ACCOUNTS - Final Accounts preparation

Registered number: 08401614

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2026

	PORTSMOUTH FIBREGLASS LIMITED


PORTSMOUTH FIBREGLASS LIMITED

COMPANY INFORMATION

Directors	N R Williams
	M K Williams


Registered number	08401614


Registered office	Unit 3
	Marshlands Road
	Farlington
	Portsmouth
	Hampshire
	PO6 1ST


Accountants	Menzies LLP
	Chartered Accountants
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


PORTSMOUTH FIBREGLASS LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 9


PORTSMOUTH FIBREGLASS LIMITED REGISTERED NUMBER:08401614

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	5		215,717		237,322
Investment property	6		374,606		346,503
			590,323		583,825
Current assets
Stocks		13,500		13,500
Debtors: amounts falling due within one year	7	217,894		193,519
Cash at bank and in hand		63,864		56,657
		295,258		263,676
Creditors: amounts falling due within one year	8	(163,900)		(160,525)
Net current assets			131,358		103,151
Total assets less current liabilities			721,681		686,976
Creditors: amounts falling due after more than one year	9		-		(3,078)

Net assets			721,681		683,898

Page 1


PORTSMOUTH FIBREGLASS LIMITED REGISTERED NUMBER:08401614

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

		2026		2025
		£		£

Capital and reserves
Called up share capital	100	100
Profit and loss account	721,581	683,798
	721,681	683,898

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 income and retained earnings 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:

N R Williams

Director

Date: 28 October 2026

The notes on pages 3 to 9 form part of these financial statements.

Page 2


PORTSMOUTH FIBREGLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Portsmouth Fibreglass Limited is a private company limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill

straight line over 10 years

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are 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 by management.

Page 3


PORTSMOUTH FIBREGLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

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 or reducing balance method..

Depreciation is provided on the following basis:

Freehold property	-	4%	straight line
Plant and machinery	-	15%	reducing balance
Motor vehicles	-	25%	reducing balance
Fixtures and fittings	-	20%	reducing balance
Equipment	-	20%	reducing balance

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.

2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4


PORTSMOUTH FIBREGLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into 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 when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.14

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Employees

The average monthly number of employees, including directors, during the year was 17 (2025 - 18).

Page 5


PORTSMOUTH FIBREGLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

4.	Intangible assets

		Goodwill
		£

	At 1 April 2025	110,000
	At 31 March 2026	110,000

	At 1 April 2025	110,000
	At 31 March 2026	110,000
	Net book value
	At 31 March 2026	-
	At 31 March 2025	-

Page 6

PORTSMOUTH FIBREGLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2025	336,190	20,620	48,575	17,780	1,902	425,067
At 31 March 2026	336,190	20,620	48,575	17,780	1,902	425,067
Depreciation
At 1 April 2025	133,480	17,545	20,811	14,610	1,299	187,745
Charge for the year on owned assets	13,447	462	6,941	633	122	21,605
At 31 March 2026	146,927	18,007	27,752	15,243	1,421	209,350
Net book value
At 31 March 2026	189,263	2,613	20,823	2,537	481	215,717
At 31 March 2025	202,710	3,075	27,764	3,170	603	237,322

Page 7


PORTSMOUTH FIBREGLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

6.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2025	346,503
	Additions at cost	28,103
	At 31 March 2026	374,606

The 2026 valuations were made by the director, on an open market value basis.

Debtors

					2026	2025
					£	£


Trade debtors	73,044	71,547
Other debtors	144,850	121,972
	217,894	193,519

8.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Bank loans	2,429	10,000
Trade creditors	70,634	76,396
Corporation tax	54,075	44,837
Other taxation and social security	31,038	23,122
Other creditors	424	1,070
Accruals and deferred income	5,300	5,100
	163,900	160,525

Page 8


PORTSMOUTH FIBREGLASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

9.	Creditors: Amounts falling due after more than one year
		2026	2025
		£	£

Bank loans	-	3,078
	-	3,078

Page 9