Company registration number 08012248 (England and Wales)
ALOIS POTTINGER UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
ALOIS POTTINGER UK LTD
CONTENTS
Page
Statement of financial position
1
Statement of cash flows
2
Notes to the financial statements
3 - 12
ALOIS POTTINGER UK LTD
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
7
1,145,426
1,177,722
Current assets
Inventories
8
2,339,277
2,538,298
Trade and other receivables
9
1,383,576
640,486
Cash and cash equivalents
191,730
263,814
3,914,583
3,442,598
Current liabilities
10
(3,605,312)
(3,146,216)
Net current assets
309,271
296,382
Total assets less current liabilities
1,454,697
1,474,104
Provisions for liabilities
(10,922)
(12,959)
Net assets
1,443,775
1,461,145
Equity
Called up share capital
13
100,000
100,000
Retained earnings
14
1,343,775
1,361,145
Total equity
1,443,775
1,461,145
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
M Gardner
Director
Company registration number 08012248 (England and Wales)
ALOIS POTTINGER UK LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
248,851
367,265
Interest paid
(264,311)
(320,789)
Income taxes paid
(58,225)
(46,975)
Net cash outflow from operating activities
(73,685)
(499)
Investing activities
Purchase of property, plant and equipment
(5,625)
Interest received
1,601
27,613
Net cash generated from investing activities
1,601
21,988
Net (decrease)/increase in cash and cash equivalents
(72,084)
21,489
Cash and cash equivalents at beginning of year
263,814
242,325
Cash and cash equivalents at end of year
191,730
263,814
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Alois Pottinger UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15 St Marks Road, Corby, Northamptonshire, NN18 8AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Land not depreciated/Buildings 2% per annum of cost
Plant and equipment
Straight line over 4 or 5 years
Fixtures and fittings
Straight line over 3-15 years
Computers
Straight line over 3 or 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
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. Financial assets classified as receivable within one year are not amortised.
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Revenue
2024
2023
£
£
Revenue analysed by class of business
Supply of innovative agricultural technology
10,473,183
14,536,250
2024
2023
£
£
Other revenue
Interest income
1,601
27,613
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,200
11,700
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(422)
172
Depreciation of owned property, plant and equipment
32,296
35,960
Cost of inventories recognised as an expense
6,694,034
7,551,583
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
Sales and administration
11
11
Total
13
13
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
669,962
618,723
Social security costs
74,159
70,093
Pension costs
56,535
74,115
800,656
762,931
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
100,227
109,332
Company pension contributions to defined contribution schemes
4,363
3,852
104,590
113,184
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1)
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
6
Finance costs
2024
2023
£
£
Other interest
264,311
320,789
264,311
320,789
7
Property, plant and equipment
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
1,234,382
177,461
9,364
29,026
1,450,233
Depreciation and impairment
At 1 August 2023
100,387
136,580
6,866
28,678
272,511
Depreciation charged in the year
22,596
8,931
625
144
32,296
At 31 July 2024
122,983
145,511
7,491
28,822
304,807
Carrying amount
At 31 July 2024
1,111,399
31,950
1,873
204
1,145,426
At 31 July 2023
1,133,995
40,881
2,498
348
1,177,722
8
Inventories
2024
2023
£
£
Raw materials
674,632
753,685
Finished goods
1,664,645
1,784,613
2,339,277
2,538,298
9
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,249,772
549,193
Corporation tax recoverable
44,284
Amounts owed by group undertakings
62,222
61,138
Other receivables
27,298
30,155
1,383,576
640,486
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
10
Current liabilities
2024
2023
£
£
Trade payables
55,298
77,613
Amounts owed to group undertakings
3,179,439
2,716,127
Corporation tax
5,999
Other taxation and social security
318,767
263,625
Other payables
51,808
82,852
3,605,312
3,146,216
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
10,922
12,959
2024
Movements in the year:
£
Liability at 1 August 2023
12,959
Credit to profit or loss
(2,037)
Liability at 31 July 2024
10,922
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
56,535
74,115
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £100 each
1,000
1,000
100,000
100,000
Issued and fully paid
Ordinary shares of £100 each
1,000
1,000
100,000
100,000
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
14
Retained earnings
2024
2023
£
£
At the beginning of the year
1,361,145
1,100,943
(Loss)/profit for the year
(17,370)
260,202
At the end of the year
1,343,775
1,361,145
15
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
John Harvey
Statutory Auditor:
Moore
Date of audit report:
4 October 2024
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
16,719
63,448
Between two and five years
12,004
16,719
75,452
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
17
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
497,969
444,717
8,895,230
13,844,515
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
3,179,439
2,716,127
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
62,222
61,138
18
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(17,370)
260,202
Adjustments for:
Taxation charged
5,905
78,738
Finance costs
264,311
320,789
Investment income
(1,601)
(27,613)
(Gain)/loss on disposal of property, plant and equipment
-
218
Depreciation and impairment of property, plant and equipment
32,296
35,960
Movements in working capital:
Decrease/(increase) in inventories
199,021
(987,194)
(Increase)/decrease in trade and other receivables
(698,806)
325,551
Increase in trade and other payables
465,095
360,614
Cash generated from operations
248,851
367,265
ALOIS POTTINGER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
19
Analysis of changes in net funds
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
263,814
(72,084)
191,730
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