Registration number:
Portland of Bawtry Limited
for the Year Ended 31 August 2025
Portland of Bawtry Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Portland of Bawtry Limited
Company Information
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Directors |
Mr C R Watson Mr J R Watson Mr A R Watson |
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Company secretary |
Mrs M C Watson |
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Registered office |
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Bankers |
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Auditors |
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Portland of Bawtry Limited
Strategic Report for the Year Ended 31 August 2025
The directors present their strategic report for the year ended 31 August 2025.
Principal activity
The principal activity of the company continued to be that of used motor vehicle sales.
Fair review of the business
The directors consider that the results for the year and the financial position at the end of the year were satisfactory.
The market for used cars within the UK has been more stable this year. The results for the year ended 31 August 2024 were impacted by a price correction in used cars in the latter part of 2023 and early 2024. In the current year used car prices have generally been more predictable.
The company's turnover and gross profit percentage have both increased slightly.
The company continues to trade profitably and has a strong balance sheet.
Looking forwards, there remains uncertainty within the market. Though inflation and interest rates have eased slightly, energy costs and the cost of living remains high, impacting consumer confidence. There is also increased uncertainty within the wider global economy which could have an impact on trading conditions in the UK.
Although market conditions remain challenging the directors believe the company is well positioned and that there are opportunities for profitable growth through careful cost control and responsiveness to market conditions.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
39,974,624 |
38,636,094 |
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Percentage turnover (reduction)/growth |
% |
3 |
- |
|
Gross profit |
£ |
4,010,517 |
3,564,958 |
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Gross profit percentage |
% |
10 |
9 |
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Investment property fair value gains through profit and loss |
£ |
- |
179,479 |
|
Profit before tax |
£ |
3,586,767 |
3,158,196 |
|
Profit before tax percentage |
% |
9 |
8 |
|
Net assets |
£ |
15,425,879 |
14,194,713 |
Portland of Bawtry Limited
Strategic Report for the Year Ended 31 August 2025
Principal risks and uncertainties
The principal risks and uncertainties faced by the company are competition from other car retailers and the risk of vehicle stocks decreasing in value over relatively short periods of time. These risks are mitigated by the knowledge and experience of management who monitor stock levels and pricing on a daily basis.
Other risks and uncertainties faced by the company are the general uncertain economic climate in which it currently trades.
The directors have considered the possible impact of the ongoing conflict in Ukraine and the Middle East on the company and though there is an increased level of economic uncertainty they consider the company has appropriate risk mitigation measures in place.
Approved and authorised by the
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Portland of Bawtry Limited
Directors' Report for the Year Ended 31 August 2025
The directors present their report and the financial statements for the year ended 31 August 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
During the year interim dividends of £1,455,000 were paid. The directors do not recommend a final dividend be made in respect of the year ended 31 August 2025.
Financial instruments
Objectives and policies
The company’s principal financial instruments comprise bank balances, trade debtors and trade creditors. The purpose of these instruments is to finance the company’s business operations. The directors do not consider that the company has any significant financial risks other than those normal commercial risks arising from its trading operations. Such risks are managed so as to permit the
smooth operation of the business
Price risk, credit risk, liquidity risk and cash flow risk
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are currently conducted mainly in sterling. The company does not enter into any hedging transactions.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Portland of Bawtry Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Portland of Bawtry Limited
Independent Auditor's Report to the Members of Portland of Bawtry Limited
Opinion
We have audited the financial statements of Portland of Bawtry Limited (the 'company') for the year ended 31 August 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 31 August 2025 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 auditor 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 director's 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 original financial statements were 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.
Portland of Bawtry Limited
Independent Auditor's Report to the Members of Portland of Bawtry Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and the Directors' Report.
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 5], 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.
Portland of Bawtry Limited
Independent Auditor's Report to the Members of Portland of Bawtry Limited
Auditor 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
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Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:-
Portland of Bawtry Limited
Independent Auditor's Report to the Members of Portland of Bawtry Limited
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capability and skills to identify or recognise non-compliance with applicable laws and regulations; |
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We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the used car dealership industry; |
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We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protections legislation, Financial Conduct Authority regulations as appropriate to car dealerships, employment law and environmental and health and safety legislation; |
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We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
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The audit team remained alert to the possibility of non-compliance with laws and regulations throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement including obtaining an understanding of how fraud might occur, by:
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Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
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Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and |
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Considering what motivations and opportunities for fraud may exist within the company. |
To address the risk of fraud through management bias and override of controls, we:
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Performed analytical procedures to identify any unusual or unexpected relationships; |
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Reviewed journal entries to identify unusual transactions vouching to supporting documentation where appropriate; |
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Reviewed the company’s accounting records for any significant or unusual transactions vouching to supporting documentation where appropriate; |
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Assessed whether the judgements and assumptions made in determining any accounting estimates used in preparing the accounts were indicative of bias; and |
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We maintained an approach of professional scepticism throughout the audit; recognising the possibility of a material misstatement due to facts or behaviour indicating irregularities (including fraud) or error, notwithstanding our past experience of the honesty and integrity of the company's management. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
Portland of Bawtry Limited
Independent Auditor's Report to the Members of Portland of Bawtry Limited
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Agreeing financial statement disclosures to underlying supporting documentation; |
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Enquiring of management as to actual and potential litigation and claims; |
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Reviewing correspondence with HMRC; |
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Reviewing legal expenses both during and after the year for any items indicative of ongoing litigation and potential claims; and |
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We confirmed that the company’s Financial Conduct Authority registration remained valid. |
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.
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.
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For and on behalf of
Doncaster
South Yorkshire
DN1 2HJ
Portland of Bawtry Limited
Profit and Loss Account for the Year Ended 31 August 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
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Administrative expenses |
( |
( |
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Operating profit |
2,999,250 |
2,603,159 |
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Gain on investment property at fair value through profit and loss |
- |
|
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
- |
|
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587,517 |
555,037 |
||
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Profit before tax |
|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Portland of Bawtry Limited
Statement of Comprehensive Income for the Year Ended 31 August 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Portland of Bawtry Limited
(Registration number: 02647297)
Balance Sheet as at 31 August 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Tangible assets |
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Investment property |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
45,500 |
45,500 |
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Retained earnings |
15,380,379 |
14,149,213 |
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Shareholders' funds |
15,425,879 |
14,194,713 |
Approved and authorised by the
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Portland of Bawtry Limited
Statement of Changes in Equity for the Year Ended 31 August 2025
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Share capital |
Retained earnings |
Total |
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At 1 September 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 August 2025 |
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Share capital |
Retained earnings |
Total |
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|
At 1 September 2023 |
|
|
|
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Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 August 2024 |
45,500 |
14,149,213 |
14,194,713 |
Portland of Bawtry Limited
Statement of Cash Flows for the Year Ended 31 August 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
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Changes in fair value of investment property |
- |
( |
|
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Loss on disposal of tangible assets |
|
|
|
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Finance income |
( |
( |
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|
Finance costs |
|
- |
|
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Corporation tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
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Decrease/(increase) in trade debtors |
|
( |
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Increase in trade creditors |
|
|
|
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Cash generated from operations |
|
|
|
|
Corporation tax paid |
( |
( |
|
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Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Cash receipts from repayment of loans, classified as investing activities |
|
|
|
|
Advances of loans, classified as investing activities |
( |
( |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
( |
- |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 September |
|
|
|
|
Cash and cash equivalents at 31 August |
3,715,684 |
2,527,856 |
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Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Pine Lodge / Crozier Cottage
Great North Road
Bawtry
Doncaster
South Yorkshire
DN10 6DF
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in pounds sterling which is the functional currency of the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
• The amount of revenue can be reliably measured;
• it is probable that future economic benefits will flow to the entity;
• and specific criteria have been met for each of the company's activities.
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Short leasehold property improvements |
3 to 5 years straight line |
|
Plant and machinery |
25% reducing balance |
|
Long leasehold land |
not depreciated |
Investment property
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10 years straight line |
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 merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost is the purchase price plus any amount incurred in bringing each item to its present location and condition on an actual basis.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its net realisable value; the impairment loss is recognised immediately in profit or loss.
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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Critical accounting estimates and areas of judgement |
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Critical judgements
The directors do not consider that there have been any critical judgements made in the process of applying the company's accounting policies. |
Key sources of estimation uncertainty
Investment property was valued as at 31 August 2024 by Ben Flint MRICS of Flint Real Estate. The directors consider that this valuation continues to reflect the fair value of the property at the balance sheet date. However, the valuation of investment property involves significant judgement and estimation. Market conditions and the nature and location of the property can all impact its valuation. Changes in the assumptions made in performing the valuation can have a significant impact.
At the year end investment property was valued at £715,000. (2024 - £715,000)
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Revenue |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rental income from investment property |
|
|
|
Commissions received |
|
|
|
Other revenue |
|
|
|
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Rest of world |
|
|
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Loss on disposal of Tangible assets |
( |
( |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - property |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
48,922 |
48,396 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Total tax charge |
|
|
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Deferred tax
Deferred tax has been provided at 25% (2024 - 25%) in line with the rates of tax expected to be in place when the deferred tax provisions are reversed.
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated tax depreciation |
|
|
Revaluation of investment property |
|
|
|
|
2024 |
Liability |
|
Accelerated tax depreciation |
|
|
Revaluation of investment property |
|
|
|
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 September 2024 |
|
|
|
At 31 August 2025 |
|
|
|
Amortisation |
||
|
At 1 September 2024 |
|
|
|
At 31 August 2025 |
|
|
|
Carrying amount |
||
|
At 31 August 2025 |
- |
- |
|
At 31 August 2024 |
- |
- |
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Tangible assets |
|
Short leasehold land and buildings |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||
|
At 1 September 2024 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
( |
( |
( |
|
At 31 August 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 September 2024 |
|
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
( |
( |
( |
|
At 31 August 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 August 2025 |
- |
|
|
|
At 31 August 2024 |
- |
|
|
|
Investment properties |
|
2025 |
|
|
At 1 September |
|
|
At 31 August |
|
The fair value of investment property is based on a desktop valuation as at 31 August 2024 by Ben Flint MRICS.
The directors consider that this valuation continues to reflect the fair value of the property at 31 August 2025.
Had investment property not been revalued it would be held at depreciated cost of £523,382 (2024 - £535,521).
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Stocks |
|
2025 |
2024 |
|
|
Goods for resale |
|
6,014,995 |
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
|
|
Details of non-current trade and other debtors
£2,000,902 (2024 - £1,982,596) of amounts owed by related parties is classified as non current. Non current debtors represent unsecured, interest bearing loans that are repayable in regular instalments.
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
Non-cash transactions excluded from the cash flow statement
|
2025 |
2024 |
|
|
Loans reassigned |
- |
2,403,120 |
Loans reassigned represent amounts owed by related parties that were settled during the year ended 31 August 2024 by the reassignment to Portland of Bawtry Limited of third party loan debtors. These third party loan debtors are included in other debtors to the extent that they remain outstanding at the year end.
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax |
498,863 |
389,450 |
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 September 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 August 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension schemes
The company operates two defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £
Contributions totalling £
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
36,400 |
|
36,400 |
|
|
|
4,550 |
|
4,550 |
|
|
|
4,550 |
|
4,550 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Ordinary A shares have the following rights, preferences and restrictions: |
|
Ordinary B shares have the following rights, preferences and restrictions: |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
On the 18th June 2024 the company entered into a lease over its investment property. The minimum agreed payments under this lease are included in the table above. The lease term ends on 14 December 2029.
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividends paid on |
|
|
||
|
Interim dividends paid on |
|
|
||
|
Interim dividends paid on |
|
|
||
|
|
|
|
Related party transactions |
|
Transactions with directors |
Loans due to the company from the directors:-
|
2025 |
At 1 September 2024 |
Advances to director |
Repayments by director |
At 31 August 2025 |
|
Directors loans |
- |
|
( |
- |
|
2024 |
At 1 September 2023 |
Advances to director |
Repayments by director |
At 31 August 2024 |
|
Directors loans |
- |
|
( |
- |
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Overdrawn balances are repayable within nine months of the year end.
Interest is charged on overdrawn balances otherwise no interest is charged.
Interest of £340 (2024 - £1,082) was charged by the company on directors loans during the year.
Dividends paid to directors
|
2025 |
2024 |
|||
|
Dividends paid to directors |
1,455,000 |
1,327,000 |
||
|
Other transactions with directors |
During the year the company sold vehicles to directors and their close family at a total sales value of £140,500 (2024 - £140,875)
During the year the company purchased vehicles from directors and their close family at a total purchase value of £144,810 (2024 - £115,475)
The balance owed to directors at the year end in respect of directors' current accounts was £1,078,426 (2024 - £613,868)
There are no formal repayment arrangements for these directors' loans. interest is charged on overdrawn balances otherwise no interest is charged.
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Leases |
|
|
|
|
|
2024 |
Other related parties |
|
Leases |
|
|
|
|
Loans to related parties
|
2025 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
Interest transactions |
|
|
At end of period |
|
|
|
|
Portland of Bawtry Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
2024 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
Interest transactions |
|
|
At end of period |
|
|
|
|
Terms of loans to related parties
|
Parent and ultimate parent undertaking |
The ultimate controlling party is