IRIS Accounts Production v24.3.0.553 05040867 Board of Directors Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false Ordinary 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh050408672023-02-28050408672024-02-29050408672023-03-012024-02-29050408672022-02-28050408672022-03-012023-02-28050408672023-02-2805040867ns15:EnglandWales2023-03-012024-02-2905040867ns14:PoundSterling2023-03-012024-02-2905040867ns10:Director12023-03-012024-02-2905040867ns10:Director22023-03-012024-02-2905040867ns10:CompanySecretary12023-03-012024-02-2905040867ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2905040867ns10:SmallEntities2023-03-012024-02-2905040867ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2905040867ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2905040867ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2905040867ns10:FullAccounts2023-03-012024-02-2905040867ns10:OrdinaryShareClass12023-03-012024-02-2905040867ns10:OrdinaryShareClass112023-03-012024-02-2905040867ns10:RegisteredOffice2023-03-012024-02-2905040867ns5:CurrentFinancialInstruments2024-02-2905040867ns5:CurrentFinancialInstruments2023-02-2805040867ns5:Non-currentFinancialInstruments2024-02-2905040867ns5:Non-currentFinancialInstruments2023-02-2805040867ns5:ShareCapital2024-02-2905040867ns5:ShareCapital2023-02-2805040867ns5:RetainedEarningsAccumulatedLosses2024-02-2905040867ns5:RetainedEarningsAccumulatedLosses2023-02-2805040867ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-012024-02-2905040867ns5:PlantMachinery2023-03-012024-02-2905040867ns5:FurnitureFittings2023-03-012024-02-2905040867ns5:ComputerEquipment2023-03-012024-02-2905040867ns5:ShortLeaseholdAssetsns5:LandBuildings2023-02-2805040867ns5:PlantMachinery2023-02-2805040867ns5:FurnitureFittings2023-02-2805040867ns5:ComputerEquipment2023-02-2805040867ns5:ShortLeaseholdAssetsns5:LandBuildings2024-02-2905040867ns5:PlantMachinery2024-02-2905040867ns5:FurnitureFittings2024-02-2905040867ns5:ComputerEquipment2024-02-2905040867ns5:ShortLeaseholdAssetsns5:LandBuildings2023-02-2805040867ns5:PlantMachinery2023-02-2805040867ns5:FurnitureFittings2023-02-2805040867ns5:ComputerEquipment2023-02-2805040867ns5:ShortLeaseholdAssets2023-02-2805040867ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2805040867ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2023-02-2805040867ns5:LeasedAssetsHeldAsLessee2023-02-2805040867ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2905040867ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2905040867ns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2905040867ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-02-2905040867ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2024-02-2905040867ns5:LeasedAssetsHeldAsLessee2024-02-2905040867ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2805040867ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2023-02-2805040867ns5:LeasedAssetsHeldAsLessee2023-02-2805040867ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2905040867ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2805040867ns5:BetweenTwoFiveYears2024-02-2905040867ns5:BetweenTwoFiveYears2023-02-2805040867ns5:Secured2024-02-2905040867ns5:Secured2023-02-2805040867ns10:OrdinaryShareClass12024-02-29050408671ns10:Director12023-02-28050408671ns10:Director12022-02-28050408671ns10:Director12023-03-012024-02-29050408671ns10:Director12022-03-012023-02-28050408671ns10:Director12024-02-29050408671ns10:Director12023-02-2805040867ns10:Director222023-02-2805040867ns10:Director222022-02-2805040867ns10:Director222023-03-012024-02-2905040867ns10:Director222022-03-012023-02-2805040867ns10:Director222024-02-2905040867ns10:Director222023-02-28
REGISTERED NUMBER: 05040867 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ATKINS AND POTTS LIMITED

ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024




Page

Company Information 1

Report of the Directors 2

Balance Sheet 4

Notes to the Financial Statements 6


ATKINS AND POTTS LIMITED

COMPANY INFORMATION
For The Year Ended 29 February 2024







DIRECTORS: Mrs N J Young
R C Young





SECRETARY: Mrs N J Young





REGISTERED OFFICE: Unit C Kennetside
Off Bone Lane
Newbury
Berkshire
RG14 5PX





REGISTERED NUMBER: 05040867 (England and Wales)





ACCOUNTANTS: Banks & Co Limited
Chartered Certified Accountants
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

REPORT OF THE DIRECTORS
For The Year Ended 29 February 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of food manufacturing and distribution.

REVIEW OF BUSINESS
At the time of submitting the Year Ended February 2024 accounts, we had successfully operated at our new facility since March 2024. Our management accounts for the 8 months to the end of October 2024 report turnover growth and profitability.

The Year End February 2024 accounts reflected the costs and exceptional expenses associated with moving a food manufacturing facility to a new site. The 2023/24 financial year tested the business on many levels as we:

* Moved all our production operations to a new site between mid-2023 and January 2024;
* Re-integrated outsourced storage and distribution functions into our new site and operations;
* Bought in new business for the future;
* Completed dilapidations and handed back the old site;
* Reacted to extreme levels of inflationary pressures across all input costs; and
* Ran our old site inefficiently for 6 months of 2023. Our site move was delayed 6 months but we
had secured new business which we honored despite the old site being out of capacity.

While it was financially tough, we demonstrated resilience and adaptability.

During 2024/25 we have started to benefit from our new AA grade BRC production facility. The new site is delivering productivity gains and has significant capacity for growth.

We have also acquired new customers due to our reputation for producing high quality natural products which are mass hand-made and without compromise. Our own brands, and our own label customer brands, also have strong customer relationships and strong market positions.

As a result, our 2024/25 results and forecasts are for profitable growth.

While we have shown separately on the Profit and Loss statement direct costs related to our Site Move and Old Site Dilapidation Costs, we have not separated out the many costs contained in overheads which were indirectly Site Move related, including:

* Interest costs related to borrowing costs to fund the move & to purchase new plant and
equipment. These costs were higher than planned due to higher inflation.
* Overhead costs incurred when not producing, or only partially producing, over 3 months;
* Senior Staff costs over the 6 months prior to the move when their time was split between daily
operations and move planning;
* Equipment failures during the first months of operation which impacted productivity.

In addition, we had extraordinarily high raw material and packaging costs due to stock write-offs resulting from:

* Packaging failures which meant high levels of stock were written off. These issues have been
resolved.
* Poor finished stock rotation at an external storage provider who experienced difficulties. Since the
move we control of our stock and have returned to our previous low levels of stock write offs.
* Distractions of the site move [both leading up to, and during, the move] resulted in stock
production errors. Again, since the move, we have returned to our historic low levels of stock
write-offs due to production issues.

Sales were also impacted by the site move for our own brands. We did not build enough stock to cover the move delay and experienced a slower re-start than anticipated. Our strong, long-term customer relationships, have meant we have started to capture back lost sales in 2024.

We are now moving forward positively having successfully settled into the new site and we are operating profitably.


ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

REPORT OF THE DIRECTORS
For The Year Ended 29 February 2024

Our strength is in offering premium authentic products which are natural and minimally processed. We are well positioned for growth and we now have a new site with capacity to accelerate our growth.

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

Mrs N J Young
R C Young

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs N J Young - Secretary


28 November 2024

ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 862,147 222,041

CURRENT ASSETS
Stocks 955,638 1,224,616
Debtors 5 955,338 939,533
Cash at bank and in hand 2,419 125,201
1,913,395 2,289,350
CREDITORS
Amounts falling due within one year 6 2,602,364 1,573,095
NET CURRENT (LIABILITIES)/ASSETS (688,969 ) 716,255
TOTAL ASSETS LESS CURRENT
LIABILITIES

173,178

938,296

CREDITORS
Amounts falling due after more than
one year

7

(1,339,499

)

(548,456

)

PROVISIONS FOR LIABILITIES (62,825 ) (38,393 )
NET (LIABILITIES)/ASSETS (1,229,146 ) 351,447

CAPITAL AND RESERVES
Called up share capital 9 452,000 300,000
Retained earnings (1,681,146 ) 51,447
SHAREHOLDERS' FUNDS (1,229,146 ) 351,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

BALANCE SHEET - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:




Mrs N J Young - Director



R C Young - Director


ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Atkins and Potts Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05040867 and its registered office address is Unit C Kennetside, Off Bone Lane, Newbury, Berkshire, RG14 5PX.

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of finished goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost and Straight line over 10 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase of raw materials and packaging, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.


ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred. Income received from Research and Development tax credit applications is accounted for on a receipts basis.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Overall risk to operations
The conflict in Ukraine, the reducing crop yields as result of climate change, and financial instability driving unprecedented inflation has had a significant impact on the availability and supply of raw materials. The Company has taken measures to mitigate the supply issues but an element of disruption is expected.

The Company has determined that these events are non-adjusting post balance sheet events. Accordingly, the financial position as at, and results of the operations for, the year ended 29 February 2024 have not been adjusted to reflect their impact. The duration and impact of disruption remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

Going Concern
The company obtains it's day to day working capital from the bank facility, with long term funding being provided by third party institutions. In addition to this the directors have invested in the company and also support the working capital as required. The directors have confirmed that they will only seek repayment of the loan shown as due after more than one year, when the working capital position of the company allows.

On this basis the accounts have been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2023 - 44 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 270,135 1,021,085 20,771 26,763 1,338,754
Additions 538,161 209,768 2,473 25,849 776,251
Disposals (26,146 ) (42,767 ) (1,316 ) (4,759 ) (74,988 )
At 29 February 2024 782,150 1,188,086 21,928 47,853 2,040,017
DEPRECIATION
At 1 March 2023 256,261 824,137 14,295 22,020 1,116,713
Charge for year 15,513 101,680 1,874 7,645 126,712
Eliminated on disposal (20,017 ) (40,146 ) (1,244 ) (4,148 ) (65,555 )
At 29 February 2024 251,757 885,671 14,925 25,517 1,177,870
NET BOOK VALUE
At 29 February 2024 530,393 302,415 7,003 22,336 862,147
At 28 February 2023 13,874 196,948 6,476 4,743 222,041

ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Short Plant and Computer
leasehold machinery equipment Totals
£    £    £    £   
COST
At 1 March 2023 - 114,968 2,800 117,768
Additions 177,694 135,350 20,616 333,660
Transfer to ownership - (52,225 ) (2,800 ) (55,025 )
At 29 February 2024 177,694 198,093 20,616 396,403
DEPRECIATION
At 1 March 2023 - 60,569 2,136 62,705
Charge for year 2,962 44,340 5,154 52,456
Transfer to ownership - (39,832 ) (2,136 ) (41,968 )
At 29 February 2024 2,962 65,077 5,154 73,193
NET BOOK VALUE
At 29 February 2024 174,732 133,016 15,462 323,210
At 28 February 2023 - 54,399 664 55,063

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 593,650 662,649
Other debtors 59,473 66,829
VAT 195,345 137,855
Prepayments 106,870 72,200
955,338 939,533

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 462,790 478,006
Other loans 441,722 141,446
Hire purchase contracts 92,556 30,011
Trade creditors 963,786 812,740
Social security and other taxes 122,824 59,538
Other creditors 274,370 7,141
Directors' current accounts 22,577 20,022
Accrued expenses 221,739 24,191
2,602,364 1,573,095

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans - 1-2 years 273,628 174,926
Other loans - 2-5 years 569,955 349,267
Hire purchase contracts 198,640 24,263
Directors current account NY 148,638 -
Directors current account RY 148,638 -
1,339,499 548,456

ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 707
Commercial finance 462,790 477,299
462,790 478,006

Lloyds Bank Commercial Finance Ltd has registered a fixed and floating charge covering all the property or undertaking of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
452,000 Ordinary £1 452,000 300,000

152,000 Ordinary shares of £1 were issued during the year for cash of £ 152,000 .

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, included within other creditors, unpaid contributions of £20,586 (2023 - £5,708) were due to the fund.

11. OTHER FINANCIAL COMMITMENTS

At 28 February 2024, the company had total commitments under non-cancellable operating leases which are not included in the balance sheet of £1,369,475 (2023 £153,621)

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mrs N J Young
Balance outstanding at start of year 10,011 149,489
Amounts advanced 1,278 -
Amounts repaid - (139,478 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,289 10,011

R C Young
Balance outstanding at start of year 10,011 149,489
Amounts advanced 1,278 -
Amounts repaid - (139,478 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,289 10,011