REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024 |
FOR |
ATKINS AND POTTS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2024 TO 31 DECEMBER 2024 |
FOR |
ATKINS AND POTTS LIMITED |
ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 1 March 2024 to 31 December 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
ATKINS AND POTTS LIMITED |
COMPANY INFORMATION |
For The Period 1 March 2024 to 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
1 Carnegie Road |
Newbury |
Berkshire |
RG14 5DJ |
ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867) |
REPORT OF THE DIRECTORS |
For The Period 1 March 2024 to 31 December 2024 |
The directors present their report with the financial statements of the company for the period 1 March 2024 to 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of food manufacturing and distribution. |
REVIEW OF BUSINESS |
We are pleased to report that our recovery from moving factory and inflationary pressures is well advanced. |
In 2024 we completed our factory move and achieved BRC AA grade for food safety and quality. |
By year-end 2024 we were running 4 lines and producing more than ever before. |
To demonstrate that we have now returned to profit and growth, we are publishing 10 months trading results and changing our year end to 31 December 2024. |
In the 10 months reflected in these results, turnover increased 10%; profit was achieved to demonstrate that the new site is viable and has significant potential growth; and we significantly reduced our site-move-related debt. |
This is particularly pleasing because five of the 10 months reported on, we were still settling into the new site and scaling up production. |
We have started producing for new own label manufacturing customers in recent months which will drive growth in 2025. In addition, we have more new customers production commencing in March 2025. |
Our focus is on producing high quality ambient food that meets future food trends. This along with a new site which has the capacity for accelerated growth puts us in a strong position for the future. |
The new facility showcases that we do things differently in the market and have multiple USPs that will secure our future and drive growth. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report. |
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: |
ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867) |
BALANCE SHEET |
31 December 2024 |
2024 | 2024 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Period 1 March 2024 to 31 December 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 |
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 |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 Period 1 March 2024 to 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
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 period was |
ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 March 2024 to 31 December 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 March 2024 |
Charge for period |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 29 February 2024 |
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 2024 |
Transfer to ownership | - | (26,943 | ) | - | (26,943 | ) |
At 31 December 2024 | 177,694 |
DEPRECIATION |
At 1 March 2024 | 2,962 |
Charge for period | 14,807 |
Transfer to ownership | - | (15,576 | ) | - | (15,576 | ) |
At 31 December 2024 | 17,769 |
NET BOOK VALUE |
At 31 December 2024 | 159,925 |
At 29 February 2024 | 174,732 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2024 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 March 2024 to 31 December 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2024 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts | - | 22,577 |
Accruals and deferred income |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2024 |
£ | £ |
Other loans - 1-2 years |
Other loans - 2-5 years |
Hire purchase contracts |
Directors current account NY | 132,542 | 148,638 |
Directors current account RY | 132,542 | 148,638 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2024 |
£ | £ |
Commercial finance | 533,992 | 462,790 |
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 | 2024 |
value: | £ | £ |
Ordinary | £1 | 452,000 | 452,000 |
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 £5,918 (at 29.02.2024 - £20,586) were due to the fund. |
11. | OTHER FINANCIAL COMMITMENTS |
At 31 December 2024, the company had total commitments under non-cancellable operating leases which are not included in the balance sheet of £1,105,663 (29.02.2024 £1,369,475). |
ATKINS AND POTTS LIMITED (REGISTERED NUMBER: 05040867) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 March 2024 to 31 December 2024 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 31 December 2024 and the year ended 29 February 2024: |
2024 | 2024 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
13. | POST BALANCE SHEET EVENTS |
On 6th February 2025, after the year end, the Directors voted to convert part of their loan account in to share capital. This therefore has resulted in an increase in share capital of £110,000 and a reduction in the loan due to them of £110,000. The resulting share capital is now £562,000. |