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Company No: 03052880 (England and Wales)

FOSTERS POTTERY LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

FOSTERS POTTERY LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

FOSTERS POTTERY LIMITED

BALANCE SHEET

As at 30 November 2023
FOSTERS POTTERY LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 11,802 11,802
11,802 11,802
Current assets
Stocks 4,975 4,375
Debtors 4 3,769 534
Cash at bank and in hand 10,313 23,412
19,057 28,321
Creditors: amounts falling due within one year 5 ( 800,749) ( 797,720)
Net current liabilities (781,692) (769,399)
Total assets less current liabilities (769,890) (757,597)
Net liabilities ( 769,890) ( 757,597)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 769,892 ) ( 757,599 )
Total shareholder's deficit ( 769,890) ( 757,597)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Fosters Pottery Limited (registered number: 03052880) were approved and authorised for issue by the Director on 07 August 2024. They were signed on its behalf by:

I C Moore
Director
FOSTERS POTTERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
FOSTERS POTTERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fosters Pottery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Wilson Way, Pool, Redruth, TR15 3RX.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £769,890. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

The company holds the following financial instruments:

Short term trade and other debtors and creditors;
Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 December 2022 11,802 24,750 36,552
At 30 November 2023 11,802 24,750 36,552
Accumulated depreciation
At 01 December 2022 0 24,750 24,750
At 30 November 2023 0 24,750 24,750
Net book value
At 30 November 2023 11,802 0 11,802
At 30 November 2022 11,802 0 11,802

4. Debtors

2023 2022
£ £
Trade debtors 75 38
Other debtors 3,694 496
3,769 534

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,421 3,733
Amounts owed to Group undertakings 793,518 791,162
Other creditors 2,810 2,825
800,749 797,720

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Ultimate controlling party

Parent Company:

Tescan Limited
Towngate House, 2-8 Parkstone Road, Poole, Dorset BH15 2PW