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REGISTERED NUMBER: 04036407 (England and Wales)










Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended 31 December 2023

for

AT Poeton Limited

AT Poeton Limited (Registered number: 04036407)






Contents of the Consolidated Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17

Notes to the Consolidated Financial Statements 19


AT Poeton Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mrs R J Poeton
J A Poeton
A D McLeish



REGISTERED OFFICE: Eastern Avenue
Gloucester
Gloucestershire
GL4 3DN



REGISTERED NUMBER: 04036407 (England and Wales)



AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



BANKERS: Barclays Bank Plc
Britannia Warehouse
The Docks
Gloucester
GL1 2YJ

AT Poeton Limited (Registered number: 04036407)

Group Strategic Report
For The Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

In the opinion of the Directors, the general performance, development and financial position of the company and group during the year ending December 2023 are satisfactory.

GENERAL TRADING
We have maintained our skilled staffing levels necessary to continue serving both aerospace and non aerospace customers with our metal finishing services. The customer portfolio has shown a healthy balance across the sectors as we continue on our diversification strategy.

Our customer satisfaction levels of performance have been maintained with regards to on time delivery, flexibility and quality that differentiates us from our competitors. 2023 has seen an exceptional level of new and existing customer trading that reflects the market recovery in aerospace and also new market penetration (eg) in the automotive sector.

Our Polish plant has realised strong sales growth and we continue to introduce new product platforms to the facility with contracted customers that will provide a solid foundation for further growth opportunity. We now have the full compliment of skilled and trained employees to enable of world class quality and delivery performance within the EU.

We retain good cash reserves, with an improved gearing ratio and we continue to invest in improvements at each of our facilities.

REVIEW OF BUSINESS
The key financial highlights were as follows:-
2023 2022 2021 2020

Turnover movement +47% +20% -12% -31%
Gross profit movement +55% +42% +3% -36%
Profit/(Loss) before tax £1,783k £617k (£130k ) (£312k )

PRINCIPAL RISKS AND UNCERTAINTIES
The company provides services to a wide range of manufacturers, across a number of industries mainly in the UK and Continental Europe.

Products and processes are specifically designed by the company to meet the future needs of its customers and the company follows a policy whereby it can react to changing market requirements and product improvements. In order to compete with competition the company continues with its research and development programme and applies resources to continually improve its processes for sale and production.

The company also aims to ensure continuity with its employees and suppliers subject to market conditions and continues to improve its responsibilities towards Health & Safety, working conditions, and the environment as well as the training of its employees.

The company continues to actively support the closed defined benefit pension scheme. The directors have confidence that with such ongoing support and the consistent approach of the scheme trustees, the timeframe to which the scheme is managed has a stable outlook despite the fluctuations experienced in recent years.

AT Poeton Limited (Registered number: 04036407)

Group Strategic Report
For The Year Ended 31 December 2023


Health and safety risk
The health and safety of all our employees, contractors and the public is a key risk given the nature of the Company's business.To minimise the risk, the Company is committed to creating a culture that views safe working as the only way of working and to reviewing all our processes and procedures to ensure they deliver this. Training is provided to managers to ensure they understand their responsibility for the safety of the employees that they set to work.

ON BEHALF OF THE BOARD:





J A Poeton - Director


8 August 2024

AT Poeton Limited (Registered number: 04036407)

Report of the Directors
For The Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

CHANGE OF NAME
The company passed a special resolution on 8 April 2024 changing its name from Poeton Holdings Limited to AT Poeton Limited.

DIVIDENDS
Dividends totalling £655,000 were paid during the year (2022: £252,500).

RESEARCH AND DEVELOPMENT
The group continually seeks to develop improved processes for sale and production. The group's accounting policy in respect of research and development expenditure is set out in note 2 to the financial statements.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs R J Poeton
J A Poeton

Other changes in directors holding office are as follows:

D G Bignell - resigned 31 May 2023
A D McLeish - appointed 6 November 2023

A R Poeton ceased to be a director after 31 December 2023 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, bank loans, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group's operations.

Due to the nature of the financial instruments used by the group there is no significant exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of an overdraft and bank loans, if necessary, at a floating rate of interest. The group also makes use of deposit facilities where funds are available.

In respect of loans, these comprise loans from a financial institution. The interest rate on the loans are variable with regular capital repayments. The company manages its liquidity risk by ensuring that expenditure such as that for fixed assets are within the funds generated from operations.

Trade debtors are managed in respect of credit and cash-flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits.

Trade creditor's liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.


AT Poeton Limited (Registered number: 04036407)

Report of the Directors
For The Year Ended 31 December 2023

EQUAL OPPORTUNITIES
The Group is fully committed to ensuring that all current and potential future employees and customers are treated fairly and equally, regardless of their gender, sexuality, marital status, disability, race, colour, nationality or ethnic origin. The Company and its subsidiaries provide equal opportunities for employment, training and development, having regard to particular aptitudes and abilities. In the event of employees becoming disabled during employment, where possible, assistance and retraining is given so that they may attain positions compatible with their ability.

EMPLOYEE INVOLVEMENT
The Company and its subsidiaries place considerable value on the involvement of their employees and has continued to keep them informed on matters affecting their employment and on the various factors affecting the performance of the Company and the group.

OVERSEAS SUBSIDIARY
Poeton Industries Limited's Polish subsidiary Poeton Polska Sp.z.o.o. has despite the effects of Covid, significantly increased its turnover during the year.

DISCLOSURE IN THE STRATEGIC REPORT
Information regarding the review of the business and principal risks and uncertainties relating to the group is shown within the strategic report on page two of these consolidated accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AT Poeton Limited (Registered number: 04036407)

Report of the Directors
For The Year Ended 31 December 2023


AUDITORS
The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J A Poeton - Director


8 August 2024

Report of the Independent Auditors to the Members of
AT Poeton Limited

Opinion
We have audited the financial statements of AT Poeton Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
AT Poeton Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
AT Poeton Limited


The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Aerospace management standards AS9100, National Aerospace and Defense Contractors Accreditation Program (NADCAP), environmental management standards ISO14001, Occupation health and safety ISO45001, employment laws, GDPR and any other regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

9 August 2024

AT Poeton Limited (Registered number: 04036407)

Consolidated
Income Statement
For The Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 16,229,455 11,049,567

Cost of sales 9,700,400 6,851,304
GROSS PROFIT 6,529,055 4,198,263

Distribution costs 511,596 579,736
Administrative expenses 4,309,111 2,962,287
4,820,707 3,542,023
1,708,348 656,240

Other operating income 3 140,847 67,088
OPERATING PROFIT 5 1,849,195 723,328

Loss on sale of investment 6 2 2,275
1,849,193 721,053

Income from fixed asset investments 238 957
Interest receivable and similar income 17,691 7,235
17,929 8,192
1,867,122 729,245
Gain/loss on revaluation of investments 12,357 (12,189 )
1,879,479 717,056

Interest payable and similar expenses 7 89,274 89,744
Other finance costs 25 7,000 10,000
96,274 99,744
PROFIT BEFORE TAXATION 1,783,205 617,312

Tax on profit 8 400,408 (15,873 )
PROFIT FOR THE FINANCIAL YEAR 1,382,797 633,185
Profit attributable to:
Owners of the parent 1,382,797 633,185

AT Poeton Limited (Registered number: 04036407)

Consolidated
Other Comprehensive Income
For The Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,382,797 633,185


OTHER COMPREHENSIVE INCOME
Actuarial (losses) / gains (101,000 ) 718,000
Return on plan assets (excluding 111,000 (486,000 )
interest income)
Income tax relating to components of other
comprehensive income

(2,500

)

(44,080

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

7,500

187,920
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,390,297

821,105

Total comprehensive income attributable to:
Owners of the parent 1,390,297 821,105

AT Poeton Limited (Registered number: 04036407)

Consolidated Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - 22,393
Tangible assets 12 4,997,871 5,026,168
Investments 13 - 73,377
Investment property 14 788,993 788,993
5,786,864 5,910,931

CURRENT ASSETS
Stocks 15 457,478 459,759
Debtors 16 2,643,821 2,252,176
Cash at bank 1,889,431 1,722,049
4,990,730 4,433,984
CREDITORS
Amounts falling due within one year 17 3,083,571 2,255,144
NET CURRENT ASSETS 1,907,159 2,178,840
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,694,023

8,089,771

CREDITORS
Amounts falling due after more than one
year

18

(152,090

)

(1,473,170

)

PROVISIONS FOR LIABILITIES 22 (582,702 ) (256,487 )

PENSION LIABILITY 25 (43,671 ) (179,851 )
NET ASSETS 6,915,560 6,180,263

CAPITAL AND RESERVES
Called up share capital 23 9,000 9,000
Retained earnings 24 6,906,560 6,171,263
SHAREHOLDERS' FUNDS 6,915,560 6,180,263

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





J A Poeton - Director


AT Poeton Limited (Registered number: 04036407)

Company Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 18,128 22,640
Investments 13 1,033,319 1,106,696
Investment property 14 3,505,475 3,481,690
4,556,922 4,611,026

CURRENT ASSETS
Debtors 16 1,229,517 235,251
Cash at bank 536,299 440,078
1,765,816 675,329
CREDITORS
Amounts falling due within one year 17 269,020 163,671
NET CURRENT ASSETS 1,496,796 511,658
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,053,718

5,122,684

CREDITORS
Amounts falling due after more than one
year

18

-

(151,274

)

PROVISIONS FOR LIABILITIES 22 (1,824 ) (1,824 )
NET ASSETS 6,051,894 4,969,586

CAPITAL AND RESERVES
Called up share capital 23 9,000 9,000
Retained earnings 6,042,894 4,960,586
SHAREHOLDERS' FUNDS 6,051,894 4,969,586

Company's profit for the financial year 1,737,308 720,334

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





J A Poeton - Director


AT Poeton Limited (Registered number: 04036407)

Consolidated Statement of Changes in Equity
For The Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 9,000 5,602,658 5,611,658

Changes in equity
Dividends - (252,500 ) (252,500 )
Total comprehensive income - 821,105 821,105
Balance at 31 December 2022 9,000 6,171,263 6,180,263

Changes in equity
Dividends - (655,000 ) (655,000 )
Total comprehensive income - 1,390,297 1,390,297
Balance at 31 December 2023 9,000 6,906,560 6,915,560

AT Poeton Limited (Registered number: 04036407)

Company Statement of Changes in Equity
For The Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 9,000 4,492,752 4,501,752

Changes in equity
Dividends - (252,500 ) (252,500 )
Total comprehensive income - 720,334 720,334
Balance at 31 December 2022 9,000 4,960,586 4,969,586

Changes in equity
Dividends - (655,000 ) (655,000 )
Total comprehensive income - 1,737,308 1,737,308
Balance at 31 December 2023 9,000 6,042,894 6,051,894

AT Poeton Limited (Registered number: 04036407)

Consolidated Statement of Cash Flows
For The Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,164,977 753,260
Interest paid (86,750 ) (89,744 )
Interest element of hire purchase payments
paid

(2,524

)

-
Tax paid - 102,000
Net cash from operating activities 3,075,703 765,516

Cash flows from investing activities
Purchase of tangible fixed assets (614,849 ) (245,775 )
Sale of fixed asset investments 49,554 21,345
Movement of cash held in investments 22,568 (22,182 )
Interest received 17,691 7,235
Dividends received 238 957
Net cash from investing activities (524,798 ) (238,420 )

Cash flows from financing activities
Bank loan repayments in year (1,926,269 ) (480,428 )
New other loan in year 212,205 -
Hire purchase repayments in year (14,459 ) 34,598
Amount introduced by directors - 100,000
Amount withdrawn by directors - (120,346 )
Equity dividends paid (655,000 ) (252,500 )
Net cash from financing activities (2,383,523 ) (718,676 )

Increase/(decrease) in cash and cash equivalents 167,382 (191,580 )
Cash and cash equivalents at beginning
of year

2

1,722,049

1,913,629

Cash and cash equivalents at end of year 2 1,889,431 1,722,049

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Statement of Cash Flows
For The Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 1,783,205 617,312
Depreciation charges 452,530 465,197
Loss on disposal of fixed assets 252,453 24,160
(Gain)/loss on revaluation of fixed assets (12,357 ) 12,189
Defined benefit pension contributions (160,800 ) (160,003 )
Foreign exchange (25,275 ) (13,167 )
Warranty provision 296,220 -
Finance costs 96,274 99,744
Finance income (17,929 ) (8,192 )
2,664,321 1,037,240
Decrease/(increase) in stocks 2,281 (73,289 )
Increase in trade and other debtors (391,645 ) (669,118 )
Increase in trade and other creditors 890,020 458,427
Cash generated from operations 3,164,977 753,260

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,889,431 1,722,049
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,722,049 1,913,629


AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Statement of Cash Flows
For The Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 1,722,049 167,382 1,889,431
1,722,049 167,382 1,889,431
Debt
Finance leases (34,598 ) 14,459 (20,139 )
Debts falling due within 1 year (472,320 ) 401,585 (70,735 )
Debts falling due after 1 year (1,453,949 ) 1,312,479 (141,470 )
(1,960,867 ) 1,728,523 (232,344 )
Total (238,818 ) 1,895,905 1,657,087

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

AT Poeton Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements have been prepared by consolidating the financial statements of the holding company and its subsidiary undertakings at 31 December 2023.

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) and the amount of revenue can be measured reliably.

Goodwill
Historic goodwill, being the excess of the cost of investment in Poeton Industries Limited over the fair value of its assets on 31 August 2000, is being amortised evenly over its estimated useful life of twenty years. Goodwill arising on the cost of investment in A T Poeton & Son Limited is amortised evenly over its estimated useful life of ten years.

Intangible fixed assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible fixed assets comprise licences which are amortised over their estimated useful life.

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 calculated to write off the cost of fixed assets less their residual values over their estimated useful lives at the following rates per annum:

Freehold property2% on cost
Short leasehold improvementsOver the period of the lease
Motor vehicles 25% - 35% of written down value
Other plant and equipment 10% - 25% straight line


No depreciation is currently provided on freehold property because in the directors opinion the real (inflation adjusted) estimated residual value is not less than the carrying value in the accounts.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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 present location and condition.

Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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. The impairment loss 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 when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.

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

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables 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 they are included in a hedging arrangement.

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 company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The cost of providing retirement pensions and related benefits is charged to the profit and loss account over the periods benefiting from the employee's services. Any differences between the charge to the profit and loss account and the contributions paid to the schemes is shown as an asset or liability in the balance sheet.

Warranty provision
The company provides for the anticipated costs of rectification work on services provided, based upon experience.

Agent companies
Poeton (Cardiff) Limited, Poeton (Gloucester) Limited and Poeton Aptec Limited act as agents for Poeton Industries Limited and do not trade on their own account. The consolidated accounts of Poeton Holdings Limited include the accounts of Poeton Industries Limited which include the trade of these agent companies.

Private sector grants
Private sector grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

3. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Rents received 85,932 39,104
Sundry receipts 38,271 3,831
Private sector grants receivable 16,644 24,153
140,847 67,088

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 6,620,833 5,171,889
Social security costs 584,686 487,505
Other pension costs 285,186 196,337
7,490,705 5,855,731

The average number of employees during the year was as follows:
31.12.23 31.12.22

Production 140 107
Administration and management 60 47
Selling and distribution 23 25
223 179

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 218 (2022 - 173 ) .

31.12.23 31.12.22
£    £   
Directors' remuneration 217,441 99,709
Directors' pension contributions to money purchase schemes 84,400 17,584

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
31.12.23
£   
Emoluments etc 135,820
Pension contributions to money purchase schemes 6,400

Key management personnel of the Group (in aggregate)
31.12.22 31.12.21
£ £

Key management personnel compensation 336,936 400,568


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 430,136 480,415
Loss on disposal of fixed assets 252,453 24,160
Goodwill amortisation 22,268 (15,918 )
Patents and licences amortisation 125 700
Auditors' remuneration 33,450 20,684
Auditors' remuneration for non audit work 23,939 10,937
Vehicle leasing costs 60,303 46,687
Rent paid on leased property 5,000 5,000
Research and development costs 582,000 745,010

6. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£    £   
Redundancy and settlement cost - (67,570 )
Loss on sale of investment (2 ) (2,275 )
(2 ) (69,845 )

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 335 -
Bank loan interest 85,859 89,744
Other interest 556 -
Hire purchase 2,524 -
89,274 89,744

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 327,100 -
Prior year adjustment 18,194 (10,039 )
Total current tax 345,294 (10,039 )

Deferred tax:
Origination and reversal of
timing differences 29,994 (34,334 )
On pension scheme adjustment 25,120 28,500
Total deferred tax 55,114 (5,834 )

Tax on profit 400,408 (15,873 )

UK corporation tax was charged at 19 %) in 2022.

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

8. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 1,783,205 617,312
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

445,801

117,289

Effects of:
Expenses not deductible for tax purposes 32,971 (7,111 )
Utilisation of tax losses (104,000 ) 32,168
Adjustments to tax charge in respect of previous periods 18,194 (10,039 )
Research & development tax credit (145,500 ) (184,018 )
Effect of change in tax rate during the year 59,625 -
Difference between pension charge and cash contributions 25,120 28,500
Unrealised loss on portfolio investments 314 2,316
Overseas subsidiary losses not taxed in UK 109,770 35,173
Superdeduction (547 ) -
Loss on disposal of subsidiary - 432
Investment income (60 ) (182 )
Defined benefit contributions (40,200 ) (30,401 )
Prior year underprovision of deferred tax (1,080 ) -
Total tax charge/(credit) 400,408 (15,873 )

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Actuarial (losses) / gains (101,000 ) 25,250 (75,750 )
Return on plan assets (excluding 111,000 (27,750 ) 83,250
interest income)
10,000 (2,500 ) 7,500

31.12.22
Gross Tax Net
£    £    £   
Actuarial (losses) / gains 718,000 (136,420 ) 581,580
Return on plan assets (excluding (486,000 ) 92,340 (393,660 )
interest income)
232,000 (44,080 ) 187,920

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS

Dividends totalling £655,500 (£7.28 per share) were paid during the year (2022: £252,500) and the directors recommend that the remaining profit for the financial year be retained and transferred to reserves.

11. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023 700,438 65,514 765,952
Exchange differences - 208 208
At 31 December 2023 700,438 65,722 766,160
AMORTISATION
At 1 January 2023 678,170 65,389 743,559
Amortisation for year 22,268 125 22,393
Exchange differences - 208 208
At 31 December 2023 700,438 65,722 766,160
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 22,268 125 22,393

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS

Group
Assets Improvements
Freehold under to
property construction property
£    £    £   
COST
At 1 January 2023 2,692,697 - 42,832
Additions 23,785 153,280 -
Disposals - - -
Exchange differences - - 2,461
At 31 December 2023 2,716,482 153,280 45,293
DEPRECIATION
At 1 January 2023 - - 15,242
Charge for year - - 3,467
Eliminated on disposal - - -
Exchange differences - - 876
At 31 December 2023 - - 19,585
NET BOOK VALUE
At 31 December 2023 2,716,482 153,280 25,708
At 31 December 2022 2,692,697 - 27,590

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 7,234,489 29,788 58,491 10,058,297
Additions 431,674 6,110 - 614,849
Disposals (345,729 ) - - (345,729 )
Exchange differences 38,947 1,432 - 42,840
At 31 December 2023 7,359,381 37,330 58,491 10,370,257
DEPRECIATION
At 1 January 2023 4,983,069 14,024 19,794 5,032,129
Charge for year 407,761 2,952 15,956 430,136
Eliminated on disposal (106,887 ) - - (106,887 )
Exchange differences 15,604 528 - 17,008
At 31 December 2023 5,299,547 17,504 35,750 5,372,386
NET BOOK VALUE
At 31 December 2023 2,059,834 19,826 22,741 4,997,871
At 31 December 2022 2,251,420 15,764 38,697 5,026,168

Included in plant and machinery are assets under hire purchase agreements with a net book value of £20,022 (2022: £28,832). Total depreciation charged on these assets is £8,810 (2022: £nil).

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 - 4,856 31,500 36,356
Additions 1,202 - - 1,202
At 31 December 2023 1,202 4,856 31,500 37,558
DEPRECIATION
At 1 January 2023 - 4,856 8,860 13,716
Charge for year 54 - 5,660 5,714
At 31 December 2023 54 4,856 14,520 19,430
NET BOOK VALUE
At 31 December 2023 1,148 - 16,980 18,128
At 31 December 2022 - - 22,640 22,640

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023 73,377
Disposals (73,745 )
Dividends received 368
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 73,377

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

13. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023 1,033,319 73,377 1,106,696
Disposals - (73,745 ) (73,745 )
Dividends received - 368 368
At 31 December 2023 1,033,319 - 1,033,319
NET BOOK VALUE
At 31 December 2023 1,033,319 - 1,033,319
At 31 December 2022 1,033,319 73,377 1,106,696


14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 788,993
NET BOOK VALUE
At 31 December 2023 788,993
At 31 December 2022 788,993

Company
Total
£   
FAIR VALUE
At 1 January 2023 3,481,690
Additions 23,785
At 31 December 2023 3,505,475
NET BOOK VALUE
At 31 December 2023 3,505,475
At 31 December 2022 3,481,690

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

15. STOCKS

Group
31.12.23 31.12.22
£    £   
Raw materials and consumables 457,478 459,759

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 2,385,959 2,098,763 - -
Amounts owed by group undertakings - - 1,214,566 200,721
Other debtors 48,202 54,467 - 31,400
VAT - - 6,918 -
Prepayments and accrued income 209,660 98,946 8,033 3,130
2,643,821 2,252,176 1,229,517 235,251

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 19) - 472,320 - 33,600
Other loans (see note 19) 70,735 - - -
Hire purchase contracts (see note 20) 9,519 15,377 - -
Trade creditors 899,663 573,140 125 1,820
Amounts owed to group undertakings - - 1 1
Corporation tax 345,850 - 129,273 -
Social security and other taxes 576,325 477,149 5,369 7,188
Other creditors 3,093 - 868 -
Directors' current accounts 100,654 100,654 100,654 100,654
Accruals and deferred income 1,077,732 616,504 32,730 20,408
3,083,571 2,255,144 269,020 163,671

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans (see note 19) - 1,453,949 - 151,274
Other loans (see note 19) 141,470 - - -
Hire purchase contracts (see note 20) 10,620 19,221 - -
152,090 1,473,170 - 151,274

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 472,320 - 33,600
Other loans 70,735 - - -
70,735 472,320 - 33,600
Amounts falling due between one and two years:
Bank loans - 473,629 - 33,600
Other loans 141,470 - - -
141,470 473,629 - 33,600
Amounts falling due between two and five years:
Bank loans - 963,446 - 100,800
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 16,874 - 16,874

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
31.12.23 31.12.22
£ £

Within 1 year 44,745 25,740
Between 1 and 5 years 64,095 58,472
After 5 years 14,000 14,000
122,840 98,212

The Group and Company as lessor

The group and company has contracted with lessees for the following future minimum lease payments for sublet income:
31.12.23 31.12.22
£ £

Within 1 year 75,700 75,700
Between 1 and 5 years 160,000 209,200
After 5 years - 26,500
235,700 311,400


AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans - 1,926,269 - 184,874
Hire purchase contracts 20,139 34,598 - -
20,139 1,960,867 - 184,874

The loan is secured by a fixed and floating charge over the assets of the group. Hire purchase liabilities are secured over the assets to which they relate. All bank loans were fully repaid during the year.

Hire purchase liabilities are secured over the asset to which they relate.










22. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Deferred tax 286,482 256,487 1,824 1,824

Other provisions 296,220 - - -

Aggregate amounts 582,702 256,487 1,824 1,824

Group
Deferred
tax
£   
Balance at 1 January 2023 256,487
Provided during year 29,995
Balance at 31 December 2023 286,482

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

22. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 January 2023 1,824
Balance at 31 December 2023 1,824

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
9,000 Ordinary 1 9,000 9,000

24. RESERVES

Of the reserves in the Company, £4,995,012 is distributable (2022: £3,924,576).

25. EMPLOYEE BENEFIT OBLIGATIONS

The group operates the following pension schemes:-

Poeton Pension Scheme Defined benefit scheme
Poeton Group Flexible Retirement Plan Defined contribution scheme
Directors Self Invested Pension Plans Defined contribution schemes

The defined benefit scheme is self administered and funded to cover future pension liabilities in respect of service up to the balance sheet date. The scheme is subject to an independent valuation at least every three years by a qualified actuary. The total employer's contributions paid into pension schemes during the year by the group were as follows:

Poeton Pension Scheme £160,800 (2022: £160,003)
Poeton Group Flexible Retirement Plan £168,978 (2022: £159,908)


The last actuarial valuation for the defined benefit scheme was assessed in accordance with the advice of a professionally qualified actuary and was carried out in March 2023 in respect of the year ended 31 December 2021.

The defined benefit scheme was closed to new members in April 2001. On 30 September 2002, the scheme closed and its members ceased to accrue benefit in respect of service from this date. Employed members were transferred to the Poeton Occupational Pension Scheme, with effect from 1 September 2006 this occupational scheme was transferred to a Group Flexible Retirement Plan (Group Personal Pension Plan), both of these schemes are defined contribution.


AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

25. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Current service cost - -
Interest cost on net defined liability 129,000 67,000
Past service cost - -
129,000 67,000

Actual return on plan assets 233,000 (429,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Opening defined benefit obligation 2,786,397 3,649,400
Interest cost 129,000 67,000
Actuarial losses/(gains) 101,000 (718,000 )
Benefits paid (192,000 ) (212,000 )
2,824,397 2,786,400

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Opening fair value of scheme assets 2,564,176 3,045,176
Contributions by employer 160,800 160,003
Interest income on plan assets 122,000 57,000
Benefits paid (192,000 ) (212,000 )
Return on plan assets (excluding interest
income)

111,000

(486,000

)
2,765,976 2,564,179

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

25. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Return on plan assets (excluding interest
income)

111,000

(486,000

)
Total actuarial gains / (losses) (101,000 ) 718,000
Deferred tax on actuarial gains /(losses) (2,500 ) (44,080 )
7,500 187,920

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
Equities 44% 59%
Bonds 35% 20%
Other 21% 21%
100% 100%

PENSION LIABILITY

31.12.23 31.12.22
£ £

Closing present value of obligation 2,824,397 2,786,400
Closing fair value of plan assets 2,765,976 2,564,179
58,421 222,221
Deferred tax thereon 14,750 42,370
Pension liability 43,671 179,851

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.23 31.12.22
Discount rate 4.40% 4.80%
Price inflation (CPI) 2.40% 2.20%
Pension increases 3.50% 3.00%

26. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 94,546 -

AT Poeton Limited (Registered number: 04036407)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2023

27. RELATED PARTY DISCLOSURES

Transactions with Directors
At the year end the company owed The Directors a total sum of £100,654 (2022: £100,654). During the year dividends of £655,000 (2022: £252,500) were paid to Directors

28. POST BALANCE SHEET EVENTS

On 8 April 2024, 100% of the share capital of the Company was acquired by Poeton Holdings Limited, a company incorporated in England and Wales on 3 November 2023.

From this date, Mr A R Poeton ceased to be a director and shareholder of the Company.

At the date of approving these accounts the ultimate controlling party of AT Poeton Limited, by reason of his majority shareholding of Poeton Holdings Limited, is Mr J A Poeton.