BrightAccountsProduction v1.0.0 v1.0.0 2024-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the provision of locksmith services and the retailing of safes and security accessories. 26 June 2025 NI051519 2025-03-31 NI051519 2024-03-31 NI051519 2023-03-31 NI051519 2024-04-01 2025-03-31 NI051519 2023-04-01 2024-03-31 NI051519 uk-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 NI051519 uk-curr:PoundSterling 2024-04-01 2025-03-31 NI051519 uk-bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 NI051519 uk-bus:FullAccounts 2024-04-01 2025-03-31 NI051519 uk-bus:Director1 2024-04-01 2025-03-31 NI051519 uk-bus:Director2 2024-04-01 2025-03-31 NI051519 uk-bus:CompanySecretary1 2024-04-01 2025-03-31 NI051519 uk-bus:RegisteredOffice 2024-04-01 2025-03-31 NI051519 uk-bus:Agent1 2024-04-01 2025-03-31 NI051519 uk-core:ShareCapital 2025-03-31 NI051519 uk-core:ShareCapital 2024-03-31 NI051519 uk-core:RetainedEarningsAccumulatedLosses 2025-03-31 NI051519 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI051519 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2025-03-31 NI051519 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI051519 uk-bus:FRS102 2024-04-01 2025-03-31 NI051519 uk-core:Goodwill 2024-04-01 2025-03-31 NI051519 uk-core:PlantMachinery 2024-04-01 2025-03-31 NI051519 uk-core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 NI051519 uk-core:MotorVehicles 2024-04-01 2025-03-31 NI051519 uk-core:Goodwill 2024-03-31 NI051519 uk-core:Goodwill 2025-03-31 NI051519 uk-core:CurrentFinancialInstruments 2025-03-31 NI051519 uk-core:CurrentFinancialInstruments 2024-03-31 NI051519 uk-core:WithinOneYear 2025-03-31 NI051519 uk-core:WithinOneYear 2024-03-31 NI051519 uk-core:WithinOneYear 2025-03-31 NI051519 uk-core:WithinOneYear 2024-03-31 NI051519 uk-core:WithinOneYear 2025-03-31 NI051519 uk-core:WithinOneYear 2024-03-31 NI051519 uk-core:AfterOneYear 2025-03-31 NI051519 uk-core:AfterOneYear 2024-03-31 NI051519 uk-core:BetweenOneTwoYears 2025-03-31 NI051519 uk-core:BetweenOneTwoYears 2024-03-31 NI051519 uk-core:BetweenTwoFiveYears 2025-03-31 NI051519 uk-core:BetweenTwoFiveYears 2024-03-31 NI051519 uk-core:OtherMiscellaneousReserve 2024-03-31 NI051519 uk-core:OtherMiscellaneousReserve 2024-04-01 2025-03-31 NI051519 uk-core:AcceleratedTaxDepreciationDeferredTax 2025-03-31 NI051519 uk-core:TaxLossesCarry-forwardsDeferredTax 2025-03-31 NI051519 uk-core:OtherDeferredTax 2025-03-31 NI051519 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2025-03-31 NI051519 uk-core:OtherMiscellaneousReserve 2025-03-31 NI051519 2024-04-01 2025-03-31 NI051519 uk-bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 xbrli:pure iso4217:GBP xbrli:shares

Company Registration Number: NI051519

Portadown Locksmiths Limited

Unaudited Financial Statements

for the financial year ended 31 March 2025

Portadown Locksmiths Limited

DIRECTORS AND OTHER INFORMATION

Directors | Mr. Philip Troughton
| Mr. Craig Troughton
Company Secretary | Mrs. Pauline Troughton
Company Registration Number | NI051519
Registered Office and Business Address | Magowan Buildings
| 33 West Street
| Portadown
| Co. Armagh
| BT62 3PL
| Northern Ireland
Accountants | MG accountants
| (Portadown)
| 25-27 Carleton Street
| Portadown
| Co. Armagh
| BT62 3EP
| Northern Ireland
Bankers | Ulster Bank
| 1/2 The Diamond
| Co Monaghan
| Ireland
| Ulster Bank
| 20 High Street
| Portadown
| Craigavon
| Co. Armagh
| BT62 1HU
| United Kingdom
Solicitors | T D Gibson
| 107 Church Street
| Portadown
| Co. Armagh
| BT62 3DD

Portadown Locksmiths Limited

Company Registration Number: NI051519

BALANCE SHEET

as at 31 March 2025

|  |  | 2025 |  | 2024
|  | Notes | £ |  | £
Fixed Assets

Tangible assets |  | 5 | 201,838 |  | 213,102
|  |  | ───────── |  | ─────────
Current Assets

Stocks |  | 6 | 20,000 |  | 20,000
Debtors |  | 7 | 345,915 |  | 319,770
Cash and cash equivalents |  |  | 401,926 |  | 372,488
|  |  | ───────── |  | ─────────
|  |  | 767,841 |  | 712,258
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  | 8 | (262,864) |  | (273,519)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 504,977 |  | 438,739
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 706,815 |  | 651,841
Creditors:

amounts falling due after more than one year |  | 9 | (10,061) |  | (20,023)
Provisions for liabilities |  | 11 | (15,369) |  | (17,685)
|  |  | ───────── |  | ─────────
Net Assets |  |  | 681,385 |  | 614,133
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  |  | 100 |  | 100
Retained earnings |  |  | 681,285 |  | 614,033
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 681,385 |  | 614,133
|  |  | ═════════ |  | ═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 26 June 2025 and signed on its behalf by

________________________________ |  |  |  |  |
Mr. Philip Troughton |  |  |  |  |
Director |  |  |  |  |

Portadown Locksmiths Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2025

1. | General Information
| Portadown Locksmiths Limited is a company limited by shares incorporated in Northern Ireland.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the year ended 31 March 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Turnover
| Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
| Goodwill
| Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
| Tangible assets and depreciation
| Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
|  | Plant and machinery | - | 20% Reducing Balance
|  | Fixtures, and fittings | - | 20% Reducing Balance
|  | Motor vehicles | - | 20% Reducing Balance
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
| Investment properties
| Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account.
| Leasing and hire purchases
| Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
| Stocks
| Stocks are valued at the lower of cost and net realisable value.
| Trade and other debtors
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Provisions
| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
| Trade and other creditors
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Employee benefits
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

3. | Employees
| The average monthly number of employees, including directors, during the financial year was 13, (2024 - 13).
|  | 2025 | 2024
|  | Number | Number
| Director | 2 | 2
| Employees | 11 | 11
|  | ───────── | ─────────
|  | 13 | 13
|  | ═════════ | ═════════

4. | Intangible assets
|  | Goodwill | Total
|  | £ | £
| Cost
| At 1 April 2024 | 450,000 | 450,000
|  | ───────── | ─────────
| At 31 March 2025 | 450,000 | 450,000
|  | ───────── | ─────────
| Amortisation
| At 31 March 2025 | 450,000 | 450,000
|  | ───────── | ─────────
| Net book value
| At 31 March 2025 | - | -
|  | ═════════ | ═════════

5. | Tangible assets
|  | Investment | Plant and | Fixtures, | Motor | Total
|  | properties | machinery | and fittings | vehicles |
|  | £ | £ | £ | £ | £
| Cost
| At 1 April 2024 | 140,360 | 50,293 | 56,931 | 152,629 | 400,213
| Additions | - | - | 4,104 | - | 4,104
|  | ───────── | ───────── | ───────── | ───────── | ─────────
| At 31 March 2025 | 140,360 | 50,293 | 61,035 | 152,629 | 404,317
|  | ───────── | ───────── | ───────── | ───────── | ─────────
| Depreciation
| At 1 April 2024 | - | 46,337 | 49,532 | 91,242 | 187,111
| Charge for the financial year | - | 791 | 2,300 | 12,277 | 15,368
|  | ───────── | ───────── | ───────── | ───────── | ─────────
| At 31 March 2025 | - | 47,128 | 51,832 | 103,519 | 202,479
|  | ───────── | ───────── | ───────── | ───────── | ─────────
| Net book value
| At 31 March 2025 | 140,360 | 3,165 | 9,203 | 49,110 | 201,838
|  | ═════════ | ═════════ | ═════════ | ═════════ | ═════════
| At 31 March 2024 | 140,360 | 3,956 | 7,399 | 61,387 | 213,102
|  | ═════════ | ═════════ | ═════════ | ═════════ | ═════════

6. | Stocks | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 20,000 | 20,000
|  | ═════════ | ═════════
| The replacement cost of stock did not differ significantly from the figures shown.

7. | Debtors | 2025 | 2024
|  | £ | £
| Trade debtors | 272,671 | 279,307
| Directors' current accounts (Note 12) | 72,974 | 40,463
| Taxation (Note 10) | 270 | -
|  | ───────── | ─────────
|  | 345,915 | 319,770
|  | ═════════ | ═════════

8. | Creditors | 2025 | 2024
| Amounts falling due within one year | £ | £
| Bank overdrafts | - | 6,832
| Bank loan | 10,648 | 10,648
| Net obligations under finance leases
| and hire purchase contracts | - | 2,756
| Trade creditors | 141,647 | 142,166
| Taxation (Note 10) | 79,416 | 79,893
| Directors' current accounts | 17,672 | 18,981
| Other creditors | 8,555 | 7,317
| Accruals | 4,926 | 4,926
|  | ───────── | ─────────
|  | 262,864 | 273,519
|  | ═════════ | ═════════

9. | Creditors | 2025 | 2024
| Amounts falling due after more than one year | £ | £
| Bank loan | 10,061 | 20,023
|  | ═════════ | ═════════
| Loans
| Repayable in one year or less, or on demand (Note 8) | 10,648 | 17,480
| Repayable between one and two years | 10,061 | 10,648
| Repayable between two and five years | - | 9,375
|  | ───────── | ─────────
|  | 20,709 | 37,503
|  | ═════════ | ═════════

10. | Taxation | 2025 | 2024
|  | £ | £
| Debtors:
| VAT | 270 | -
|  | ═════════ | ═════════
| Creditors:
| VAT | - | 25,350
| Corporation tax | 68,871 | 44,734
| PAYE / NI | 9,413 | 9,809
| Subcontractors tax | 1,132 | -
|  | ───────── | ─────────
|  | 79,416 | 79,893
|  | ═════════ | ═════════

11. | Provisions for liabilities
| The amounts provided for deferred taxation are analysed below:
|  | Capital | Total | Total
|  | allowances |  |
|  |  | 2025 | 2024
|  | £ | £ | £
| At financial year start | 17,685 | 17,685 | 18,457
| Charged to profit and loss | (2,316) | (2,316) | (772)
|  | ───────── | ───────── | ─────────
| At financial year end | 15,369 | 15,369 | 17,685
|  | ═════════ | ═════════ | ═════════

12. | Directors' advances, credits and guarantees
| During the year the company made a loan to the director. The balance at 31 March 2025 was £72,974. This was paid within 9 months of the year end.