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Company registration number: 05549132
Ian Potts & Sons Limited
Unaudited filleted financial statements
31 October 2023
Ian Potts & Sons Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Ian Potts & Sons Limited
Directors and other information
Directors Mr D Potts
Mr J Potts
Secretary Mrs M Potts
Company number 05549132
Registered office Hedley Park Farm
Hedley On The Hill
Stocksfield
Northumberland
NE43 7SR
Business address Hedley Park Farm
Hedley On The Hill
Stocksfield
Northumberland
NE43 7SR
Accountants McCowie & Co
2 Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
Bankers Barclays Bank PLC
Priestpopple
Hexham
Northumberland
NE46 1PE
Ian Potts & Sons Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 86,830 76,470
_______ _______
86,830 76,470
Current assets
Stocks 168,428 147,497
Debtors 6 30,869 24,252
_______ _______
199,297 171,749
Creditors: amounts falling due
within one year 7 ( 240,806) ( 183,902)
_______ _______
Net current liabilities ( 41,509) ( 12,153)
_______ _______
Total assets less current liabilities 45,321 64,317
Creditors: amounts falling due
after more than one year 8 ( 2,011) ( 10,347)
Provisions for liabilities ( 16,000) ( 12,400)
_______ _______
Net assets 27,310 41,570
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 27,210 41,470
_______ _______
Shareholders funds 27,310 41,570
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
Mr D Potts
Director
Company registration number: 05549132
Ian Potts & Sons Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Ian Potts & Sons Limited, Hedley Park Farm, Hedley On The Hill, Stocksfield, Northumberland, NE43 7SR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Going concern
The company is dependent upon the continuing support of it's directors who have agreed not to withdraw funds to the detriment of other creditors. On this basis the accounts have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10% - 15% straight line
Motor vehicles - 25 % straight line
Shed - 4 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery Motor vehicles Shed Total
£ £ £ £
Cost
At 1 November 2022 167,152 2,500 40,072 209,724
Additions 32,250 - - 32,250
Disposals ( 6,500) - - ( 6,500)
_______ _______ _______ _______
At 31 October 2023 192,902 2,500 40,072 235,474
_______ _______ _______ _______
Depreciation
At 1 November 2022 103,572 2,480 27,202 133,254
Charge for the year 17,950 - 1,600 19,550
Disposals ( 4,160) - - ( 4,160)
_______ _______ _______ _______
At 31 October 2023 117,362 2,480 28,802 148,644
_______ _______ _______ _______
Carrying amount
At 31 October 2023 75,540 20 11,270 86,830
_______ _______ _______ _______
At 31 October 2022 63,580 20 12,870 76,470
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 3,765 -
Other debtors 27,104 24,252
_______ _______
30,869 24,252
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 86,959 15,481
Trade creditors 21,212 23,396
Corporation tax - 9,010
Social security and other taxes 41 36
Other creditors 132,594 135,979
_______ _______
240,806 183,902
_______ _______
The bank loan and overdraft of £86,959 (31 October 2022 £15,481) is secured by a personal guarantee given by the directors. Included in other creditors are obligations under finance lease and hire purchase contracts amounting to £2,167 (31 October 2022 £4,795), this is secured on the asset the agreement relates to.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 2,011 8,180
Other creditors - 2,167
_______ _______
2,011 10,347
_______ _______
The bank loan and overdraft of £2,011 (31 October 2022 £8,180) is secured by a personal guarantee given by the directors. Included in other creditors are obligations under finance lease and hire purchase contracts amounting to £- (31 October 2022 £2,167), this is secured on the asset the agreement relates to.
9. Controlling party
The company is controlled by Mr D Potts (Director). He is the majority shareholder.