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Registered number: 10823615 PORTOBELLO 95 TRADE LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
PORTOBELLO 95 TRADE LIMITED REGISTERED NUMBER: 10823615 BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 792,384 |  | 821,002
|  |  | 792,384 |  | 821,002
Current assets |  |  |  |  |
Stocks | 6 | 43,417 |  | 40,592 |
Debtors | 7 | 180,232 |  | 120,772 |
Cash at bank and in hand | 8 | 617,222 |  | 1,566,939 |
|  | 840,871 |  | 1,728,303 |
Creditors: amounts falling due within one year | 9 | (1,362,113) |  | (2,383,113) |
Net current liabilities |  |  | (521,242) |  | (654,810)
Total assets less current liabilities |  |  | 271,142 |  | 166,192
Creditors: amounts falling due after more than one year | 10 |  | (83,549) |  | (183,807)
Provisions for liabilities |  |  |  |  |
Deferred tax | 13 | (47,010) |  | (32,510) |
|  |  | (47,010) |  | (32,510)
Net assets/(liabilities) |  |  | 140,583 |  | (50,125)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | 140,582 |  | (50,126)
|  |  | 140,583 |  | (50,125)
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PORTOBELLO 95 TRADE LIMITED REGISTERED NUMBER: 10823615 BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Nicholas Martin House | Sebastien de Montessus
Director | Director
Date: 19 February 2026 |
The notes on pages 3 to 11 form part of these financial statements. Page 2
PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Portobello 95 Trade Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS. 2.Accounting policies
| 2.1 | Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
| 2.2 | Basis of preparation of financial statements
The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
| 2.3 | Functional and presentational currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency"). The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
| 2.4 | Going concern
In preparing these financial statements, taking into account the financial performance and position of the Company up to the date these financial statements were approved; the directors are of the opinion that there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence and, as a result of which, the Company is expected to remain a going concern. The directors accept that although there does exist an inherent material uncertainty that may cast doubt about the ability of the Company to continue as a going concern; the directors considers the uncertainty to be sufficiently insignificant such that the application of going concern basis in preparing the Company's financial statements remains appropriate and in turn have prepared the Company's financial statements under said basis. Page 3
PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue comprises turnover recognised by the Company in respect of food and drink supplied during the year with amounts recognised on provision of service to the customer being completed and is measured as the fair value of the consideration received or receivable exclusive of Value Added Tax.
| 2.6 | Pensions
The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is one under which the Company pays fixed contributions to a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss for the reporting period when they fall due. Amounts falling due but not paid are shown as part of other creditors in the balance sheet. The assets of the pension plan are held separately from the Company in independently administered funds.
| 2.7 | Operating leases
Operating leases, net of benefits receivable as an incentive, are charged to the profit and loss account on a straight line basis over the lease term.
| 2.8 | Taxation
Taxation for the financial reporting period comprises of current (i.e. corporation) and deferred taxation; both of which are recognised in profit or loss. Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable to the respective tax authorities. Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset/liability is realised/settled. Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the respective deferred tax assets and liabilities relate to current taxation levied by the same tax authority. Page 4
PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended upon acquisition. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | Straight line over 3 years
|  |  |  | Fixtures and fittings | - | Straight line over 5 years
|  |  |  | Occupied property improvements | - | Straight line over 10 years
Depreciation of a tangible fixed asset commences once the asset is available for use. The residual value and depreciation basis of tangible fixed assets are reviewed, and adjusted prospectively where deemed appropriate, if there is an indication of a significant change since the last balance sheet date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Stocks
Food, drink and other consumable stocks are stated at the lower of cost and net realisable value after making due allowance for obsolescence and slow-movement.
| 2.11 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form. Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired. The measurement of specific financial assets, financial liabilities and equity is as outlined below: Debtors Debtors, excluding deferred taxation (see note 2.8), are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets. Cash and cash equivalents Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates. Page 5
PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued) Creditors Creditors, excluding commercial bank loans (see below) are initially measured and subsequently held at transaction price (i.e fair value). Commercial bank loans are initially measured at fair value and subsequently measured at amortised cost using the effective interest method with the interest expense recognised on an effective yield basis. Equity and dividends Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from a share premium account. Dividends are recognised when they become legally payable upon approval by the Company directors.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated. In the opinion of the directors, there were no judgments, estimates and/or assumptions made in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.
4. | Employees
| The average monthly number of employees, including directors, during the year was 98 (2024 - 116).
Page 6
PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Tangible fixed assets
|  | Occupied property improve-ments | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 May 2024 | 1,047,858 | 77,419 | 893,735 | 2,019,012
| Additions | - | 14,183 | 92,699 | 106,882
| At 30 April 2025 | 1,047,858 | 91,602 | 986,434 | 2,125,894
| Depreciation |  |  |  |
| At 1 May 2024 | 377,002 | 61,817 | 759,191 | 1,198,010
| Charge for the year on owned assets | 79,405 | 2,533 | 53,562 | 135,500
| At 30 April 2025 | 456,407 | 64,350 | 812,753 | 1,333,510
| Net book value |  |  |  |
| At 30 April 2025 | 591,451 | 27,252 | 173,681 | 792,384
| At 30 April 2024 | 670,856 | 15,602 | 134,544 | 821,002
6. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Food, drink and other consumables | 43,417 | 40,592
| The carrying value of stocks reported above are stated net of impairments totalling £nil (2024: £nil).
Page 7
PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Falling due within one year |  |
| Trade debtors | 85,768 | 61,651
| Other debtors | 380 | 380
| Prepayments and accrued income | 94,084 | 58,741
|  | 180,232 | 120,772
| Trade and other debtors falling due within one year are non-interest bearing and their fair value is not materially different from their carrying value. As at the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2024: £nil).
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 617,222 | 1,566,939
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans (see note 11) | 100,258 | 100,259
| Other loans | - | 912,685
| Trade creditors | 316,265 | 249,736
| Amounts owed to group undertakings | 211,441 | 53,635
| Corporation tax | 211,042 | 588,850
| Other taxation and social security | 358,227 | 281,426
| Other creditors | 126,418 | 159,128
| Accruals and deferred income | 38,462 | 37,394
|  | 1,362,113 | 2,383,113
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PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 9.Creditors: Amounts falling due within one year (continued)
| Other loans of £nil (2024: £912,685) are unsecured, interest-free and repayable on demand with no fixed date of repayment. Amounts owed to group undertakings are unsecured, interest-free and repayable on demand with no fixed date of repayment.
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans (see note 11) | 83,549 | 183,807
11. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 100,258 | 100,259
| Other loans | - | 912,685
| Amounts falling due 1-2 years |  |
| Bank loans | 73,523 | 100,258
| Amounts falling due 2-5 years |  |
| Bank loans | 10,026 | 83,549
|  | 183,807 | 1,196,751
| Bank loans incur interest at 3.05% above the bank's base rate, are repayable by the Company to National Westminster Bank plc in monthly installments and are secured by way of a debenture as outlined in note 14 to the financial statements.
12. | Financial instruments
The Company held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006. Page 9
PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
13. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (32,510)
| Credited/(charged) to profit or loss | (14,500)
| As at the balance sheet date | (47,010)
| The net deferred taxation asset/(liability) carried forward is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (48,068) | (33,495)
| Other timing differences | 1,058 | 985
|  | (47,010) | (32,510)
| Net deferred tax assets and liabilities carried forward of approximately £250 and £15,000 respectively are expected to reverse in the following financial reporting period.
14. | Contingent liabilities
The Company is party to a debenture in which a fixed and floating charge over all present and future assets of the Company has been granted in respect of any amounts owed by the Company and its fellow group undertakings to National Westminster Bank plc.
15. | Pension commitments
Employee and employer contributions totalling £10,227 (2024: £9,586) were payable at the balance sheet date and are included in creditors falling due within one year.
16. | Commitments under operating leases
| At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | - | 76,818
|  | - | 76,818
Page 10
PORTOBELLO 95 TRADE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
17. | Related party transactions
| The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings. At the balance sheet date, directors of the Company were owed £nil (2024: £820,120) by the Company with amounts owed being unsecured, interest-free and repayable on demand with no fixed date of repayment. There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
18. | Controlling party
The immediate parent undertaking is Portobello 95 Group Limited, a company incorporated under the UK Companies Act 2006, which holds a 100% interest in the total voting rights of Portobello 95 Trade Limited. Portobello 95 Group Limited, whose registered office is located at 124 Finchley Road, London, NW3 5JS, is the parent undertaking of the smallest group to consolidate these financial statements.
Page 11