House, 16 Wadebridge Square, Poundbury, Dorchester, Dorset, DT1 3AQ. The principal place of business is 99 Easton Street, Easton, Portland, Dorset, DT5 1BP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Page 20

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 21

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 22

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
in proportion to the minerals extracted
Short-term leasehold property
-
10%
over the life of the lease
Plant and machinery
-
20%
Motor vehicles
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 23

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 24

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 25

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.20

Accounting reference date

The Group has an accouting reference date of 27 March.  In accordance with section 390 of Companies Act 2006, the directors have prepared accounts to 31 March 2024.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.  However, the nature of estimation means that actual outcomes could differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.  Any revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period.  If the revision affects both current and future periods then it is recognised in both current and future periods.
The Group has significant holdings of land in a relatively small area on the island of Portland and with comparatively little market data available on which to base the valuation of investment property.  The valuation of investment property takes in to account information that is available, including from previous independent valuations and also current market rents and yields along with prices obtained when land has been disposed of.
The Group also depreciates its mineral holdings, held within freehold property, based on the volume of stone that is extracted from its holdings.  This is an estimate only as there is no certainty over the size and quality of the mineral holdings not yet extracted with the estimate based on survey reports.
The Group has a policy of impairing old inventory of extracted stone, reflecting the weighting of sales to newly extracted mineraly.  This is an estimate as the future recoverable value of old stone may differ to the carrying value. 
The Group depreciates its plant and machinery at 20% reducing balance.  Included in this class of assets are large mining machines which the directors consider have a residual value, which is estimated based on the expected second hand value of the machinery when it will no longer be suitable for the Group's purposes.

Page 26

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
4,118,290
4,552,949

Other income
97,113
71,481

4,215,403
4,624,430


2024
2023
£
£

United Kingdom
4,204,454
4,621,628

Rest of Europe
10,949
2,802

4,215,403
4,624,430



5.


Other operating income

2024
2023
£
£

Net rents receivable
134,996
123,145

134,996
123,145



6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,000
16,000

Page 27

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,865,961
1,742,006
1,865,961
1,742,006

Social security costs
167,588
169,476
167,588
169,476

Cost of defined contribution scheme
46,287
36,657
46,287
36,657

2,079,836
1,948,139
2,079,836
1,948,139


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Production
49
61
49
61



Administration and support
10
8
10
8

59
69
59
69


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
61,167
55,612

Group contributions to defined contribution pension schemes
2,430
1,211

63,597
56,823


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Management consider the key management personnel to be the directors of the Group.

Page 28

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
1,623
78

1,623
78


10.


Interest payable and similar expenses

2024
2023
£
£


Foreign currency losses/(gains)
113
(1,209)

Other interest payable
13,285
44,890

Finance leases and hire purchase contracts
12,574
10,729

25,972
54,410


11.


Taxation


2024
As restated 2023
£
£

Corporation tax


Current tax on profits for the year
-
346,994

Adjustments in respect of previous periods
-
(106,448)


-
240,546


Total current tax
-
240,546

Deferred tax


Origination and reversal of timing differences
12,594
(2,386)

Total deferred tax
12,594
(2,386)


Tax on profit
12,594
238,160
Page 29

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
As restated 2023
£
£


Profit on ordinary activities before tax
49,017
478,086


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
12,254
90,836

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,891
2,816

Capital allowances for year in excess of depreciation
(5,872)
4,427

Adjustments to tax charge in respect of prior periods
-
131,552

Other differences leading to an increase (decrease) in the tax charge
3,321
8,529

Total tax charge for the year
12,594
238,160


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 30

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 April 2023
2,076,029



At 31 March 2024

2,076,029



Amortisation


At 1 April 2023
2,076,029



At 31 March 2024

2,076,029



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 31

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group and Company






Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
3,656,950
7,143,499
93,518
10,893,967


Additions
132,339
417,423
52,185
601,947


Disposals
(13,910)
(222,840)
(40,882)
(277,632)



At 31 March 2024

3,775,379
7,338,082
104,821
11,218,282



Depreciation


At 1 April 2023
1,338,745
4,882,840
61,013
6,282,598


Charge for the year on owned assets
93,403
311,347
7,563
412,313


Charge for the year on financed assets
17,083
107,574
-
124,657


Disposals
(13,910)
(204,736)
(31,989)
(250,635)



At 31 March 2024

1,435,321
5,097,025
36,587
6,568,933



Net book value



At 31 March 2024
2,340,058
2,241,057
68,234
4,649,349



At 31 March 2023
2,318,205
2,260,659
32,505
4,611,369




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
2,272,346
2,248,056

Short leasehold
67,712
70,067

2,340,058
2,318,123


Page 32

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
596,494
565,303

596,494
565,303


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
18,218



At 31 March 2024

18,218



Impairment


At 1 April 2023
18,215



At 31 March 2024

18,215



Net book value



At 31 March 2024
3



At 31 March 2023
3

Page 33

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Cladding Consultants (UK) Limited
Wadebridge House, 16 Wadebridge Square, Poundbury, Dorchester, Dorset, DT1 3AQ
Ordinary
100%
Stone Firms Limited
Leanne House, 6 Avon Close, Weymouth, Dorset, DT4 9UX
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Cladding Consultants (UK) Limited
1
-

Stone Firms Limited
(296,421)
(13,285)

Page 34

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Investment property

Group and Company


As restated Freehold investment property

£



Valuation


At 1 April 2023
4,137,600



At 31 March 2024
4,137,600

The 2024 valuations were made by the directors , on an open market value for existing use basis.

The directors' valuation has taken into account consultations and indicative valuations from an  independent property agent and valuer and they therefore believe that the figures disclosed are materially correct.  A prior year adjustment is reflected here which is explained further in Note 26. 



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
156,606
156,606

156,606
156,606


16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Work in progress (goods to be sold)
61,600
57,700
61,600
57,700

Finished goods and goods for resale
1,422,824
1,494,231
1,422,824
1,494,231

1,484,424
1,551,931
1,484,424
1,551,931


Impairment losses totalling  £52,879 (2023 - £24,300) were recognised in profit and loss.

Page 35

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
789,465
689,171
789,465
689,171

Amounts owed by group undertakings
-
-
500
500

Other debtors
4,864
102
4,762
-

Prepayments and accrued income
122,627
147,743
122,627
147,743

916,956
837,016
917,354
837,414



18.


Current asset investments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Fixed term deposit accounts
300,066
-
300,066
-

300,066
-
300,066
-



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
202,965
679,080
202,811
678,927

202,965
679,080
202,811
678,927


Page 36

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
As restated 2023
2024
As restated 2023
£
£
£
£

Other loans
439,610
439,610
439,610
439,610

Trade creditors
360,248
383,864
360,248
383,864

Corporation tax
296,175
424,184
-
141,294

Other taxation and social security
173,865
158,673
173,865
158,673

Obligations under finance lease and hire purchase contracts
172,688
155,765
172,688
155,765

Other creditors
51,376
33,355
51,376
33,355

Accruals and deferred income
211,799
279,535
211,799
279,535

1,705,761
1,874,986
1,409,586
1,592,096


Included in corporation tax is an amount of £296,175 (2023 - £282,890) in respect of a corporation tax assessment received by a subsidiary.  The total includes the assessment of £238,000 plus accrued interest. Based on professional advice received, the directors believe that the liability is ringfenced in the subsidiary which has no assets to settle the assessment.  Furthermore the directors are of the opinion that the amount assessed is not due and would challenge any attempt by HMRC to obtain payment of the balance.  The liability is nevertheless recongised as the assessment creates a present obligation to transfer an economic resource as a result of past events.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
126,584
132,014
126,584
132,014

126,584
132,014
126,584
132,014


Net obligations under finance leases and hire purchases contracts are secured against the corresponding assets held by the Group as plant and machinery.

Page 37

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
184,524
155,765
184,524
155,765

Between 1-5 years
132,639
132,014
132,639
132,014

317,163
287,779
317,163
287,779


23.


Deferred taxation


Group



2024


£






At beginning of year (as restated)
(1,364,338)


Charged to profit or loss
(12,594)



At end of year
(1,376,932)

Page 38

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
23.Deferred taxation (continued)

Company


2024


£






At beginning of year (as restated)
(1,364,338)


Charged to profit or loss
(12,594)



At end of year
(1,376,932)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023 As restated
2024
2023 As restated
£
£
£
£

Accelerated capital allowances
(393,029)
(369,089)
(393,029)
(369,089)

Tax losses carried forward
10,807
-
10,807
-

Pension surplus
539
-
539
-

Revaluation of investment property
(995,249)
(995,249)
(995,249)
(995,249)

(1,376,932)
(1,364,338)
(1,376,932)
(1,364,338)


It is expected that accelerated capital allowances will reverse by £81k in the year-ended 31 March 2025, subject to further capital expenditure in the period.  The deferred tax assets in respect of losses (£10,807) and pension liabilities (£539) are both expected to reverse in the period.


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,000 (2023 - 11,000) Ordinary A shares of £1.00 each
11,000
11,000
250,000 (2023 - 250,000) Ordinary C shares of £1.00 each
250,000
250,000
250,000 (2023 - 250,000) Ordinary D shares of £1.00 each
250,000
250,000

511,000

511,000


Page 39

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve comprises cumulative unrealised revaluation surpluses on investment property net of associated deferred tax provisions.   The reserve is not distributable.   

Profit and loss account

The profit and loss account comprises cumulative distributable reserves, being realised profits less dividends.  


26.


Prior year adjustment

A prior year adjustment is recognised in respect of a corporation tax assessment received by a subsidiary.  The liability was included in the subsidiary's financial statements but was excluded from the Group accounts.  The effect of this is to reduce both profits and reserves of the Group by £282,890 in the comparative figures.  There is no impact on the parent company's accounts.  
A further prior year adjustment is recognised in respect of the carrying value of investment property which had previously not been updated since 2013.  The carrying value of investment property was increased by £1,503,595 and deferred tax was increased by £375,899.  A further £224,304 was transferred from the profit and loss account to ensure that the investment property reserve was correctly stated.  This adjustment had an identical impact in the parent company's accounts. 


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £46,287 (2023 - £36,657) . Contributions totalling £2,157 (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


28.


Related party transactions

A company that is controlled by one of the shareholders has made an interest-free loan to the Group.  The loan is repayable on demand and the outstanding balance at 31 March 2024 was £439,610 (2023 - £439.610).  
Rent was paid to to the following related parties on an arms' length basis:
£36,000 (2023 - £36,000) to a trust under control of an individual with significant influence over the group and a close family member of a member of the Group's key management personnel;
£6,000 (2023 - £6,000) to an individual with significant influence over the group and a close family member of a member of the Group's key management personnel; and
£32,723 (2023 - £33,068) to a close family member of an individual with significant influence over the group and a close family member of a member of the Group's key management personnel.

Page 40

 
PORTLAND STONE FIRMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

29.


Controlling party

The ultimate controlling party of the Group is subject to a legal dispute.  C M Berry, S M Mansfield and J R Tate jointly control 50.02% of the issued share capital in their capacity as trustees.  However G G Smith, who owns 48.92% of shares and jointly controls a further 1.05% in his capacity as trustee has initiated legal proceedings to determine whether his directly owned shares carry additional voting rights which would allow him to control the financial and operational policies of the Group.  The result of this legal dispute is outstanding at the date of approval of these financial statements. 

 
Page 41