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REGISTERED NUMBER: 08083950 (England and Wales)


















Portland CSO Trading Limited

Unaudited Financial Statements for the Year Ended 31 August 2024






Portland CSO Trading Limited (Registered number: 08083950)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Portland CSO Trading Limited

Company Information
for the year ended 31 August 2024







DIRECTORS: N J K Smith
J N L Spencer
N S Donald





SECRETARY: J M Spencer





REGISTERED OFFICE: 1 Toft Green
York
North Yorkshire
Y01 6JT





REGISTERED NUMBER: 08083950 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Portland CSO Trading Limited (Registered number: 08083950)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 855,136 880,623

CURRENT ASSETS
Debtors 5 967,551 312,328
Cash at bank 578,487 102,663
1,546,038 414,991
CREDITORS
Amounts falling due within one year 6 (989,736 ) (593,326 )
NET CURRENT ASSETS/(LIABILITIES) 556,302 (178,335 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,411,438

702,288

CREDITORS
Amounts falling due after more than one
year

7

(302,947

)

(352,339

)

PROVISIONS FOR LIABILITIES (2,523 ) (4,576 )
NET ASSETS 1,105,968 345,373

CAPITAL AND RESERVES
Called up share capital 10 500 500
Retained earnings 1,105,468 344,873
SHAREHOLDERS' FUNDS 1,105,968 345,373

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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.

Portland CSO Trading Limited (Registered number: 08083950)

Balance Sheet - continued
31 August 2024


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 7 March 2025 and were signed on its behalf by:





J N L Spencer - Director


Portland CSO Trading Limited (Registered number: 08083950)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Portland CSO Trading 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102: The Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) Section 1A and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

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

Going concern
The financial statements have been prepared on a going concern basis. The directors have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors. This has specifically included reviewing banking and loan facilities in place and detailed forecasting to ensure that the worst case scenario situation does not put the going concern concept at risk. As a result, the directors believe that the company is well placed to manage business risks successfully despite the uncertainties surrounding the current general economic outlook. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises revenue recognised by the company in respect of the sale of stock tickets in the oil industry. Revenue from the sale of stock tickets is recognised on a monthly basis for each month of cover.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property- 2% straight line
Office equipment- 20 - 33% straight line
Motor vehicles- 20 - 25% straight line

Portland CSO Trading Limited (Registered number: 08083950)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company mainly enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans from related parties.

Debt instruments with no stated interest rate that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debt instruments such as loans, borrowings and other accounts receivable and payable over more than one year are initially measured at the transaction price including transaction cost. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Where material to the financial statements, derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Portland CSO Trading Limited (Registered number: 08083950)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets acquired under finance leases and hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 890,995 68,808 959,803
DEPRECIATION
At 1 September 2023 56,123 23,057 79,180
Charge for year 12,601 12,886 25,487
At 31 August 2024 68,724 35,943 104,667
NET BOOK VALUE
At 31 August 2024 822,271 32,865 855,136
At 31 August 2023 834,872 45,751 880,623

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 967,551 312,328

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,788 20,814
Hire purchase contracts (see note 8) 27,604 10,871
Trade creditors 311 4,243
Taxation and social security 390,779 37,187
Other creditors 549,254 520,211
989,736 593,326

Portland CSO Trading Limited (Registered number: 08083950)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 302,947 324,735
Hire purchase contracts (see note 8) - 27,604
302,947 352,339

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 205,590 231,563

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 27,604 10,871
Between one and five years - 27,604
27,604 38,475

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 27,604 38,475
Bank loans 324,735 345,549
352,339 384,024

Bank loans are secured by way of a legal mortgage containing fixed and floating charges over all property or undertaking of the company.

Assets held under hire purchase arrangements are secured by the related assets held under hire purchase contracts. The hire purchase agreements generally include fixed lease payments and a purchase option fee at the end of the lease term.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
22,501 Ordinary 1p 225 225
27,499 A Ordinary 1p 275 275
500 500

Portland CSO Trading Limited (Registered number: 08083950)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The amount outstanding at the year end was £514 (2023: £514).

12. RELATED PARTY DISCLOSURES

Entities under common control
During the year the company entered into transactions, in the ordinary course of business, with other related entities under common control. The balances outstanding at 31 August 2024 are as follows:

2024 2023
£ £
Amounts due from 631,590 177,445
Amounts due to - (347,665 )

Amounts due from and to entities under common control are included within other debtors and other creditors respectively. Outstanding balances are unsecured and interest free.

Other related parties
2024 2023
£ £
Amounts due from 41,354 41,354

Amounts owed are repayable on demand. Interest is charged at 3% per annum.