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Registration number: 6556503

Pots Holdings Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Pots Holdings Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Pots Holdings Limited

Company Information




 

Directors

Nicholas William Smith

Rupert John Boissier

Sophie Louise Beardmore-Gray



 

Registered office

Unit 2a, Poles Copse
Poles Lane
Otterbourne
Winchester
SO21 2DZ

 

Accountants

Magenta Accounts Limited
2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pots Holdings Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pots Holdings Limited for the year ended 31 October 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Pots Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pots Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Pots Holdings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pots Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pots Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Pots Holdings Limited. You consider that Pots Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pots Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Magenta Accounts Limited
2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ



 

10 April 2024

 

Pots Holdings Limited

(Registration number: 6556503)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

321,001

 

374,501

Tangible assets

5

 

1,981,559

 

1,988,792

Investments

6

 

2

 

2

   

2,302,562

 

2,363,295

Current assets

   

 

Debtors

7

183,685

 

159,072

 

Cash at bank and in hand

 

41,090

 

19,223

 

 

224,775

 

178,295

 

Creditors: Amounts falling due within one year

8

(932,326)

 

(641,643)

 

Net current liabilities

   

(707,551)

 

(463,348)

Total assets less current liabilities

   

1,595,011

 

1,899,947

Creditors: Amounts falling due after more than one year

8

 

(2,896,390)

 

(2,848,771)

Net liabilities

   

(1,301,379)

 

(948,824)

Capital and reserves

   

 

Called up share capital

9

300

 

300

 

Retained earnings

(1,301,679)

 

(949,124)

 

Shareholders' deficit

   

(1,301,379)

 

(948,824)

 

Pots Holdings Limited

(Registration number: 6556503)
Balance Sheet as at 31 October 2023

For the financial 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
Rupert John Boissier
Director

 

Pots Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 2a, Poles Copse
Poles Lane
Otterbourne
Winchester
SO21 2DZ

The principal place of business is:
The Flower Pots Inn
Brandy Mount
Cheriton
Alresford
SO24 0QQ

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentation currency of the financial statements is the Pound Sterling (£).

Group accounts not prepared

The financial statements contain information about Pots Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements..

Going concern

As at the balance sheet date there were net current liabilities and net liabilities. This is due to major renovations taking place at the premises which have been funded by long term loans. The company will continue to be supported by the directors' for the forseeable future and due to this, they consider that the accounts should be prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.

 

Pots Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Fixtures and fittings

10% straight line

Plant and machinery

4 years at cost

Motor vehicle

4 years at cost

Buildings

50 years at cost

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.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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% straight line

Trademarks and patents

10% straight line

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.

 

Pots Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 62 (2022 - 53).

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Contractual customer relationships
 £

Total
£

Cost or valuation

At 1 November 2022

360,000

175,000

1

535,001

At 31 October 2023

360,000

175,000

1

535,001

Amortisation

At 1 November 2022

108,000

52,500

-

160,500

Amortisation charge

36,000

17,500

-

53,500

At 31 October 2023

144,000

70,000

-

214,000

Carrying amount

At 31 October 2023

216,000

105,000

1

321,001

At 31 October 2022

252,000

122,500

1

374,501

 

Pots Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

1,921,842

192,206

3,245

2,117,293

Additions

49,484

484

-

49,968

At 31 October 2023

1,971,326

192,690

3,245

2,167,261

Depreciation

At 1 November 2022

13,598

113,213

1,690

128,501

Charge for the year

13,377

43,013

811

57,201

At 31 October 2023

26,975

156,226

2,501

185,702

Carrying amount

At 31 October 2023

1,944,351

36,464

744

1,981,559

At 31 October 2022

1,908,244

78,993

1,555

1,988,792

Included within the net book value of land and buildings above is £1,944,351 (2022 - £1,908,244) in respect of freehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 November 2022

2

Carrying amount

At 31 October 2023

2

At 31 October 2022

2

 

Pots Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

174,185

159,072

Other debtors

 

9,500

-

   

183,685

159,072

Details of non-current trade and other debtors

£174,185 (2022 -£159,072) of amounts owed by group undertakings is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

593

593

Trade creditors

 

60,409

3,346

Taxation and social security

 

100,460

79,102

Accruals and deferred income

 

768,726

554,648

Other creditors

 

2,138

3,954

 

932,326

641,643

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

2,771,275

2,771,275

Amounts owed to group undertakings

 

125,115

77,496

 

2,896,390

2,848,771

Other loans relate to the funds provided by the directors to the Company for capital asset and working capital purposes and are repayable after 5 years, not by instalments. Interest is charged at 7.54% per annum on a non secured basis.
Amounts due to other group companies are repayable after 5 years, not by instalments and are unsecured.

 

Pots Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

2,771,275

2,771,275

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

593

593