Gortgill Enterprises Ltd Company accounts

COMPANY REGISTRATION NUMBER: NI623652

GORTGILL ENTERPRISES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2025

GORTGILL ENTERPRISES LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

CONTENTS	PAGE

Strategic report	1

Directors' report	4

Independent auditor's report to the members	6

Income statement	10

Statement of financial position	11

Statement of changes in equity	13

Statement of cash flows	14

Notes to the financial statements	15

GORTGILL ENTERPRISES LTD

STRATEGIC REPORT

YEAR ENDED 31 MARCH 2025

The Directors of Gortgill Enterprises Ltd present their strategic report for the year ended 31 March 2025. This report outlines the company's performance, principal risks, and future outlook, in accordance with Section 414 of the Companies Act 2006.

PRINCIPAL ACTIVITIES AND REVIEW OF THE BUSINESS

Gortgill Enterprises Ltd continues to operate as a retailing company within the convenience store sector, serving a diverse client base across Toomebridge and Antrim town. The company remains committed to delivering high-quality products/services, maintaining operational efficiency, and pursuing sustainable growth.

STRATEGY

During the year, the company focused on the following strategic priorities: - Revenue Growth: Expanding market share through new client acquisition and product/service innovation. - Operational Efficiency: Streamlining internal processes and investing in technology to improve productivity. - Sustainability: Embedding environmental and social responsibility into core operations. - Talent Development: Enhancing workforce capabilities through training and leadership development.

KEY PERFORMANCE INDICATORS

Despite a challenging economic environment, Gortgill Enterprises Ltd delivered a resilient financial performance: - Turnover: £18,265,238, representing an decrease of 1.77% compared to FY2024. - Operating Profit: £350,602, with a margin of 19%. - Net Assets: £212,929, reflecting an improving capital structure. - Cash Flow: Positive cash flow from operations, enabling debt reduction. The company maintained a prudent approach to cost management and capital investment, ensuring long-term financial sustainability.

RISKS AND UNCERTAINTIES

The company's cashflow continues to be impacted by the 2022 unstructured expansion expenditure and the loss incurred in 2023. The principal risks and uncertainties faced by the company are as follows: - Market Volatility: Economic uncertainty and inflationary pressures may impact demand and input costs. - Supply Chain Disruption: Global logistics challenges could affect inventory and delivery timelines. - Regulatory Compliance: Changes in legislation may require operational adjustments. - Cybersecurity: Increasing digital threats necessitate ongoing investment in IT security. Mitigation strategies are in place, including diversified sourcing, robust compliance frameworks, and enhanced IT infrastructure.

FUTURE OUTLOOK

Looking ahead to FY2026, the Directors remain cautiously optimistic. Strategic initiatives include: - Launching new products/services to meet evolving customer needs. - Strengthening digital capabilities and data analytics. - Continuing investment in sustainability and ESG reporting. - Maintaining improved trading results. The company is well-positioned to navigate external challenges and seize growth opportunities. SECTION 172 STATEMENT In accordance with Section 172 of the Companies Act 2006, the Directors have acted in good faith to promote the success of the company for the benefit of its members. Consideration has been given to: - The long-term consequences of decisions. - The interests of employees and stakeholders. - The need to foster business relationships. - The impact on the community and environment. - Maintaining high standards of conduct and governance.

This report was approved by the board of directors on 27 October 2025 and signed on behalf of the board by:

Mr M W Boyd

Director

Registered office:

71b Roguery Road

Toomebridge

BT41 3TJ

GORTGILL ENTERPRISES LTD

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements of the company for the year ended 31 March 2025 .

PRINCIPAL ACTIVITIES

The principal activity of the company during the year was the operation of service stations, off-licence, grocery stores and post office services.

DIRECTORS

The directors who served the company during the year were as follows:

Mr M C Boyd
Mrs K I Boyd
Mr M W Boyd
Mr G M Boyd

DIVIDENDS

Particulars of recommended dividends are detailed in note 13 to the financial statements.

EVENTS AFTER THE END OF THE REPORTING PERIOD

Particulars of events after the reporting date are detailed in note 30 to the financial statements.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

In accordance with Section 414C(11) of the Companies Act 2016 (Strategic Report and Directors Report) Regulations 2013, the company has chosen to report the company's financial risk, management objectives and policies and information on its future developments in the company's strategic report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the strategic report, directors' report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 27 October 2025 and signed on behalf of the board by:

Mr M W Boyd

Director

Registered office:

71b Roguery Road

Toomebridge

BT41 3TJ

GORTGILL ENTERPRISES LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GORTGILL ENTERPRISES LTD

YEAR ENDED 31 MARCH 2025

OPINION

We have audited the financial statements of Gortgill Enterprises Ltd (the 'company') for the year ended 31 March 2025 which comprise the income statement, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 company's affairs as at 31 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

As stated in the Directors' Strategic Report, the company's cashflow continues to be impacted by the unstructured expansion expenditure incurred in 2022 together with the loss incurred in 2023. This condition indicates that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern and therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this matter.

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.

Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included, is based on the continued improvement in the trading results of the company as demonstrated by the most recent management accounts, management's projected cash flows, the renewal of the MACE contract for a further five years and the significant input of business support from the principal supplier and franchisor, Musgrave Retail Partners NI.

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

Except for the matter described in the Material uncertainty related to the going concern section, we have determined that there are no other key audit matters to be communicated in our report.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

OPINIONS 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or - the 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.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S 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 auditor's 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 financial statements. EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance. IDENTIFYING AND ASSESSING POTENTIAL RISKS RELATED TO IRREGULARITIES In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance; - the company's own assessment of the risks that irregularities may occur either as a result of fraud or error; - results of our enquiries of management and other key persons about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, International Financial Reporting Standards and UK taxation legislation. AUDIT RESPONSE TO RISKS IDENTIFIED Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - contacting company solicitors and enquiring of management regarding any actual or potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reviewing correspondence with HMRC, and; - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all audit team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditors-responsibilities-for-t he-audit/. This description forms part of our auditor's report. 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 2006. Our 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 auditor's 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.

Peter Gogarty

(Senior Statutory Auditor)

For and on behalf of

Henry Murray & Company Ltd.

Chartered Accountants & statutory auditor

23 Church Place,

Lurgan,

Co. Armagh.

N. Ireland

BT66 6EY

27 October 2025

GORTGILL ENTERPRISES LTD

INCOME STATEMENT

YEAR ENDED 31 MARCH 2025

		2025	2024
Note		£	£
TURNOVER	4	18,265,238	18,588,427

Cost of sales	14,653,474	15,047,358
	-------------	-------------
GROSS PROFIT	3,611,764	3,541,069

Administrative expenses		3,289,143	3,260,911
Other operating income	5	27,981	53,754
		------------	------------
OPERATING PROFIT	6	350,602	333,912

Other interest receivable and similar income	10	6,761	6,715
Interest payable and similar expenses	11	33,766	61,710
		------------	------------
PROFIT BEFORE TAXATION		323,597	278,917

Tax on profit	12	115,390	10,459
		---------	---------
PROFIT AFTER TAXATION		208,207	268,458

Other taxes not shown under the above	–	50,416
	---------	---------
PROFIT FOR THE FINANCIAL YEAR	208,207	218,042
	---------	---------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

GORTGILL ENTERPRISES LTD

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

FIXED ASSETS

Intangible assets	14	234,885	234,885
Tangible assets	15	829,907	839,467
		------------	------------
		1,064,792	1,074,352

CURRENT ASSETS

Stocks	16	648,188	639,753
Debtors	17	479,520	489,000
Cash at bank and in hand		197,011	383,857
		------------	------------
		1,324,719	1,512,610

CREDITORS: amounts falling due within one year	19	1,928,616	2,231,213
		------------	------------
NET CURRENT LIABILITIES		603,897	718,603
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		460,895	355,749

CREDITORS: amounts falling due after more than one year	20	115,140	170,290

PROVISIONS	22	132,826	100,737
		---------	---------
NET ASSETS		212,929	84,722
		---------	---------

CAPITAL AND RESERVES

Called up share capital	25	100	100
Profit and loss account	26	212,829	84,622
		---------	--------
SHAREHOLDERS FUNDS		212,929	84,722
		---------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

GORTGILL ENTERPRISES LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 27 October 2025 , and are signed on behalf of the board by:

Mr M C Boyd	Mrs K I Boyd
Director	Director

Mr M W Boyd	Mr G M Boyd
Director	Director

Company registration number: NI623652

GORTGILL ENTERPRISES LTD

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2025

		Called up share capital	Profit and loss account	Total
		£	£	£
AT 1 APRIL 2023		100	( 133,420)	( 133,320)

Profit for the year			218,042	218,042
		----	---------	---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		–	218,042	218,042

AT 31 MARCH 2024		100	84,622	84,722

Profit for the year			208,207	208,207
		----	---------	---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		–	208,207	208,207

Dividends paid and payable	13	–	( 80,000)	( 80,000)
		----	--------	--------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS		–	( 80,000)	( 80,000)

		----	---------	---------
AT 31 MARCH 2025		100	212,829	212,929
		----	---------	---------

GORTGILL ENTERPRISES LTD

STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year	208,207	218,042

Adjustments for:
Depreciation of tangible assets	48,796	50,479
Other interest receivable and similar income	( 6,761)	( 6,715)
Interest payable and similar expenses	33,766	61,710
Loss on disposal of tangible assets	–	19,116
Tax on profit	115,390	10,459
Accrued income	( 31,573)	( 2,160)

Changes in:
Stocks	( 8,435)	( 40,939)
Trade and other debtors	9,480	10,401
Trade and other creditors	( 161,913)	( 61,243)
	---------	---------
Cash generated from operations	206,957	259,150

Interest paid	( 33,766)	( 61,710)
Interest received	6,761	6,715
Tax paid	( 64,985)	( 676)
	---------	---------
Net cash from operating activities	114,967	203,479
	---------	---------

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible assets	( 39,236)	( 20,934)
Proceeds from sale of tangible assets	–	2,001
	---------	---------
Net cash used in investing activities	( 39,236)	( 18,933)
	---------	---------

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings	( 53,514)	( 89,432)
Payments of finance lease liabilities	( 25,750)	( 28,524)
Dividends paid	( 80,000)	–
	---------	---------
Net cash used in financing activities	( 159,264)	( 117,956)
	---------	---------

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS		( 83,533)	66,590
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		107,819	41,229
		---------	---------
CASH AND CASH EQUIVALENTS AT END OF YEAR	18	24,286	107,819
		---------	---------

GORTGILL ENTERPRISES LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 71b Roguery Road, Toomebridge, BT41 3TJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Estimation of useful economic life of Goodwill and Intangible assets: Any changes in the useful life estimation by directors will impact on the amortisation charge in the Income statement. Estimation of the residual value of assets: This is based on the directors' knowledge of the market and any changes will impact on the depreciation charge within the Income Statement and on the Net value in the Statement of financial position.

Revenue recognition

The company operates a retailing business within the convenience store sector. Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, (usually on sale of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax the company is expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Amortised over the expected useful life of 7 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Leasehold property improvements	-	4% straight line
Plant & Equipment	-	10% reducing balance/33.3% straight line on short held asset
Fixtures and Fittings	-	10% reducing balance
Motor Vehicles	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. TURNOVER

Turnover arises from:

	2025	2024
	£	£
Sale of goods	18,136,873	18,482,551
Commissions	128,365	105,876
	-------------	-------------
	18,265,238	18,588,427
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. OTHER OPERATING INCOME

	2025	2024
	£	£
Management charges receivable	12,583	10,053
Other operating income	15,398	43,701
	--------	--------
	27,981	53,754
	--------	--------

6. OPERATING PROFIT

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	48,796	50,479
Loss on disposal of tangible assets	–	19,116
Impairment of trade debtors	289	–
Operating lease rentals	12,453	( 468)
	--------	--------

7. AUDITOR'S REMUNERATION

	2025	2024
	£	£
Fees payable for the audit of the financial statements	33,845	45,000
	--------	--------

8. STAFF COSTS

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Management staff	16	5
Number of other staff	119	129
	----	----
	135	134
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	1,845,576	1,792,206
Social security costs	109,975	100,134
Other pension costs	20,654	22,189
	------------	------------
	1,976,205	1,914,529
	------------	------------

9. DIRECTORS' REMUNERATION

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	52,060	68,254
	--------	--------

10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

	2025	2024
	£	£
Other interest receivable and similar income	6,761	6,715
	-------	-------

11. INTEREST PAYABLE AND SIMILAR EXPENSES

	2025	2024
	£	£
Interest on banks loans and overdrafts	18,190	36,673
Interest on obligations under finance leases and hire purchase contracts	3,959	6,612
Other interest payable and similar charges	11,617	18,425
	--------	--------
	33,766	61,710
	--------	--------

12. TAX ON PROFIT

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	83,301	18,044

Deferred tax:

Origination and reversal of timing differences	32,089	( 7,585)
	---------	--------
Tax on profit	115,390	10,459
	---------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 21.94 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	323,597	278,917
	---------	---------
Profit on ordinary activities by rate of tax	80,899	61,194
Effect of expenses not deductible for tax purposes	129	8,702
Effect of capital allowances and depreciation	2,273	6,364
Utilisation of tax losses	–	( 7,800)
Other tax adjustment - Deferred Tax Movement	32,089	( 7,585)
Deferred Tax asset	–	(50,416)
	---------	---------
Tax on profit	115,390	10,459
	---------	---------

13. DIVIDENDS

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	80,000	–
	--------	----

14. INTANGIBLE ASSETS

	Goodwill	Patents, Trade marks & Licences	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	87,748	234,885	322,633
	--------	---------	---------
Amortisation
At 1 April 2024 and 31 March 2025	87,748	–	87,748
	--------	---------	---------
Carrying amount
At 31 March 2025	–	234,885	234,885
	--------	---------	---------
At 31 March 2024	–	234,885	234,885
	--------	---------	---------

The directors have provided a current market valuation, corroborated by their solicitors, confirming the cost at which licences are currently being transacted on the open market. The assets are liquor licences located in Northern Ireland where the number of licences is strictly limited and new licences are generally only available through transfer on sale, retirement or closure, such that the licences have been assessed as having an indefinite useful economic life. Having considered this information, the directors believe that there has been no material impairment in the value of licences which would require an amortisation charge to be included against their carrying value in the accounts.

15. TANGIBLE ASSETS

	Freehold property	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	200,000	154,996	511,741	256,505	52,996	1,176,238
Additions	–	–	21,636	17,600	–	39,236
	---------	---------	---------	---------	--------	------------
At 31 Mar 2025	200,000	154,996	533,377	274,105	52,996	1,215,474
	---------	---------	---------	---------	--------	------------
Depreciation
At 1 Apr 2024	8,000	42,749	188,928	81,316	15,778	336,771
Charge for the year	4,000	6,200	22,859	12,893	2,844	48,796
	---------	---------	---------	---------	--------	------------
At 31 Mar 2025	12,000	48,949	211,787	94,209	18,622	385,567
	---------	---------	---------	---------	--------	------------
Carrying amount
At 31 Mar 2025	188,000	106,047	321,590	179,896	34,374	829,907
	---------	---------	---------	---------	--------	------------
At 31 Mar 2024	192,000	112,247	322,813	175,189	37,218	839,467
	---------	---------	---------	---------	--------	------------

The value of freehold property, included in tangible assets, relates to a house with road frontage adjoining the Gortgill Service Station site, which has been acquired by the company to enable future expansion of the business site. The property was transferred to the company subject to the granting of a right to reside to the elderly occupant for the remainder of her life. The value at which the transaction took place was supported by a professional valuation. The value held within "Land and buildings" relates to improvement works on buildings leased by the company under short term leases.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 March 2025	33,802	20,944	54,746
	--------	--------	--------
At 31 March 2024	76,428	37,218	113,646
	--------	--------	---------

16. STOCKS

	2025	2024
	£	£
Finished goods and goods for resale	648,188	639,753
	---------	---------

17. DEBTORS

	2025	2024
	£	£
Trade debtors	21,483	15,816
Prepayments and accrued income	67,317	67,893
Directors loan account	230,312	295,437
Other debtors	160,408	109,854
	---------	---------
	479,520	489,000
	---------	---------

18. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise the following:

	2025	2024
	£	£
Cash at bank and in hand	197,011	383,857
Bank overdrafts	( 172,725)	( 276,038)
	---------	---------
	24,286	107,819
	---------	---------

19. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	183,146	329,548
Trade creditors	1,153,387	1,195,478
Accruals and deferred income	162,796	194,369
Corporation tax	151,391	133,075
Social security and other taxes	225,334	321,811
Obligations under finance leases and hire purchase contracts	10,860	24,309
Other Loans	9,962	12,823
Other creditors	31,740	19,800
	------------	------------
	1,928,616	2,231,213
	------------	------------

20. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	1,763	12,188
Obligations under finance leases and hire purchase contracts	–	12,301
Other Loans	54,790	64,751
Other creditors	58,587	81,050
	---------	---------
	115,140	170,290
	---------	---------

Security Held in relation to Creditors:

Bank Loans & Overdraft

A mortgage debenture charge is registered as security against the bank loans and overdrafts in relation to fixed and floating charges over all of the Company's property, undertakings and assets, both present and future. Letters of guarantee from the directors are also held as additional security.

Other Loans

Musgrave Retail Partners NI Ltd have registered with Companies House a number of charges in relation to the facilities granted to the company including; a fixed and floating charge over the property and undertakings of the company including properties leased by the company, and a mortgage over the liquor licences held in connection with the trading sites of the company. Letters of guarantee from the directors are also held as additional security.

Hire Purchase contracts

Key Management Personnel have provided personal guarantees to Arkle Finance Limited with respect to assets held under hire purchase which are included in Note 15, with a gross liability at the year end of NIL (2024: £7,959). Details of these guarantees along with relevant liabilities and transactions are included below within Note 34 "Off Balance Sheet Arrangements".

The amounts included within Other Loans relate to Refit Loan facilities from Musgrave in relation to the improvement works on leased buildings. The rate of interest on the other loan is nil. The repayment of the loan facility is made weekly by the company however subject to the terms of the facility and the associated "rebate" agreement, if average weekly purchases by the company meet the targets as set a rebate is payable against the trading account of the company with Musgrave.

Other Creditors

In February 2023 the company entered into a motor fuel agreement with Nicholl (Fuel Oils) Limited for a period of 5 years. The balance in other creditors represents deferred commission incomes which will be released to profit and loss in line with volumes purchased across the duration of the contract. A mortgage deed is registered with Land Registry of Northern Ireland against the cash advance of deferred commissions from Nicholl (Fuel Oils) Limited.

21. FINANCE LEASES AND HIRE PURCHASE CONTRACTS

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	10,860	24,309
Later than 1 year and not later than 5 years	–	12,301
	--------	--------
	10,860	36,610
	--------	--------

22. PROVISIONS

	Deferred tax (note 23)
	£
At 1 April 2024	100,737
Additions	32,089
	---------
At 31 March 2025	132,826
	---------

23. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 22)	132,826	100,737
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	132,826	100,737
	---------	---------

24. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 20,654 (2024: £ 22,189 ).

25. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

26. RESERVES

Profit and loss account - This reserve records retained earnings.

27. ANALYSIS OF CHANGES IN NET DEBT

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	383,857	(186,846)	197,011
Bank overdrafts	(276,038)	103,313	(172,725)
Debt due within one year	(77,819)	56,538	(21,281)
Debt due after one year	(24,489)	22,726	(1,763)
	---------	---------	---------
	5,511	( 4,269)	1,242
	---------	---------	---------

28. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	3,273	3,272
Later than 1 year and not later than 5 years	–	3,273
	-------	-------
	3,273	6,545
	-------	-------

29. OTHER FINANCIAL COMMITMENTS

The company is in year 9 of an initial 10 year franchise agreement with Musgrave Retail Partners NI Ltd (MRP NI Ltd), with annual fees payable, in relation to the operation of a site owned by MRP NI Ltd.

30. EVENTS AFTER THE END OF THE REPORTING PERIOD

The UK left the EU on 31st December 2020. The impact of this on the trade of the business was expected to be minimal, however the full impact and its financial effect will not be known until any terms of future trade deals and their effect on supply chains are agreed by the UK Government.

31. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors made payments to the company totalling £65,126 (2024: £34,445). At the year end there was a total overdrawn balance on Directors' current accounts of £ 230,311 (2024: £295,437). Interest has been charged on the overdrawn monthly balances at the official rate of 2.25%pa.

GORTGILL ENTERPRISES LTD

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

32. RELATED PARTY TRANSACTIONS

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

33. OFF-BALANCE SHEET ARRANGEMENTS

Hire Purchase contracts Key Management Personnel have provided personal guarantees to Arkle Finance Limited with respect to assets held under hire purchase which are included in Note 15, with a gross liability at the year end of NIL (2024: £7,959). The net book value of these assets held under hire purchase, with personal guarantees attached, total £38,483 (2024: £39,981). Security has been given by three directors in the form of a Mortgage deed registered with Land Registry of Northern Ireland against the cash advance of deferred commissions from Nicholl (Fuel Oils) Limited which are disclosed under Other Creditors in Note 19.

34. GOING CONCERN

The directors are pleased to report that improved trading results are being maintained, that they are committed to continuing a strict control of margin and cost and to fully utilise the support of Musgrave Retail Ltd. The agreed programme is monitored with the support of Musgrave Retail Ltd. It is envisioned that this arrangement will continue for the foreseeable future to mitigate the uncertainty over going concern. The company's cashflow continues to be impacted by the 2022 unstructured expansion expenditure and the loss incurred in 2023. The directors acknowledge that until their plans are realised there remains a material uncertainty that may cast doubt on going concern. Looking ahead to 2025/26 the Directors remain cautiously optimistic and believe the company is well positioned to navigate external challenge and see opportunity for growth.