REGISTERED NUMBER: 01222189 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

for

Portzim Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

5

Statement of Income and Retained Earnings

6

Balance Sheet

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

to

16

DIRECTORS:

B Wetherley

Mrs J Wetherley

K P Taylor

P B R Taylor

Mrs S J Taylor

N E Carlyle

D A Gifford

S A MacDonald

REGISTERED OFFICE:

Moorside Farm Laversdale

Irthington

Carlisle

Cumbria

CA6 4PS

REGISTERED NUMBER:

01222189 (England and Wales)

AUDITORS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

The directors present their strategic report for the year ended 31st December 2024.

The company trade as Lilliardsedge Holiday Park and has been part of the Border Caravans Group since As well as running a caravan and lodge park, the site near Jedburgh has a golf course and runs an annual music festival, EdgeFest.

The directors believe that, based in the Scottish Borders, the company is well placed to service their customers looking for shot term leisure breaks without leaving the UK. The extensive experience that both they and their staff have in the industry is to the benefit of both the company and its customers.

REVIEW OF BUSINESS

The directors are very pleased with the results. The company has had a successful year of trade. Turnover rose from £6.5m to £7.2m and gross profit has increased from £3.8m to £4.2m. Gross profit percentage has dropped from 58.2% to 59.1%. Bottom line profits before tax have risen from £435k to £715k.

Key Performance Indicators (KPI's)

Given the straightforward nature of the business, the directors are of the opinion that there are no additional KPI's other than the measures of turnover and gross profit reported above that are necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent machinery dealers, employee retention and product availability.

Financial risk management

The company's operations expose it to financial risk. A variety of financial risks exist including credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual is subject to a limit which can only be reassessed by a director.

Liquidity risk

The company requires debt finance to ensure there are sufficient available funds for operations.

Interest rate risk

The company has interest bearing liabilities including a bank overdraft. The amount of interest charged on these liabilities is not sufficient to significantly affect company operations.

ON BEHALF OF THE BOARD:

Mrs S J Taylor - Director

5th November 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

DIVIDENDS

An interim dividend of 62.8p per share was paid on 31st December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st December 2024 will be £ 186,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

B Wetherley

Mrs J Wetherley

K P Taylor

P B R Taylor

Mrs S J Taylor

N E Carlyle

D A Gifford

S A MacDonald

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Farries Kirk & McVean, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S J Taylor - Director

5th November 2025

Opinion

We have audited the financial statements of Portzim Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 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 company's affairs as at 31st December 2024 and of its 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 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.

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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error.

- the nature of the company's activities are not significantly regulated. We have discussed the legal and regulatory framework the company operates under with the directors. This has enabled us to gain an understanding of those laws and regulations that are applicable to the company and the procedures they operate to ensure compliance.

- we have obtained an understanding of the company's policies and procedures on fraud risk through two way communication with the management and have no knowledge of any actual, suspected or alleged fraud.

- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process.

We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements.

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 Report of the Auditors.

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 a Report of the Auditors 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 Rodney palmer, BA, CA (Senior Statutory Auditor)

for and on behalf of Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

5th November 2025

TURNOVER

7,218,352

6,498,176

Cost of sales

(3,014,917

)

(2,653,285

)

GROSS PROFIT

4,203,435

3,844,891

Distribution costs

(19,695

)

(24,091

)

Administrative expenses

(3,362,603

)

(3,279,079

)

821,137

541,721

Other operating income

3,333

-

OPERATING PROFIT

4

824,470

541,721

Interest payable and similar expenses

5

(17,244

)

(16,282

)

PROFIT BEFORE TAXATION

807,226

525,439

Tax on profit

6

(82,048

)

(90,648

)

PROFIT FOR THE FINANCIAL YEAR

725,178

434,791

Retained earnings at beginning of year

5,129,169

4,880,378

Dividends

7

(186,000

)

(186,000

)

RETAINED EARNINGS AT END OF YEAR

5,668,347

5,129,169

FIXED ASSETS

Tangible assets

8

3,964,854

3,980,609

CURRENT ASSETS

Stocks

9

982,939

989,503

Debtors

10

3,095,976

1,383,785

Cash at bank and in hand

16,273

690,470

4,095,188

3,063,758

CREDITORS

Amounts falling due within one year

11

(1,499,501

)

(895,521

)

NET CURRENT ASSETS

2,595,687

2,168,237

TOTAL ASSETS LESS CURRENT LIABILITIES

6,560,541

6,148,846

CREDITORS

Amounts falling due after more than one year

12

(120,303

)

(230,914

)

PROVISIONS FOR LIABILITIES

16

(309,840

)

(326,712

)

NET ASSETS

6,130,398

5,591,220

CAPITAL AND RESERVES

Called up share capital

17

296,368

296,368

Share premium

18

165,683

165,683

Retained earnings

18

5,668,347

5,129,169

SHAREHOLDERS' FUNDS

6,130,398

5,591,220

The financial statements were approved by the Board of Directors and authorised for issue on 5th November 2025 and were signed on its behalf by:

Mrs S J Taylor - Director

Cash flows from operating activities

Cash generated from operations

1

1,452,441

284,640

Interest element of hire purchase payments paid

(17,244

)

(16,282

)

Tax paid

(92,402

)

(14,370

)

Net cash from operating activities

1,342,795

253,988

Cash flows from investing activities

Purchase of tangible fixed assets

(222,150

)

(103,345

)

Sale of tangible fixed assets

36,000

-

Net cash from investing activities

(186,150

)

(103,345

)

Cash flows from financing activities

Capital repayments in year

(130,189

)

(144,600

)

Amount withdrawn by directors

98,336

-

Group loans

(1,719,945

)

(10,760

)

Equity dividends paid

(186,000

)

(186,000

)

Net cash from financing activities

(1,937,798

)

(341,360

)

Decrease in cash and cash equivalents

(781,153

)

(190,717

)

Cash and cash equivalents at beginning of year

2

690,470

881,187

Cash and cash equivalents at end of year

2

(90,683

)

690,470

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

807,226

525,439

Depreciation charges

233,466

256,447

Profit on disposal of fixed assets

(10,815

)

-

Finance costs

17,244

16,282

1,047,121

798,168

Decrease/(increase) in stocks

6,564

(738,536

)

Decrease/(increase) in trade and other debtors

14,106

(73,710

)

Increase in trade and other creditors

384,650

298,718

Cash generated from operations

1,452,441

284,640

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

16,273

690,470

Bank overdrafts

(106,956

)

-

(90,683

)

690,470

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

690,470

881,187

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

690,470

(674,197

)

16,273

Bank overdrafts

-

(106,956

)

(106,956

)

690,470

(781,153

)

(90,683

)

Debt

Finance leases

(322,234

)

130,189

-

(212,791

)

(322,234

)

130,189

-

(212,791

)

Total

368,236

(650,964

)

-

(303,474

)

1.	STATUTORY INFORMATION

Portzim 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" 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

1% on reducing balance

Improvements to property

-

1% on reducing balance

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Stocks

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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,465,374

1,402,584

Social security costs

121,704

112,623

Other pension costs

19,459

18,028

1,606,537

1,533,235

The average number of employees during the year was as follows:

2024

2023

Directors

8

8

Park employees

59

59

67

67

2024

2023

£

£

Directors' remuneration

323,889

330,823

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

50,270

51,807

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

12,942

4,606

Depreciation - owned assets

179,005

174,829

Depreciation - assets on hire purchase contracts

54,461

81,618

Profit on disposal of fixed assets

(10,815

)

-

Auditors' remuneration

2,200

2,100

Auditors' remuneration for non audit work

8,250

8,250

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Hire purchase

17,244

16,282

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

97,198

103,942

Corporation tax interest

1,723

769

Total current tax

98,921

104,711

Deferred tax

(16,873

)

(14,063

)

Tax on profit

82,048

90,648

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

807,226

525,439

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

201,807

123,583

Effects of:

Depreciation in excess of capital allowances

21,382

15,716

Structures & buildings allowance

(402

)

(306

)

Group relief

(125,589

)

(35,052

)

Corporation tax interest

1,723

770

Deferred taxation

(16,873

)

(14,063

)

Total tax charge

82,048

90,648

7.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

186,000

186,000

8.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st January 2024

2,009,654

880,374

2,044,225

Additions

-

100,714

117,624

Disposals

-

-

-

At 31st December 2024

2,009,654

981,088

2,161,849

DEPRECIATION

At 1st January 2024

113,535

36,109

1,110,565

Charge for year

9,080

9,454

157,694

Eliminated on disposal

-

-

-

At 31st December 2024

122,615

45,563

1,268,259

NET BOOK VALUE

At 31st December 2024

1,887,039

935,525

893,590

At 31st December 2023

1,896,119

844,265

933,660

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st January 2024

258,595

323,028

5,515,876

Additions

11,563

12,995

242,896

Disposals

-

(81,500

)

(81,500

)

At 31st December 2024

270,158

254,523

5,677,272

DEPRECIATION

At 1st January 2024

78,835

196,223

1,535,267

Charge for year

28,583

28,655

233,466

Eliminated on disposal

-

(56,315

)

(56,315

)

At 31st December 2024

107,418

168,563

1,712,418

NET BOOK VALUE

At 31st December 2024

162,740

85,960

3,964,854

At 31st December 2023

179,760

126,805

3,980,609