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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
COMPANY INFORMATION
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PRENTICE PORTADOWN LIMITED
CONTENTS
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PRENTICE PORTADOWN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is pleased to present its Strategic Report for the year ended 31st December 2025. The Company is the main trading subsidiary of a Group and as such the Strategic Report details all relevant group matters.
The Company's principal activity is the sale and service of motor vehicles during the year.
The trading results for the year and the financial position at the end of the year were considered to be satisfactory by the directors. Operating profits before interest of £1,023,198 (2024 : £1,223,603) were achieved, and operating profits after exceptional items and interest amounted to £674,325 (2024 : £904,464). The Company finished the trading year with net assets of £2,694,960. The financial year was defined by a resilient performance against a challenging backdrop for the Northern Ireland automotive industry. Demand for the BMW brand remained robust, underpinned by strong consumer loyalty and a strong inventory strategy that successfully balanced new vehicle deliveries with a highly active used vehicle division and the aftersales division which performed exceptionally well. A defining driver of the year's performance was the continuing shift in consumer demand toward electric and hybrid vehicles. Despite demanding trading conditions, the business continued to strengthen its balance sheet and report profitability, enabling it to deploy almost £200,000 toward vital facility enhancements and infrastructure modernisations.
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PRENTICE PORTADOWN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. Management have assessed the major risks to which the Company is exposed, and have set in place policies which are subject to ongoing review by management.
Compliance with regulation, legal and ethical standards is a high priority for the Company and management take on an important oversight role in this regard. The company has identified the following risks as being a high priority for ongoing monitoring and mitigation: 1. Economic and Market Risks Fluctuating demand due to economic downturns, interest rate changes, or consumer confidence; Supply chain disruptions, particularly for new vehicles and parts, can delay sales and repairs. 2. Regulatory and Environmental Risks Compliance with emissions regulations, such as the UK's Zero Emission Vehicle (ZEV) mandate, which requires a growing percentage of new car sales to be electric. Health and safety regulations, especially in service areas where tools are used. 3. Property and Theft Risks Theft or vandalism of vehicles, parts, or equipment, especially in outdoor lots. 4. Labour and Staffing Issues Skilled labour shortages, particularly for technicians and sales staff. The automotive sector remains competitive. The Company seeks to maintain an advantage over competitors by offering the highest level of customer service. Financial Instruments and Risk Management The Directors acknowledge their responsibility for managing the Company’s exposure to risks arising from its use of financial instruments. The Company’s financial instruments comprise cash and cash equivalents, trade and other receivables, trade and other payables, and, where applicable, borrowings. The main risks arising from the Company’s financial instruments are credit risk, liquidity risk, and market risk and the Directors regularly review and agree policies for managing each of these risks. The success of the business is reliant on consumer spending, and an economic downturn will have a direct impact on the income of the Company. In response, the directors keep a close watch on wider global economic conditions and modify strategies to reflect the market.
The company relies on various key performance indicators to measure its performance:
Revenue Growth - revenue increased by 25.7% in 2025. Operating Profit Percentage - 2025 : 1.7% (2024 : 2.57%). Net Profit Percentage - 2025 : 1.1% (2024 : 1.2%). Stock Holding Days - 2025 : 65 days (2024 : 73 days). Additional KPIs of debtor days and debt position are reviewed on a regular basis and were all considered to be in line with the directors' expectations.
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PRENTICE PORTADOWN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Customer satisfaction is a key performance indicator and is measured using customer feedback and after-sales care. Customer satisfaction is reviewed regularly and considered to be at a high level by the directors. During 2024 Prentice Portadown received the accolade of becoming a BMW 30-Star Retailer, which was retained for 2025, demonstrating exceptionally high performance in customer satisfaction. MINI has been Customer Retailer of the Year for 2023, 2024 & 2025.
Going concern The Company's financial forecasts and sensitivities show the Company is expected to continue to be cash generative taking account of the anticipated changes in trading performance, and it will operate within its facilities and meet its obligations as they fall due. Consequently, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way they would
consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to: The likely consequences of its decisions in the long-term - The directors have developed plans for the business that have been designed to have a long-term beneficial impact for the group as a whole and will assist in the decision-making process to deliver a high quality of service. The interests of the Company’s employees - The directors consider the employees to be fundamental to the delivery of their plans and the success of the group. The company is a responsible employer and places the health, safety and well-being of its team members at the front of the way it conducts business. A need to foster the Company’s business relationships with suppliers, customers and others - The directors recognise the relationships it has with its suppliers and customers as being the key to a successful future. We meet with our BMW and Mini partners regularly throughout the year and continuously monitors the satisfaction and experiences of our customers. The directors recognise the need to take corrective action where necessary to prevent involvement in modern slavery, corruption, bribery and breaches of competition laws. The impact of the Company’s operations on the community and the environment - The directors' plans give the highest regard to the impact of the business operations on the community and the environment. Consideration is also given to our wider social responsibilities and how we comply with environmental legislation and exceed those requirements. The company is currently implementing the BMW sustainability project and its electric vehicles project as plans to reduce its environmental impact. The desirability of the Company maintaining a reputation for high standards of business conduct and the need to act fairly as between members of the Company - The Directors ensure that the group as a whole behaves responsibly and that the managers operate the business as such. We intend to operate with high standards of business conduct, good corporate governance and to act fairly between each other, as we recognise this will nurture our reputation in the local community and throughout the BMW and Mini network.
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PRENTICE PORTADOWN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board on 31 July 2026 and signed on its behalf.
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PRENTICE PORTADOWN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The profit for the year, after taxation, amounted to £480,914 (2024 - £677,266).
The directors have paid dividends of £175,693 (2024 : £161,052).
The directors who served during the year were:
Under Schedule 7.1A "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008", the Company has elected to disclose the following directors' report information in the Strategic Report:
• Principal activities and business review; • Principal risks and uncertainties; • Financial key performance indicators.
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PRENTICE PORTADOWN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO
THE SHAREHOLDER OF PRENTICE PORTADOWN LIMITED
We have audited the financial statements of Prentice Portadown Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRENTICE PORTADOWN LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRENTICE PORTADOWN LIMITED (CONTINUED)
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 Auditors' 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.
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. As part of the audit in accordance with ISAs (UK) we exercised professional judgement and maintained professional scepticism throughout the audit. 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 sector and 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, Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We obtained an understanding of internal controls relevant to the audit in order to design audit procedures that were appropriate in the circumstances but not for the purpose of expressing an opinion of the effectiveness of the Company’s internal controls.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRENTICE PORTADOWN LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; evaluated the appropriateness of accounting policies used, including managements’ use of the going concern basis of accounting, and the reasonableness of accounting estimates and related disclosures made by management; and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litigation and claims. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included the Company's FCA regulatory requirements.
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 Auditors' Report.
This report is made solely to the Company's shareholders, 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 shareholders those matters we are required to state to them in an Auditors' 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 shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Suite 2.06, Custom House
Custom House Square
Antrim
BT1 3ET
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PRENTICE PORTADOWN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
REGISTERED NUMBER: NI626334
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 34 form part of these financial statements.
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PRENTICE PORTADOWN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Prentice Portadown Limited is a private company, limited by shares, incorporated in Northern Ireland with Company Registration Number NI626334.
The registered office is situated at Suite 2.06, Custom House, Custom House Square, Belfast, BT1 3ET. The Company's principal activity is the sale and service of motor vehicles.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared under the going concern basis.
The Company's financial forecasts and sensitivities show the Company is expected to continue to be cash generative taking account of the anticipated changes in trading performance as a result of supply issues and international markets uncertainties and the effects of mitigating actions taken or available to the Company, and it will operate within its facilities and meet its obligations as they fall due. Consequently, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
Goodwill is amortised over 20 years in line with the company's franchise agreement to which it relates.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Stock includes goods held on consignment. These stocks remain the property of the company until sold. As such, they are recognised as stocks on the company’s balance sheet and are valued at the lower of cost and net realisable value in accordance with FRS 102 Section 13. Income from consignment stock is recognised only when the goods are sold to the end customer, at which point the significant risks and rewards of ownership are transferred. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Impairment of financial assets
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods where the revision affects both the current and future periods. The items in the financial statements where these judgements and estimates have been made include: Depreciation and residual values The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Analysis of turnover by country of destination:
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The vehicle consignment creditor is secured on the consignment stock to which the liability relates.
Bank overdrafts and loans are secured as follows: - A mortgage debenture incorporating a Fixed and Floating charge over all Company assets present & future. - Assignment of Keyman Life cover on the life of the director in the sum of £500,000. - A letter of Subordination signed by Prentice Portadown Limited, in respect of directors loans given in favour of First Trust Bank.
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Bank overdrafts and loans are secured as follows:
- A mortgage debenture incorporating a Fixed and Floating charge over all Company assets present & future. - Assignment of Keyman Life cover on the life of the director in the sum of £500,000. - A letter of Subordination signed by Prentice Portadown Limited, in respect of directors loans given in favour of First Trust Bank.
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and financial liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and cash and cash equivalents.
These basic financial instruments are initially recognised at transaction price and subsequently measured at amortised cost only where applicable. The Company does not enter into complex financial instrument arrangements, derivative financial instruments, or hedging transactions.
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
The Company operates a defined contributions pension schemes. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £109,284 (2024: £91,596). There were no contributions payable to the fund at the balance sheet date.
The Company made an employer pension contribution on behalf of the director of which £nil was payable at the balance sheet date.
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PRENTICE PORTADOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The parent company is WIFCO Limited, a company registered in Northern Ireland at Suite 2.06, Custom House, Custom House Square, Belfast, BT1 3ET. The consolidated accounts of WIFCO Limited are publicly available.
The ultimate controlling party is Mrs J Houston by virtue of her shareholding in WIFCO Limited.
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