Jonathan Potts Limited 2386473 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of scrap metal merchants Digita Accounts Production Advanced 6.30.9574.0 true false 2386473 2023-02-01 2024-01-31 2386473 2024-01-31 2386473 bus:OrdinaryShareClass1 2024-01-31 2386473 core:RetainedEarningsAccumulatedLosses 2024-01-31 2386473 core:ShareCapital 2024-01-31 2386473 core:CurrentFinancialInstruments 2024-01-31 2386473 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 2386473 core:FurnitureFittingsToolsEquipment 2024-01-31 2386473 core:LandBuildings 2024-01-31 2386473 core:MotorVehicles 2024-01-31 2386473 core:OtherPropertyPlantEquipment 2024-01-31 2386473 bus:SmallEntities 2023-02-01 2024-01-31 2386473 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 2386473 bus:FullAccounts 2023-02-01 2024-01-31 2386473 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 2386473 bus:RegisteredOffice 2023-02-01 2024-01-31 2386473 bus:Director3 2023-02-01 2024-01-31 2386473 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 2386473 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 2386473 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 2386473 core:LandBuildings 2023-02-01 2024-01-31 2386473 core:MotorVehicles 2023-02-01 2024-01-31 2386473 core:OfficeEquipment 2023-02-01 2024-01-31 2386473 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 2386473 core:PlantMachinery 2023-02-01 2024-01-31 2386473 1 2023-02-01 2024-01-31 2386473 countries:England 2023-02-01 2024-01-31 2386473 2023-01-31 2386473 core:FurnitureFittingsToolsEquipment 2023-01-31 2386473 core:LandBuildings 2023-01-31 2386473 core:MotorVehicles 2023-01-31 2386473 core:OtherPropertyPlantEquipment 2023-01-31 2386473 2022-02-01 2023-01-31 2386473 2023-01-31 2386473 bus:OrdinaryShareClass1 2023-01-31 2386473 core:RetainedEarningsAccumulatedLosses 2023-01-31 2386473 core:ShareCapital 2023-01-31 2386473 core:CurrentFinancialInstruments 2023-01-31 2386473 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 2386473 core:FurnitureFittingsToolsEquipment 2023-01-31 2386473 core:LandBuildings 2023-01-31 2386473 core:MotorVehicles 2023-01-31 2386473 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 2386473

Jonathan Potts Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Jonathan Potts Limited

(Registration number: 2386473)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

479,885

99,649

Current assets

 

Stocks

76,240

133,088

Debtors

5

182,504

356,567

Cash at bank and in hand

 

2,093,427

3,223,091

 

2,352,171

3,712,746

Creditors: Amounts falling due within one year

6

(191,137)

(900,099)

Net current assets

 

2,161,034

2,812,647

Total assets less current liabilities

 

2,640,919

2,912,296

Provisions for liabilities

(92,276)

1,225

Net assets

 

2,548,643

2,913,521

Capital and reserves

 

Called up share capital

7

20,000

20,000

Retained earnings

2,528,643

2,893,521

Shareholders' funds

 

2,548,643

2,913,521

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.

Director's 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 director acknowledges his 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.

 

Jonathan Potts Limited

(Registration number: 2386473)
Balance Sheet as at 31 January 2024

Approved and authorised by the director on 3 October 2024
 


Mr M A Leek
Director

   
 

Jonathan Potts 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.

The address of its registered office is:
Estate Road Number 1
South Humberside Ind Estate
Grimsby
N E Lincolnshire
DN31 2TB
 

Registration number: 2386473

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.

The financial statements are presented in Sterling which is the functional currency of the company. The accounts are rounded to the nearest pound.

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 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.

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.

 

Jonathan Potts 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.

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

Plant and machinery

between 1 and 8 years

Motor vehicles

over 3 to 5 years

Office equipment

15% per annum on written down value

Long leasehold property

over 75 years

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.

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 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 average cost (AVCO) method.

 

Jonathan Potts Limited

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

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 at the transaction price.

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.

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 the director) during the year was 12 (2023 - 12).

 

Jonathan Potts Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

177,819

1,763

64,400

502,065

746,047

Additions

-

462,259

-

-

462,259

At 31 January 2024

177,819

464,022

64,400

502,065

1,208,306

Depreciation

At 1 February 2023

78,199

1,760

64,398

502,041

646,398

Charge for the year

2,400

79,623

-

-

82,023

At 31 January 2024

80,599

81,383

64,398

502,041

728,421

Carrying amount

At 31 January 2024

97,220

382,639

2

24

479,885

At 31 January 2023

99,620

3

2

24

99,649

5

Debtors

2024
£

2023
£

Trade debtors

124,728

330,195

Other debtors

52,396

6,480

Paye and social security

5,380

19,892

 

182,504

356,567

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

90,721

20,770

Amounts due to related parties

6,705

753,366

Social security and other taxes

66,123

81,197

Other creditors

27,588

44,766

191,137

900,099

 

Jonathan Potts Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000

         

8

Parent and ultimate parent undertaking

The company's immediate parent is V & N Industrial Services Limited, incorporated in the UK.

 The ultimate controlling party is Mr M A Leek.