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Registration number: 13219323

Potter & Reid Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Potter & Reid Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Potter & Reid Ltd

Company Information

Directors

Ms Agnes Marie Potter

Ms Danielle Louise Reid

Registered office

20-22 Toynbee Street
London
E1 7NE

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Potter & Reid Ltd

(Registration number: 13219323)
Balance Sheet as at 29 February 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

40,347

63,050

Current assets

 

Stocks

5

2,500

1,500

Debtors

6

19,000

19,000

Cash at bank and in hand

 

16,200

1,430

 

37,700

21,930

Creditors: Amounts falling due within one year

7

(141,166)

(132,497)

Net current liabilities

 

(103,466)

(110,567)

Total assets less current liabilities

 

(63,119)

(47,517)

Creditors: Amounts falling due after more than one year

7

(43,989)

(57,320)

Provisions for liabilities

(1,907)

(4,146)

Net liabilities

 

(109,015)

(108,983)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(109,017)

(108,985)

Shareholders' deficit

 

(109,015)

(108,983)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Potter & Reid Ltd

(Registration number: 13219323)
Balance Sheet as at 29 February 2024 (continued)

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

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 20 August 2024 and signed on its behalf by:
 

.........................................
Ms Agnes Marie Potter
Director

 

Potter & Reid Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
20-22 Toynbee Street
London
E1 7NE
United Kingdom

These financial statements were authorised for issue by the Board on 20 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Prior period errors

The prior period errors represented adjustments required to correctly report overstated other intangible assets and understated short leasehold land and buildings.

2024
£

2023
£

2022
£

Other intanglble assets

-

(21,402)

-

Short leasehold land and buildings

-

21,402

-

Amortisation expense

-

(8,560)

-

Depreciation expense

-

8,560

-

   

 

Potter & Reid Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Leashold property

Over 5 Years

Plant and machinery

25% straight line

Fixture and fitings

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Potter & Reid Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 4).

 

Potter & Reid Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Short leasehold land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

62,524

23,465

19,532

105,521

Additions

-

734

-

734

At 29 February 2024

62,524

24,199

19,532

106,255

Depreciation

At 1 March 2023

24,787

11,452

6,231

42,470

Charge for the year

12,505

6,050

4,883

23,438

At 29 February 2024

37,292

17,502

11,114

65,908

Carrying amount

At 29 February 2024

25,232

6,697

8,418

40,347

At 28 February 2023

37,737

12,012

13,301

63,050

Included within the net book value of land and buildings above is £25,232 (2023 - £37,737) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

2,500

1,500

6

Debtors

2024
£

2023
£

Prepayments

2,500

2,500

Other debtors

16,500

16,500

19,000

19,000

 

Potter & Reid Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,750

2,508

Taxation and social security

16,099

14,233

Accruals and deferred income

2,513

2,500

Other creditors

118,804

113,256

141,166

132,497

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

43,989

57,320

Other creditors includes loan finance secured by personal guarantees from the directors.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Potter & Reid Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

9

Related party transactions

Included in other creditors are interest free loans of £99,563 (2023 - £99,563) provided by the directors.