REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
POTTERS POULTRY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
POTTERS POULTRY LIMITED |
POTTERS POULTRY LIMITED (REGISTERED NUMBER: 12590886) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
POTTERS POULTRY LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
POTTERS POULTRY LIMITED (REGISTERED NUMBER: 12590886) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
POTTERS POULTRY LIMITED (REGISTERED NUMBER: 12590886) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Potters Poultry Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis. The Company's ability to continue trading is dependent upon management of cashflow. Following the sale of a freehold property in the parent company, the parent company is now looking to support group cash flow over the next 12 months to stabilise the overall business and to support growth in certain markets. The directors believe that there is sufficient cash flow to support the business over the next 12 month and that the company is therefore a going concern for the foreseeable future. The Directors consider it appropriate to prepare the financial statements on the going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of turnover are as follows: |
Farm Services and Rearing |
Turnover represents the sale of poultry housing systems and the sale of rearing poultry to the egg laying industry. |
Sales are accounted for as long term contracts under the provisions of Section 23 FRS102 where appropriate. Contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the proportion of total costs incurred at the balance sheet date. |
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that is probable will be recoverable. |
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
POTTERS POULTRY LIMITED (REGISTERED NUMBER: 12590886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided in order to write off each asset over its estimate useful life. |
Plant and machinery - follows 15% straight line policy adopted from Group Company from which assets acquired, based on acquisition price relative to previous net book value. |
Motor vehicles- follows 25% straight line policy adopted from Group Company from which assets acquired, following previous depreciation as economic life unchanged. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair market value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
POTTERS POULTRY LIMITED (REGISTERED NUMBER: 12590886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Operating lease commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease in accordance with section 20.15 FRS102. |
Hire purchase and finance leases |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair market value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Intellectual |
Goodwill | Property | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
POTTERS POULTRY LIMITED (REGISTERED NUMBER: 12590886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
Work-in-progress |
POTTERS POULTRY LIMITED (REGISTERED NUMBER: 12590886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Directors' current accounts | - | 15,640 |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Amounts received on contracts | 198,442 | 533,970 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 10) |
Amounts owed to group undertakings |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Between one and five years |
POTTERS POULTRY LIMITED (REGISTERED NUMBER: 12590886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | - | 16,724 |
The hire purchase liabilities are secured against the assets to which they relate. |
The invoice discounting liability is secured with a fixed and floating charge against the assets of the company. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
15. | PARENT UNDERTAKING |
The parent company is W Potter & Sons (Holdings) Ltd, registered in England. |