Company registration number 08106984 (England and Wales)
POTS & CO LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
POTS & CO LTD
COMPANY INFORMATION
Directors
Mr S N Champ
Mr J R Dyer
Mr M I Escolme
Secretary
Ms S Dyer
Company number
08106984
Registered office
Huddle Hammersmith
3 Shortlands
London
W6 8DA
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
POTS & CO LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Notes to the financial statements
14 - 30
POTS & CO LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The business continues to enjoy much improved financial momentum towards profitability during the 2nd phase of the 2-year strategic plan, during which a continued focus on bottom line improvements, over sales, was exhibited to drive sustainable growth going forward. This was reflected in the 2023 results with the business achieving a further £983k increase in EBITDA ending the year on 31st December 2023 at -£392k (2022: -£1,620k) as per budget, and on turnover of £11,140k (2022: 13,140k). At the balance sheet date, the company had net assets of £3,211k. This constituted a total 2-year EBITDA increase of x8 times (2021: £3,150), since the strategy was devised.

In the UK, the business achieved significant (double digit) sales growth in 6 out of the 8 retailers it traded with, despite major external challenges to the desserts category including the HFSS guidelines impacting promotion mechanics, as well as the cost-of-living crisis. Similarly, the Foodservice business group exhibited strong momentum in Q4 with new contracts and a number of major 2024 tenders with prestigious carriers. In the US and much like in 2022, the business continued to be choiceful with the accounts traded, in line with the 2-year strategic plan of financial sustainability and profitability – whilst this led to a sales decline, it facilitated EBITDA profitability targets to be achieved. The focus on brand was around prompted awareness and brand equity, activated with a campaign with Great British Chefs as well as several influencers and social partnerships – all of which bringing about the desired uplifts to owned media channel Key metrics.

2023 also saw the business continue its positive trajectory on factory costs and efficiency with absorbing a government proposed labour salary increase of 10% in the minimum wage while keeping a positive trajectory on factory costs. Overheads & Salaries remained tightly controlled and came in -19% under budget for the year. In addition, the business experienced an easing of inflationary pressures on raw materials and logistics which saw an upside on what was a cautionary budget, based on the related challenges of 2022.

Towards the end of the year, an ongoing strategic project to define the long-term manufacturing strategy of the business was brought to a close. The decision was made to outsource the production side of the business to a major partner with scale (£250m+ annual turnover) and expertise to draw from, and a long-term agreement was reached which will come in to effect in Q2 2024. The agreement is set to deliver an upturn in annual profitability of £600k on budget and removes a £1.6m fixed liability from running the London site. 2024 will see some exciting change for the business which will be in a position leverage the manufacturing expertise and scale of a much larger food group, benefiting from process capability, procurement and logistical synergies. The project sets the scene for the next 3-year plan towards profitable growth.

Principal risks and uncertainties

The principal risks and uncertainties the Company identifies are:

 

Key performance indicators

The directors consider gross margin, operating profit and gross revenue to be the Key Performance Indicators of the company. They can be seen in the Profit and Loss Account and reflect the review of the business noted in this report.

 

POTS & CO LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Future developments

Looking forward, the business can see a clear path to profitable growth once any potential operational challenges of a transition to co-manufacturing have been overcome. The upturn in profitability from surrendering the London site is budgeted to provide increased funds for more discretionary expenditure directed at growth such as innovation and brand investment.

The increase in available funds, coupled with the step change in cost efficient process capability from our new partners, provides high levels of expectation towards a strong and profitable 2024 and beyond.

The business will continue to offer unique flexibility for its customers and retains high levels of creativity which will enable the continued development of current markets and customers as well as the ability to unlock future opportunities.

The Board is confident that with the organizational work performed to date, and the strategic plans in place for sustainable growth, the business is in a strong position to add further value to our shareholders and our wider stakeholders.

 

On behalf of the board

Mr S N Champ
Director
1 August 2024
POTS & CO LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of manufacture of desserts.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S N Champ
Mr J R Dyer
Mr M I Escolme
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S N Champ
Director
1 August 2024
2024-08-01
POTS & CO LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

POTS & CO LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF POTS & CO LTD
- 5 -
Opinion

We have audited the financial statements of Pots & Co Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

POTS & CO LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POTS & CO LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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.

 

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the Group were identified through discussions with directors and other management, and from our commercial knowledge and experience of roofing contractors. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the Group, including the Food Safety Act 1990, Food Information Regulation 2014, Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

 

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

 

To address the risk of fraud through management bias and override of controls, we: 

 

POTS & CO LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POTS & CO LTD
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, 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 members those matters we are required to state to them in an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Howarth (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited
2 August 2024
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
POTS & CO LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
11,151,062
13,141,786
Cost of sales
(7,678,173)
(9,148,764)
Gross profit
3,472,889
3,993,022
Distribution costs
(1,514,993)
(1,684,338)
Administrative expenses
(3,117,026)
(4,296,678)
Equity issue costs
4
(13,048)
-
0
Exceptional item
4
181,622
-
0
Operating loss
5
(990,556)
(1,987,994)
Interest receivable and similar income
9
12,767
-
0
Interest payable and similar expenses
10
(53,298)
(76,887)
Loss before taxation
(1,031,087)
(2,064,881)
Tax on loss
11
74,178
38,353
Loss for the financial year
(956,909)
(2,026,528)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
POTS & CO LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
12,746
21,153
Tangible assets
13
920,758
1,116,693
933,504
1,137,846
Current assets
Stocks
17
661,133
1,158,710
Debtors
18
1,993,752
1,285,130
Cash at bank and in hand
1,413,748
1,764,128
4,068,633
4,207,968
Creditors: amounts falling due within one year
19
(1,709,279)
(2,513,589)
Net current assets
2,359,354
1,694,379
Total assets less current liabilities
3,292,858
2,832,225
Creditors: amounts falling due after more than one year
20
(32,490)
-
Net assets
3,260,368
2,832,225
Capital and reserves
Called up share capital
26
12,658
7,774
Share premium account
14,601,157
13,170,279
Profit and loss reserves
(11,353,447)
(10,345,828)
Total equity
3,260,368
2,832,225

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
01 August 2024
Mr S N Champ
Director
Company registration number 08106984 (England and Wales)
POTS & CO LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
12,746
21,153
Tangible assets
13
920,758
1,116,693
Investments
14
758
1,758
934,262
1,139,604
Current assets
Stocks
17
451,143
762,014
Debtors
18
3,528,730
1,325,676
Cash at bank and in hand
1,316,087
1,720,012
5,295,960
3,807,702
Creditors: amounts falling due within one year
19
(1,580,336)
(2,477,514)
Net current assets
3,715,624
1,330,188
Total assets less current liabilities
4,649,886
2,469,792
Creditors: amounts falling due after more than one year
20
(32,490)
-
Net assets
4,617,396
2,469,792
Capital and reserves
Called up share capital
26
12,658
7,774
Share premium account
14,601,157
13,170,279
Profit and loss reserves
(9,996,419)
(10,708,261)
Total equity
4,617,396
2,469,792

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £711,842 (2022 - £2,211,418 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
01 August 2024
Mr S N Champ
Director
Company registration number 08106984 (England and Wales)
POTS & CO LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
7,210
8,211,325
(8,370,010)
(151,475)
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(2,026,528)
(2,026,528)
Issue of share capital
26
564
4,958,954
-
4,959,518
Balance at 31 December 2022
7,774
13,170,279
(10,396,538)
2,781,515
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(956,909)
(956,909)
Issue of share capital
26
5,943
1,430,878
-
1,436,821
Reduction of shares
26
(1,059)
-
-
(1,059)
Balance at 31 December 2023
12,658
14,601,157
(11,353,447)
3,260,368
POTS & CO LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
7,210
8,211,325
(8,496,843)
(278,308)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(2,211,418)
(2,211,418)
Issue of share capital
26
564
4,958,954
-
4,959,518
Balance at 31 December 2022
7,774
13,170,279
(10,708,261)
2,469,792
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
711,842
711,842
Issue of share capital
26
5,943
1,430,878
-
1,436,821
Reduction of shares
26
(1,059)
-
-
(1,059)
Balance at 31 December 2023
12,658
14,601,157
(9,996,419)
4,617,396
POTS & CO LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
(971,822)
(4,127,819)
Income taxes refunded
72,309
123,917
Net cash outflow from operating activities
(899,513)
(4,003,902)
Investing activities
Purchase of intangible assets
(2,422)
(1,219)
Purchase of tangible fixed assets
(134,060)
(29,172)
Interest received
12,767
-
0
Net cash used in investing activities
(123,715)
(30,391)
Financing activities
Proceeds from issue of shares
1,435,762
4,959,518
Repayment of bank loans
32,490
-
Payment of finance leases obligations
(169,215)
(232,791)
Interest paid
(53,298)
(76,887)
Net cash generated from financing activities
1,245,739
4,649,840
Net increase in cash and cash equivalents
222,511
615,547
Cash and cash equivalents at beginning of year
1,191,237
575,690
Cash and cash equivalents at end of year
1,413,748
1,191,237
Relating to:
Cash at bank and in hand
1,413,748
1,764,128
Bank overdrafts included in creditors payable within one year
-
(572,891)
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Pots & Co Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Huddle Hammersmith, 3 Shortlands, London, W6 8DA.

 

The group consists of Pots & Co Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Pots & Co Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

The group generated revenues of circa. £11.1m and incurred a pre-tax loss of circa. £1m. As of the date of the balance sheet, the group had net assets of £3.3m and net current assets of £2.4m. Trading since the balance sheet date is trending above that of 2023 as the group continues its investment in markets, products and processes.

 

At a company level, the company made a profit of circa. £712k for the year and at the balance sheet date had net current assets of £3.7m and net assets of £4.6m.

 

The directors have prepared detailed forecasts for the year ended 31 December 2024 as part of their assessment of the basis of preparation of these financial statements. These forecasts include sensitivity analysis of potential downside sales conditions. The inflows from share issues, coupled with existing banking facilities are sufficient to enable the group to continue to operate as a going concern throughout those projections.

 

The company has confirmation of continuing support from its investors to continue to fund the company for at least twelve months from the approval of these financial statements, so that the company and group can continue to pay its debts as they fall due.

 

As evidenced by the fund raises in 2023, the directors are supported by a consistently supportive set of existing shareholders who have proven to be willing to invest more as necessary. As a result, at the time of approving these financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

 

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks
20% straight line
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% straight line
Office equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company's estimate of shares or options that will eventually vest.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation/amortisation

The annual depreciation and amortisation charges in respect of tangible and intangible fixed assets are based on the directors' best estimate of the useful economic lives and residual value of each asset class. The useful economic lives and residual values of each class are reassessed annually. Annual impairment reviews are performed on each class of asset to ensure that the carrying values are appropriate.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
11,151,062
13,141,786
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
7,648,675
7,690,600
Europe
296,353
335,439
Rest of the world
3,206,034
5,115,747
11,151,062
13,141,786
2023
2022
£
£
Other revenue
Interest income
12,767
-
4
Exceptional item
2023
2022
£
£
Expenditure
Equity issue costs
13,048
-
Exceptional items
(181,622)
-
(168,574)
-
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
5
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
(125,886)
(310,123)
Research and development costs
106,530
84,061
Depreciation of owned tangible fixed assets
329,994
354,230
Amortisation of intangible assets
10,830
14,020
Operating lease charges
622,200
785,718
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
35,000
31,000
Audit of the financial statements of the company's subsidiaries
6,000
-
41,000
31,000
For other services
Taxation compliance services
2,500
2,250
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office Staff
25
27
25
24
Production Staff
38
47
38
47
Total
63
74
63
71

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,210,862
839,048
1,168,139
799,022
Social security costs
260,229
268,273
243,574
255,143
Pension costs
93,778
65,510
93,778
62,429
1,564,869
1,172,831
1,505,491
1,116,594
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
241,392
306,544
Company pension contributions to defined contribution schemes
19,021
9,222
260,413
315,766
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
132,734
117,330
Company pension contributions to defined contribution schemes
294
1,321
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
12,767
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
12,767
-
10
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
19,569
46,662
Other interest on financial liabilities
-
1,221
19,569
47,883
Other finance costs:
Interest on finance leases and hire purchase contracts
7,259
20,572
Other interest
26,470
8,432
Total finance costs
53,298
76,887
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(84,270)
(33,045)
Foreign current tax on profits for the current period
10,092
(5,308)
Total current tax
(74,178)
(38,353)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(1,031,087)
(2,064,881)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(257,772)
(392,327)
Tax effect of expenses that are not deductible in determining taxable profit
8,413
4,218
Unutilised tax losses carried forward
25,901
365,891
Permanent capital allowances in excess of depreciation
39,608
56,339
Research and development tax credit
(89,142)
(33,045)
Deferred tax adjustments in respect of prior years
10,092
(5,308)
Other
188,722
(34,121)
Taxation credit
(74,178)
(38,353)
12
Intangible fixed assets
Group
Trademarks
£
Cost
At 1 January 2023
75,751
Additions - internally developed
2,422
At 31 December 2023
78,173
Amortisation and impairment
At 1 January 2023
54,598
Amortisation charged for the year
10,830
At 31 December 2023
65,428
Carrying amount
At 31 December 2023
12,745
At 31 December 2022
21,153
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Intangible fixed assets
(Continued)
- 24 -
Company
Trademarks
£
Cost
At 1 January 2023
75,751
Additions - internally developed
2,422
At 31 December 2023
78,173
Amortisation and impairment
At 1 January 2023
54,598
Amortisation charged for the year
10,830
At 31 December 2023
65,428
Carrying amount
At 31 December 2023
12,745
At 31 December 2022
21,153
13
Tangible fixed assets
Group
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 January 2023
3,288,862
113,086
3,401,948
Additions
12,084
121,975
134,059
At 31 December 2023
3,300,946
235,061
3,536,007
Depreciation and impairment
At 1 January 2023
2,198,561
86,694
2,285,255
Depreciation charged in the year
306,583
23,411
329,994
At 31 December 2023
2,505,144
110,105
2,615,249
Carrying amount
At 31 December 2023
795,802
124,956
920,758
At 31 December 2022
1,090,301
26,392
1,116,693
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 25 -
Company
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 January 2023
3,288,862
113,086
3,401,948
Additions
12,084
121,975
134,059
At 31 December 2023
3,300,946
235,061
3,536,007
Depreciation and impairment
At 1 January 2023
2,198,561
86,694
2,285,255
Depreciation charged in the year
306,583
23,411
329,994
At 31 December 2023
2,505,144
110,105
2,615,249
Carrying amount
At 31 December 2023
795,802
124,956
920,758
At 31 December 2022
1,090,301
26,392
1,116,693
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
-
0
758
1,758
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,758
Disposals
(1,000)
At 31 December 2023
758
Carrying amount
At 31 December 2023
758
At 31 December 2022
1,758
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Subsidiaries
(Continued)
- 26 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Pots & Co Corporation
USA
Manufacture of food products
Ordinary
100.00
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,545,986
1,049,495
3,123,051
1,106,734
Carrying amount of financial liabilities
Measured at amortised cost
1,684,793
2,461,098
1,556,190
2,425,053
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
570,610
792,441
520,042
685,266
Finished goods and goods for resale
90,523
366,269
(68,899)
76,748
661,133
1,158,710
451,143
762,014
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,442,486
925,397
1,356,970
843,773
Corporation tax recoverable
2,081
2,081
2,081
2,081
Amounts owed by group undertakings
-
-
1,662,581
138,863
Other debtors
267,251
221,931
267,251
221,931
Prepayments and accrued income
278,189
133,845
239,847
119,028
1,990,007
1,283,254
3,528,730
1,325,676
Deferred tax asset (note 23)
3,745
1,876
-
0
-
0
1,993,752
1,285,130
3,528,730
1,325,676
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
-
0
572,891
-
0
572,891
Obligations under finance leases
22
-
0
169,215
-
0
169,215
Trade creditors
1,379,905
1,267,432
1,279,698
1,168,955
Amounts owed to group undertakings
-
0
-
0
-
0
98,225
Other taxation and social security
56,976
52,491
56,636
52,461
Other creditors
(26)
(1,230)
(26)
(1,210)
Accruals and deferred income
272,424
452,790
244,028
416,977
1,709,279
2,513,589
1,580,336
2,477,514
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
32,490
-
0
32,490
-
0
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
32,490
-
0
32,490
-
0
Bank overdrafts
-
0
572,891
-
0
572,891
32,490
572,891
32,490
572,891
Payable within one year
-
0
572,891
-
0
572,891
Payable after one year
32,490
-
0
32,490
-
0

 

 

22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
169,215
-
0
169,215

The obligations under finance leases are secured over the assets of the company.

POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2023
2022
Group
£
£
Short term timing differences
3,745
1,876
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(1,876)
-
Credit to profit or loss
(1,869)
-
Asset at 31 December 2023
(3,745)
-

 

Company

 

The company has no deferred tax assets or liabilities.

 

The company has tax losses amounting to approximately £9.3m (2022: £9.2m) to offset against future

taxable profits. The company is unlikely to have taxable profits for the foreseeable future and therefore a

deferred tax asset in relation to the available tax losses has not been recognised.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,778
65,510

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
25
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023 and 31 December 2023
49,652
49,652
49.32
49.32
Exercisable at 31 December 2023
49,652
49,652
49.32
49.32

As at 31 December 2022, there were outstanding options under the Enterprise Management Incentive scheme in respect of 49,652 Ordinary shares relating to 8 employees of the company.

 

Options have been granted at various dates. Option holders acquire the right to exercise the options over a period of three years from the date of the deed assuming they continue to be employed by the company. The exercise price for 11,260 shares is £13.22 per share, the price of 4,400 shares if £21.97 per share, the price of 19,829 shares is £67.35 per share and the price of 14,163 shares is £61.26 per share. The directors consider the share option charge, as a result of the options, to be immaterial.

26
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,265,789
671,500
12,658
6,715
Ordinary A1 shares of 0p each
-
105,850
-
1,059
Ordinary A shares of 0p each
-
5
-
-
1,265,789
777,355
12,658
7,774
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
108,750
428,750
-
428,750
Between two and five years
-
108,750
-
108,750
108,750
537,500
-
537,500
POTS & CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
260,413
315,766
29
Controlling party

The ultimate beneficial owner is ACG Limited.

30
Cash absorbed by group operations
2023
2022
£
£
Loss for the year after tax
(956,909)
(2,026,528)
Adjustments for:
Taxation credited
(74,178)
(38,353)
Finance costs
53,298
76,887
Investment income
(12,767)
-
0
Amortisation and impairment of intangible assets
10,829
14,020
Depreciation and impairment of tangible fixed assets
329,994
354,230
Movements in working capital:
Decrease/(increase) in stocks
497,578
(15,835)
(Increase)/decrease in debtors
(757,463)
42,910
Decrease in creditors
(62,204)
(2,535,150)
Cash absorbed by operations
(971,822)
(4,127,819)
31
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,764,128
(350,380)
1,413,748
Bank overdrafts
(572,891)
572,891
-
0
1,191,237
222,511
1,413,748
Borrowings excluding overdrafts
-
(32,490)
(32,490)
Obligations under finance leases
(169,215)
169,215
-
1,022,022
359,236
1,381,258
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr S N ChampMr J R DyerMr M I EscolmeMs S 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