REGISTERED NUMBER: 03558920 (England and Wales)

Financial Statements

for the Year Ended 31 May 2025

for

Portland Tools (1998) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D R Carter

Mr A Scott

SECRETARY:

Mr D R Carter

REGISTERED OFFICE:

Unit 1 Pelham Centre

Canwick Road

LINCOLN

Lincolnshire

LN5 8HG

REGISTERED NUMBER:

03558920 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Lloyds Bank Plc

202 High Street

LINCOLN

Lincolnshire

LN5 7AP

FIXED ASSETS

Intangible assets

4

921

1,041

Tangible assets

5

4,914

5,919

5,835

6,960

CURRENT ASSETS

Stocks

102,115

102,005

Debtors

6

66,583

69,854

Cash at bank and in hand

80,251

96,846

248,949

268,705

CREDITORS

Amounts falling due within one year

7

79,758

91,989

NET CURRENT ASSETS

169,191

176,716

TOTAL ASSETS LESS CURRENT LIABILITIES

175,026

183,676

PROVISIONS FOR LIABILITIES

1,032

1,608

NET ASSETS

173,994

182,068

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

172,994

181,068

SHAREHOLDERS' FUNDS

173,994

182,068

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

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

The directors acknowledge their responsibilities for:

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

(b)

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

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mr D R Carter - Director

1.	STATUTORY INFORMATION

Portland Tools (1998) 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Developme

costs

£

COST

At 1 June 2024

and 31 May 2025

1,200

AMORTISATION

At 1 June 2024

159

Amortisation for year

120

At 31 May 2025

279

NET BOOK VALUE

At 31 May 2025

921

At 31 May 2024

1,041

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 June 2024

and 31 May 2025

8,540

1,845

7,994

6,908

25,287

DEPRECIATION

At 1 June 2024

7,797

1,530

3,145

6,896

19,368

Charge for year

228

47

727

3

1,005

At 31 May 2025

8,025

1,577

3,872

6,899

20,373

NET BOOK VALUE

At 31 May 2025

515

268

4,122

9

4,914

At 31 May 2024

743

315

4,849

12

5,919

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/25

31/5/24

£

£

Trade debtors

61,184

66,474

Other debtors

389

354

Prepayments and accrued income

5,010

3,026

66,583

69,854

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/25

31/5/24

£

£

Trade creditors

61,491

72,508

Tax

5,103

4,603

Social security and other taxes

1,727

1,519

VAT

7,474

8,318

Other creditors

181

359

Accruals and deferred income

3,782

4,682

79,758

91,989

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/5/25

31/5/24

£

£

Within one year

21,000

12,333

Between one and five years

77,000

-

98,000

12,333