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Registration number: 00493320

Potbury & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Potbury & Sons Limited

(Registration number: 00493320)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,000

-

Tangible assets

5

3,582,478

3,509,615

 

3,588,478

3,509,615

Current assets

 

Stocks

6

581,528

565,336

Debtors

7

100,157

106,557

Cash at bank and in hand

 

2,086

2,966

 

683,771

674,859

Creditors: Amounts falling due within one year

8

(561,060)

(497,371)

Net current assets

 

122,711

177,488

Total assets less current liabilities

 

3,711,189

3,687,103

Creditors: Amounts falling due after more than one year

8

(237,113)

(272,243)

Provisions for liabilities

(645,461)

(631,613)

Net assets

 

2,828,615

2,783,247

Capital and reserves

 

Called up share capital

9

17,448

17,448

Revaluation reserve

2,196,421

2,196,421

Retained earnings

614,746

569,378

Shareholders' funds

 

2,828,615

2,783,247

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 13 August 2024 and signed on its behalf by:
 

 

Potbury & Sons Limited

(Registration number: 00493320)
Balance Sheet as at 31 January 2024

.........................................
Mr Patrick George Lee
Director

 

Potbury & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
High Street
Sidmouth
Devon
EX10 8LN

These financial statements were authorised for issue by the Board on 13 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.

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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Potbury & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Freehold property

Nil

Fixtures, fittings and equipment

20% reducing balance

Office and computer equipment

50% reducing balance

Motor vehicles

25% reducing balance

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website costs

3 year 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.

 

Potbury & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Potbury & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 30).

 

Potbury & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

9,000

9,000

At 31 January 2024

9,000

9,000

Amortisation

Amortisation charge

3,000

3,000

At 31 January 2024

3,000

3,000

Carrying amount

At 31 January 2024

6,000

6,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

3,485,000

81,992

359,873

3,926,865

Additions

20,565

40,441

35,224

96,230

Disposals

-

-

(8,800)

(8,800)

At 31 January 2024

3,505,565

122,433

386,297

4,014,295

Depreciation

At 1 February 2023

-

80,745

336,505

417,250

Charge for the year

-

8,510

14,579

23,089

Eliminated on disposal

-

-

(8,522)

(8,522)

At 31 January 2024

-

89,255

342,562

431,817

Carrying amount

At 31 January 2024

3,505,565

33,178

43,735

3,582,478

At 31 January 2023

3,485,000

1,247

23,368

3,509,615

Included within the net book value of land and buildings above is £3,505,565 (2023 - £3,485,000) in respect of freehold land and buildings.
 

Revaluation

 

Potbury & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

The fair value of the company's Freehold land and buildings was revalued on 9 October 2022 by an independent valuer.
The property was last revalued professionally in 2023. Subsequent additions are shown at cost until included with the next revaluation.. The name and qualification of the independent valuer are Luxton Chartered Surveyors (Mr K Luxton RICS)..
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £680,895 (2023 - £660,331).

6

Stocks

2024
£

2023
£

Work in progress

10,933

16,416

Other inventories

570,595

548,920

581,528

565,336

7

Debtors

Current

2024
£

2023
£

Trade debtors

66,076

67,572

Prepayments

16,996

17,154

Other debtors

17,085

21,831

 

100,157

106,557

 

Potbury & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

134,383

62,040

Trade creditors

 

212,711

194,867

Taxation and social security

 

89,675

93,756

Accruals and deferred income

 

13,592

10,857

Other creditors

 

110,699

135,851

 

561,060

497,371

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

237,113

272,243

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

17,448

17,448

17,448

17,448

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

237,113

272,243

Current loans and borrowings

2024
£

2023
£

Bank borrowings

37,462

39,792

Bank overdrafts

96,921

22,248

134,383

62,040

 

Potbury & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

11

Dividends

2024

2023

£

£

Interim dividend of £0.5734 (2023 - £Nil) per ordinary share

10,005

-

 

 

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

68,835

72,189