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Registered number: 01298989










BOB POTTER LEISURE LIMITED










CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
BOB POTTER LEISURE LIMITED
 
 
COMPANY INFORMATION


Directors
R R Potter OBE (deceased 14 April 2023)
BV Potter 




Registered number
01298989



Registered office
Wharfenden House
56 Wharf Road

Frimley Green

Camberley

Surrey

GU16 6PW




Trading Address
Lakeside
Wharf Road

Frimley Green

Camberley

Surrey

GU16 6PT






Independent auditors
Shaw Gibbs (Audit) Limited
Statutory Auditors

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
BOB POTTER LEISURE LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10 - 11
Company Statement of Financial Position
 
12 - 13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 40


 
BOB POTTER LEISURE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Introduction
 
The principle activities of the group were:

Operation of Lakeside International as fully operation hotel
Facilitation of Potters International and Lakeside Continental Hotels to FineFair on behalf of the Home Office.
Operational of Lakeside Country Club as a wedding and events venue
Operation of Grove Farm Caravan Park
Potters Steakhouse has remained closed, but we have leased land for storage and site office for local businesses. 

Business review
 
The overall group results for the year show a profit of £1,611,819 after tax (2022: profit £226,539)
This is largely due to the finefair contracts for two of the hotels. 

Lakeside Country club continued to generate its revenue due to the filming of The Regime, which is set to continue in the next year.

The main two hotels, Potters International and Lakeside Continental have continued their Home Office contracts. 



Principal risks and uncertainties
 
The principle risks the group faces is a change in legislation and the withdrawal of the Finefair contracts. Both properties would require a major refit if the contracts finished reopening as hotels would require major updates.

With the hotel market being unstable in the area adding an additional two hotels would be a concern as business has not recouped the occupancies pre pandemic. 

Financial key performance indicators
 
The group continues to monitor its turnover and gross margins.

We will be looking at major investment into the hotel facilities across the group ensuring the business stays compliant with current and future legislation changes/updates.

Other key performance indicators
 
The indicators used to assess the performances of the Group varies according to the establishment within group:
• Lakeside International Hotel - Fully Operational
• Potters and Lakeside Continental Hotels - Under rolling contract with Finefair
• Lakeside Country Club - Wedding, Events and Filming
• Grove Farm Caravan Park

Page 1

 
BOB POTTER LEISURE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


This report was approved by the board and signed on its behalf.






BV Potter
Director

Date: 23 October 2024

Page 2

 
BOB POTTER LEISURE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,626,261 (2022 - £226,539).

No dividend has been recommended (2022: £Nil).

Directors

The directors who served during the year were:

R R Potter OBE (deceased 14 April 2023)
BV Potter 

Future developments

The directors have continued to invest in upgrading both the groups hotels and leisure facilities and they believe  that they will continue to remain competitive in the leisure industry and will continue to attract new and repeat customers to their leisure facilities.

Page 3

 
BOB POTTER LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsShaw Gibbs (Audit) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 







BV Potter
Director

Date: 23 October 2024

Page 4

 
BOB POTTER LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOB POTTER LEISURE LIMITED
 

Opinion


We have audited the financial statements of Bob Potter Leisure Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 July 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 5

 
BOB POTTER LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOB POTTER LEISURE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 6

 
BOB POTTER LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOB POTTER LEISURE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. 
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and reviewing legal invoices. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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 Auditors' Report.


Page 7

 
BOB POTTER LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOB POTTER LEISURE LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.







Mr Stephen Morgan FCA (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditors
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

23 October 2024
Page 8

 
BOB POTTER LEISURE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
5,048,955
3,674,645

Cost of sales
  
(1,376,908)
(1,505,382)

Gross profit
  
3,672,047
2,169,263

Administrative expenses
  
(2,306,826)
(2,171,332)

Other operating income
 5 
117,964
254,039

Operating profit
 6 
1,483,185
251,970

Interest receivable and similar income
 10 
122,121
5,852

Interest payable and expenses
 11 
(1,402)
(2,943)

Profit before taxation
  
1,603,904
254,879

Tax on profit
 12 
19,875
(28,340)

Profit for the year
  
1,623,779
226,539

Profit for the year attributable to:
  

Non-controlling interests
  
(6,664)
(54,156)

Owners of the parent Company
  
1,630,443
280,695

  
1,623,779
226,539

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(6,664)
(54,156)

Owners of the parent Company
  
1,630,443
280,695

  
1,623,779
226,539

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 19 to 40 form part of these financial statements.

Page 9

 
BOB POTTER LEISURE LIMITED
REGISTERED NUMBER: 01298989

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,923,907
5,074,187

Investment property
 15 
784,120
783,120

  
5,708,027
5,857,307

Current assets
  

Stocks
 16 
37,736
48,654

Debtors: amounts falling due within one year
 17 
454,926
495,502

Cash at bank and in hand
 18 
11,851,860
10,105,477

  
12,344,522
10,649,633

Creditors: amounts falling due within one year
 19 
(669,379)
(652,644)

Net current assets
  
 
 
11,675,143
 
 
9,996,989

Total assets less current liabilities
  
17,383,170
15,854,296

Creditors: amounts falling due after more than one year
 20 
-
(43,001)

Provisions for liabilities
  

Deferred taxation
 23 
(85,160)
(137,065)

  
 
 
(85,160)
 
 
(137,065)

Net assets excluding pension asset
  
17,298,010
15,674,230

Net assets
  
17,298,010
15,674,230


Capital and reserves
  

Called up share capital 
 24 
100
100

Other reserves
  
578
578

Profit and loss account
  
17,171,510
15,541,067

Equity attributable to owners of the parent Company
  
17,172,188
15,541,745

Non-controlling interests
  
125,822
132,485

  
17,298,010
15,674,230


Page 10

 
BOB POTTER LEISURE LIMITED
REGISTERED NUMBER: 01298989
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




BV Potter
Director

Date: 23 October 2024

The notes on pages 19 to 40 form part of these financial statements.

Page 11

 
BOB POTTER LEISURE LIMITED
REGISTERED NUMBER: 01298989

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,886,534
5,064,932

Investments
 14 
662,377
662,477

Investment property
 15 
398,425
398,425

  
5,947,336
6,125,834

Current assets
  

Stocks
 16 
37,736
48,654

Debtors: amounts falling due within one year
 17 
1,311,851
3,583,252

Cash at bank and in hand
 18 
10,972,791
6,901,398

  
12,322,378
10,533,304

Creditors: amounts falling due within one year
 19 
(598,195)
(547,262)

Net current assets
  
 
 
11,724,183
 
 
9,986,042

Total assets less current liabilities
  
17,671,519
16,111,876

  

Creditors: amounts falling due after more than one year
 20 
-
(43,001)

Provisions for liabilities
  

Deferred taxation
 23 
(82,847)
(134,751)

  
 
 
(82,847)
 
 
(134,751)

Net assets
  
17,588,672
15,934,124

Page 12

 
BOB POTTER LEISURE LIMITED
REGISTERED NUMBER: 01298989
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 24 
100
100

Other reserves
  
578
578

Profit and loss account brought forward
  
15,933,446
15,543,808

Profit for the year
  
1,654,548
389,638

Profit and loss account carried forward
  
17,587,994
15,933,446

  
17,588,672
15,934,124


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






BV Potter
Director

Date: 23 October 2024

The notes on pages 19 to 40 form part of these financial statements.

Page 13

 
BOB POTTER LEISURE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 August 2021
100
578
15,260,372
15,261,050
15,261,050


Comprehensive income for the year

Profit for the year
-
-
280,695
280,695
280,695
Total comprehensive income for the year
-
-
280,695
280,695
280,695



At 1 August 2022
100
578
15,541,067
15,541,745
15,541,745


Comprehensive income for the year

Profit for the year
-
-
1,630,443
1,630,443
1,630,443
Total comprehensive income for the year
-
-
1,630,443
1,630,443
1,630,443


At 31 July 2023
100
578
17,171,510
17,172,188
17,172,188


The notes on pages 19 to 40 form part of these financial statements.

Page 14

 
BOB POTTER LEISURE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 August 2021
100
578
15,543,808
15,544,486


Comprehensive income for the year

Profit for the year
-
-
389,638
389,638
Total comprehensive income for the year
-
-
389,638
389,638



At 1 August 2022
100
578
15,933,446
15,934,124


Comprehensive income for the year

Profit for the year
-
-
1,654,548
1,654,548


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,654,548
1,654,548


Total transactions with owners
-
-
-
-


At 31 July 2023
100
578
17,587,994
17,588,672


The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
BOB POTTER LEISURE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,623,779
226,539

Adjustments for:

Depreciation of tangible assets
240,433
242,000

Loss on disposal of tangible assets
20,575
950

Government grants
-
(6,000)

Interest paid
1,402
2,943

Interest received
(122,121)
(5,852)

Taxation charge
(19,875)
28,340

Decrease/(increase) in stocks
10,918
(1,414)

(Increase) in debtors
(153,802)
(147,248)

(Decrease)/increase in creditors
(107,881)
132,851

Corporation tax received
252,037
269,213

Net cash generated from operating activities

1,745,465
742,322


Cash flows from investing activities

Purchase of tangible fixed assets
(110,728)
(146,411)

Purchase of investment properties
(1,000)
(6,000)

Interest received
122,121
5,852

HP interest paid
(1,301)
(2,943)

<-- Enter row heading -->
-
6,000

Net cash from investing activities

9,092
(143,502)
Page 16

 
BOB POTTER LEISURE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of/new finance leases
(8,109)
(6,466)

Interest paid
(101)
-

Net cash used in financing activities
(8,210)
(6,466)

Net increase in cash and cash equivalents
1,746,347
592,354

Cash and cash equivalents at beginning of year
10,105,477
9,513,123

Cash and cash equivalents at the end of year
11,851,824
10,105,477


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,851,860
10,105,477

Bank overdrafts
(36)
-

11,851,824
10,105,477


The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
BOB POTTER LEISURE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023




At 1 August 2022
Cash flows
At 31 July 2023
£

£

£

Cash at bank and in hand

10,105,477

1,746,383

11,851,860

Bank overdrafts

-

(36)

(36)

Finance leases

(51,110)

8,109

(43,001)


10,054,367
1,754,456
11,808,823

The notes on pages 19 to 40 form part of these financial statements.

Page 18

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Bob Potter Leisure Limited (01298989) is a private company limited by shares and incorporated in England & Wales. Its registered office is 56 Wharf Road, Frimley Green, Camberley, Surrey, GU16 6PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currenct used in GBP and amounts have been rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 August 2014.

Page 19

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, in line with the percentages listed below.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Leasehold Property
-
2% straight line
Plant & machinery
-
10% and 15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
Floating restaurant
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Investment property

Investment properties are carried at their fair value as determined annually by the director and adjusted for write downs as deemed necessary. No depreciation is provided. Changes in fair value are recognised in the consolidated statement of comprehensive income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Page 23

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.
The company's subsidiary R.H.F Potter & Sons Limited owns land and a number of static caravans. The  static caravans and the land on which they reside have been classed as investment properties on the basis that they are held to earn rental income. Both the land and static caravans have been valued on an  open market for existing use basis. 


4.


Turnover

2023
2022
£
£

Hotel income and rent receivable
5,009,378
3,628,731

Caravan park income
39,578
45,915

5,048,956
3,674,646


All turnover arose within the United Kingdom.

Page 24

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Other operating income

2023
2022
£
£

Other operating income
3,984
2,427

Net rents receivable
111,356
104,678

Local government grants receivable
-
6,000

HMRC CJRS
2,624
140,934

117,964
254,039



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
240,433
242,000


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
27,518
16,831

Page 25

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,451,995
1,447,852
1,129,267
1,087,034

Social security costs
152,449
156,055
111,758
108,945

Cost of defined contribution scheme
13,038
12,937
11,800
11,863

1,617,482
1,616,844
1,252,825
1,207,842


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Staff full and part time
47
59
44
56


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
491,260
572,000

491,260
572,000


The highest paid director received remuneration of £491,260 (2022 - £572,000).

During the year NIL directors received shares under the long-term incentive schemes (2022 -NIL).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
122,121
5,852

Page 26

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1
-

Finance leases and hire purchase contracts
1,301
2,943

Other interest payable
100
-

1,402
2,943


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
41,876
19,331

Adjustments in respect of previous periods
(9,847)
-


Total current tax
32,029
19,331

Deferred tax


Origination and reversal of timing differences
(51,904)
9,009

Total deferred tax
(51,904)
9,009


Taxation on (loss)/profit on ordinary activities
(19,875)
28,340
Page 27

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25/19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,603,905
225,108


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25/19% (2022 - 19%)
400,976
42,771

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
224
6,131

Capital allowances for year in excess of depreciation
37,663
13,134

Utilisation of tax losses
(389,104)
(73,017)

Provision movement
80
(62)

Change in tax rates leading to an increase (decrease) in taxation
(7,963)
-

Unrelieved tax losses carried forward
-
30,374

Deferred tax
(51,904)
9,009

Adjustments in respect of previous periods
(9,847)
-

Total tax charge for the year
(19,875)
28,340


Factors that may affect future tax charges

The group has taxable losses of £127,516 (2022: £1,742,627) which can be relieved against future profits of the group.  

Page 28

 


 
BOB POTTER LEISURE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


13.


Tangible fixed assets


Group







Freehold property
L/Term Leasehold Property
Plant & machinery
Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 August 2022
3,839,338
3,996,858
2,897,108
274,265
1,572,496
51,173
12,631,238


Additions
-
-
86,436
20,753
3,539
-
110,728


Disposals
-
-
(89,070)
(11,502)
(10,436)
-
(111,008)



At 31 July 2023

3,839,338
3,996,858
2,894,474
283,516
1,565,599
51,173
12,630,958



Depreciation


At 1 August 2022
1,533,283
1,812,257
2,406,355
229,693
1,527,183
48,280
7,557,051


Charge for the year on owned assets
68,391
79,270
74,394
2,044
6,953
434
231,486


Charge for the year on financed assets
-
-
-
8,947
-
-
8,947


Disposals
-
-
(74,614)
(10,892)
(4,927)
-
(90,433)



At 31 July 2023

1,601,674
1,891,527
2,406,135
229,792
1,529,209
48,714
7,707,051



Net book value



At 31 July 2023
2,237,664
2,105,331
488,339
53,724
36,390
2,459
4,923,907
Page 29

 


 
BOB POTTER LEISURE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           13.Tangible fixed assets (continued)




At 31 July 2022
2,306,055
2,184,601
490,753
44,572
45,313
2,893
5,074,187

Page 30

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           13.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
2,237,664
2,306,055

Long leasehold
2,105,331
2,184,601

4,342,995
4,490,656


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
26,841
35,788

26,841
35,788

Page 31

 


 
BOB POTTER LEISURE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           13.Tangible fixed assets (continued)



Company







Freehold property
L/Term Leasehold Property
Plant & machinery
Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£
£
£
£

Cost or valuation


At 1 August 2022
3,839,338
3,996,858
2,868,940
274,265
1,572,496
51,173
12,603,070


Additions
-
-
56,730
20,753
3,539
-
81,022


Disposals
-
-
(89,070)
(11,502)
(10,436)
-
(111,008)



At 31 July 2023

3,839,338
3,996,858
2,836,600
283,516
1,565,599
51,173
12,573,084



Depreciation


At 1 August 2022
1,533,283
1,812,257
2,387,442
229,693
1,527,183
48,280
7,538,138


Charge for the year on owned assets
68,391
79,270
72,806
2,044
6,953
434
229,898


Charge for the year on financed assets
-
-
-
8,947
-
-
8,947


Disposals
-
-
(74,614)
(10,892)
(4,927)
-
(90,433)



At 31 July 2023

1,601,674
1,891,527
2,385,634
229,792
1,529,209
48,714
7,686,550



Net book value



At 31 July 2023
2,237,664
2,105,331
450,966
53,724
36,390
2,459
4,886,534
Page 32

 


 
BOB POTTER LEISURE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           13.Tangible fixed assets (continued)




At 31 July 2022
2,306,055
2,184,601
481,498
44,572
45,313
2,893
5,064,932

Page 33

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           13.Tangible fixed assets (continued)





The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
2,237,664
2,306,055

Long leasehold
2,105,331
2,184,601

4,342,995
4,490,656


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
26,841
35,788

26,841
35,788

Page 34

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
662,477


Disposals
(100)



At 31 July 2023
662,377





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

R.H.F Potter & Sons Limited
United Kingdom
Caravan site management
Ordinary
67%
Waters Edge (Mytchett) Limited
United Kingdom
Dormant
Ordinary
100%


15.


Investment property

Group


Freehold investment property

£



Valuation


At 1 August 2022
783,120


Additions at cost
1,000



At 31 July 2023
784,120

The 2023 valuations were made by the director, on an open market value for existing use basis.




Page 35

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

16.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Work in progress
57
57
57
57

Finished goods
37,679
48,597
37,679
48,597

37,736
48,654
37,736
48,654



17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
5,591
43,995
3,432
31,793

Amounts owed by group undertakings
-
-
859,658
3,131,908

Other debtors
320,519
375,952
319,945
343,996

Prepayments and accrued income
128,816
75,555
128,816
75,555

454,926
495,502
1,311,851
3,583,252



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
11,851,860
10,105,477
10,972,791
6,901,398

Less: bank overdrafts
(36)
-
(36)
-

11,851,824
10,105,477
10,972,755
6,901,398


Page 36

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
36
-
36
-

Trade creditors
174,965
245,347
128,836
187,992

Amounts owed to group undertakings
-
-
290
100

Corporation tax
89,687
-
89,687
-

Other taxation and social security
168,837
152,323
168,837
152,323

Obligations under finance lease and hire purchase contracts
43,001
8,110
43,001
8,109

Other creditors
9,470
13,594
9,470
13,594

Accruals and deferred income
183,383
233,270
158,038
185,144

669,379
652,644
598,195
547,262



20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Net obligations under finance leases and hire purchase contracts
-
43,001
-
43,001

-
43,001
-
43,001





21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
43,001
8,109
43,001
8,109

Between 1-5 years
-
43,001
-
43,001

43,001
51,110
43,001
51,110

Page 37

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

22.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at amortised cost
12,181,352
10,493,760
11,298,260
7,246,102


Financial liabilities

Financial liabilities measured at amortised cost
233,398
269,799
181,307
209,693


Financial assets and liabilities are measured at amortised cost.  Financial assets is made up of bank, trade debtors and other debtors.  Financial liabiliites are made up of bank loans, trade creditors, other creditors and finance leases.


23.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(137,065)
(128,056)


Charged to profit or loss
51,904
(9,009)



At end of year
(85,161)
(137,065)

Page 38

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
23.Deferred taxation (continued)

Company


2023
2022


£

£






At beginning of year
(134,751)
(128,056)


Charged to profit or loss
51,904
(6,695)



At end of year
(82,847)
(134,751)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(85,161)
(137,270)
(82,847)
(134,956)

Tax losses carried forward
-
205
-
205

(85,161)
(137,065)
(82,847)
(134,751)

Page 39

 
BOB POTTER LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100



25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £13,038 (2022: £12,937). Contributions totalling £1,141 (2022: £823) were payable to the fund at the reporting date and are included in creditors.


26.


Transactions with directors

At the year end Mr B Potter owed the company £192,450 (2022 - £50,788). The loan was interest free with no fixed date for repayment. 


27.


Controlling party

The group was under the control of Mr R R Potter OBE Estate and Mrs B V Potter.

 
Page 40