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REGISTERED NUMBER: 00931475 (England and Wales)




GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

W POTTER & SONS (HOLDINGS) LIMITED

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


W POTTER & SONS (HOLDINGS) LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: O J Stacey
J M Potter





SECRETARY: C Parker





REGISTERED OFFICE: Prologis Park
Oxford Road
Ryton on Dunsmore
Coventry
Warwickshire
CV8 3EJ





REGISTERED NUMBER: 00931475 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
Group turnover increased by 18.1% from £12.19m in 2023 to £14.40m in 2024. The Group saw a slight downturn in customer demand in the UK market, however, an increase in demand from the overseas market. Growth in customer demand combined with monitoring and controlling overheads resulted in achieving group operating profit of £740K (2023: £165K group operating loss). Overall, the group achieved profit before tax of £296K despite the rise in interest rates on loans. Net assets at the balance sheet date stood at £2.671m (2023: £2.106m).

During March 2024, the group sold some freehold property. This enabled the group to reduce part of its debt thereby improving group cashflow. At the balance sheet date group cash stood at £1.409m (2023: £172K).

Financial Risk Management
Price risk, credit risk, liquidity risk and cash flow risk

The Group is exposed to commodity price risk in particular with regards to steel, plastic, wheat, soya and energy. The Group manages its exposure to commodity price risk by negotiating fixed price contracts where appropriate and by ensuring that sales contracts are structured to be able to pass on any increases in these costs.

The business' activities expose it to the financial risks of foreign currency exchange rates. The Group manages it's exposure to foreign currency risk with forward contracts, where appropriate.

The business' principal financial instruments compose bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. Working capital requirements are reviewed regularly to ensure that trade creditors and overdraft facilities are managed appropriately, to minimise any liquidity risk.

Trade debtors are managed in respect of credit and cashflow risk. Credit offered to customers is assessed and outstanding amounts are monitored on a regular basis.

Loans and loan repayments are managed to meet the cash flow requirements of the business, ensuring that there are sufficient funds to meet all payments.

ON BEHALF OF THE BOARD:





J M Potter - Director


10 March 2025

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of rearing poultry for sale to the egg laying industry and provision of farm services.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

The directors recommend that no final dividend be paid.

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

O J Stacey
J M Potter

OTHER MATTERS
Information required under Schedule 7 of the Large and Medium-sized Companies and Group (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the strategic report in accordance with S414C(11)Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
- make judgements 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 company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J M Potter - Director


10 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W POTTER & SONS (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of W Potter & Sons (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 31 March 2024 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 UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W POTTER & SONS (HOLDINGS) LIMITED


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 Report of the Directors.

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W POTTER & SONS (HOLDINGS) LIMITED


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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- reference to past history and experience of the Group and knowledge of the Sector,
- enquiry of management, including obtaining and reviewing supporting documentation concerning
the Group's procedures relating to:

-identifying and complying with laws and regulations and whether they were aware of any
instances of non-compliance;

-detection and response to risk of fraud and whether they were aware of any actual or suspected
instances of fraud.
- assessment of the controls and processes that the Group has in place to mitigate risk

Our assessments included the identification of the following potential areas for fraud:
- Management override of control;
- Revenue recognition; specifically recognition of sales according to date of shipment and
consideration of the application of long term contract accounting

We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:


- We critically assessed the appropriateness and tested the application of the revenue and cost
recognition policies
- We tested the appropriateness of accounting journals and other adjustments made in the
preparation of the financial statements
- We reviewed the Group's accounting policies for non-compliance with relevant standards.
- We made enquiries of management and reviewed correspondence with the relevant authorities to
identify any irregularities or instances of non-compliance with laws and regulations

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process.

All engagement team members were made aware of relevant identified laws and regulations and potential fraud risks and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W POTTER & SONS (HOLDINGS) LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Mark Spafford FCCA FCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

10 March 2025

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 14,398,393 12,191,732

Cost of sales 12,523,940 11,065,307
GROSS PROFIT 1,874,453 1,126,425

Administrative expenses 1,243,807 1,400,100
630,646 (273,675 )

Other operating income 109,802 108,365
OPERATING PROFIT/(LOSS) 5 740,448 (165,310 )

Interest receivable and similar income 1,055 605
741,503 (164,705 )

Interest payable and similar expenses 6 445,751 328,089
PROFIT/(LOSS) BEFORE TAXATION 295,752 (492,794 )

Tax on profit/(loss) 7 (271,278 ) 112,893
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

567,030

(605,687

)
Profit/(loss) attributable to:
Owners of the parent 567,030 (605,687 )

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 567,030 (605,687 )


OTHER COMPREHENSIVE INCOME
Deferred tax FH property revaluation
Income tax relating to other
comprehensive income

(1,768

)

(34,231

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(1,768

)

(34,231

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

565,262

(639,918

)

Total comprehensive income attributable to:
Owners of the parent 565,262 (639,918 )

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

CONSOLIDATED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,923,866 6,286,191
Investments 10 - -
Investment property 11 - -
3,923,866 6,286,191

CURRENT ASSETS
Stocks 12 730,622 717,837
Debtors 13 1,654,482 1,648,279
Cash at bank and in hand 1,409,800 171,894
3,794,904 2,538,010
CREDITORS
Amounts falling due within one year 14 2,606,261 3,915,210
NET CURRENT ASSETS/(LIABILITIES) 1,188,643 (1,377,200 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,112,509

4,908,991

CREDITORS
Amounts falling due after more than one
year

15

(2,193,735

)

(2,112,431

)

PROVISIONS FOR LIABILITIES 19 (247,523 ) (690,571 )
NET ASSETS 2,671,251 2,105,989

CAPITAL AND RESERVES
Called up share capital 20 132 132
Revaluation reserve 21 742,513 1,359,881
Retained earnings 21 1,928,606 745,976
SHAREHOLDERS' FUNDS 2,671,251 2,105,989

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2025 and were signed on its behalf by:





J M Potter - Director


W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

COMPANY BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 37,690 62,679
Investments 10 200 200
Investment property 11 3,521,852 5,959,800
3,559,742 6,022,679

CURRENT ASSETS
Debtors 13 231,321 324,211
Cash at bank 1,098,725 3,009
1,330,046 327,220
CREDITORS
Amounts falling due within one year 14 339,096 1,562,328
NET CURRENT ASSETS/(LIABILITIES) 990,950 (1,235,108 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,550,692

4,787,571

CREDITORS
Amounts falling due after more than one
year

15

(2,136,724

)

(2,102,763

)

PROVISIONS FOR LIABILITIES 19 (247,523 ) (690,571 )
NET ASSETS 2,166,445 1,994,237

CAPITAL AND RESERVES
Called up share capital 20 132 132
Revaluation reserve 21 742,513 1,359,881
Retained earnings 21 1,423,800 634,224
SHAREHOLDERS' FUNDS 2,166,445 1,994,237

Company's profit/(loss) for the financial
year

172,208

(652,462

)

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2025 and were signed on its behalf by:





J M Potter - Director


W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 132 1,351,663 1,394,112 2,745,907

Changes in equity
Total comprehensive income - (605,687 ) (34,231 ) (639,918 )
Balance at 31 March 2023 132 745,976 1,359,881 2,105,989

Changes in equity
Total comprehensive income - 567,030 (1,768 ) 565,262
Sale of revalued property - 615,600 (615,600 ) -
Balance at 31 March 2024 132 1,928,606 742,513 2,671,251

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 132 1,252,455 1,394,112 2,646,699

Changes in equity
Total comprehensive income - (652,462 ) - (652,462 )
Reserve transfer - 34,231 (34,231 ) -
Balance at 31 March 2023 132 634,224 1,359,881 1,994,237

Changes in equity
Total comprehensive income - 172,208 - 172,208
Reserve transfer - 1,768 (1,768 ) -
Sale of revalued property - 615,600 (615,600 ) -
Balance at 31 March 2024 132 1,423,800 742,513 2,166,445

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 481,968 11,480
Interest paid (442,284 ) (324,920 )
Interest element of finance lease
payments paid

(3,467

)

(3,169

)
Tax paid (4,107 ) (6,661 )
Net cash from operating activities 32,110 (323,270 )

Cash flows from investing activities
Purchase of tangible fixed assets (88,217 ) (34,673 )
Sale of tangible fixed assets 2,712,770 125,179
Interest received 1,055 605
Net cash from investing activities 2,625,608 91,111

Cash flows from financing activities
Loan repayments in year (1,323,603 ) -
Bank loan repaid (13,601 ) (3,115 )
Capital repayments in year (41,987 ) (16,724 )
Amount introduced by directors 44,274 225,000
Amount withdrawn by directors (84,895 ) (10,714 )
Net cash from financing activities (1,419,812 ) 194,447

Increase/(decrease) in cash and cash equivalents 1,237,906 (37,712 )
Cash and cash equivalents at
beginning of year

2

171,894

209,606

Cash and cash equivalents at end of
year

2

1,409,800

171,894

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit/(loss) before taxation 295,752 (492,794 )
Depreciation charges 130,363 137,107
Profit on disposal of fixed assets (274,802 ) (66,334 )
Finance charges - 13,390
Finance costs 445,751 328,089
Finance income (1,055 ) (605 )
596,009 (81,147 )
(Increase)/decrease in stocks (12,785 ) 653,807
(Increase)/decrease in trade and other debtors (6,203 ) 479,313
Decrease in trade and other creditors (95,053 ) (1,040,493 )
Cash generated from operations 481,968 11,480

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,409,800 171,894
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 171,894 209,606


W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank
and in hand 171,894 1,237,906 1,409,800
171,894 1,237,906 1,409,800
Debt
Finance leases - 41,987 (117,789 ) (75,802 )
Debts falling due
within 1 year (1,361,497 ) 1,361,497 - -
Debts falling due
after 1 year (2,112,431 ) (24,293 ) - (2,136,724 )
(3,473,928 ) 1,379,191 (117,789 ) (2,212,526 )
Total (3,302,034 ) 2,617,097 (117,789 ) (802,726 )

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

W Potter & Sons (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have prepared the financial statements on a going concern basis. The directors have considered the following factors in their assessment of going concern.

The Group’s ability to continue trading is dependent upon the directors’ management of cashflow.Management have prepared cashflow forecast for the next 12 months. Combined with current trading levels, the Directors believe the Group will achieve business growth and maintain sufficient cash reserves to enable continue trading for the foreseeable future.

The directors have a reasonable expectation that the Group will have adequate financial resources to continue operations and have therefore prepared the financial statements on the going concern basis.

Basis of consolidation
The financial statements have been produced in accordance with the acquisition method set out in Section 9 paragraph 13 onwards of FRS102.

The financial statements consolidate the results of the company and all it's subsidiaries for the year ended 31st March 2024 and shows the results of the group for the year to 31st March 2024.

Judgements and key sources of estimation uncertainty
No significant judgements have been made in the process of applying the accounting policies.

There are no key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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

Farm Services and Rearing
Turnover represents the sale of poultry housing systems and the sale of rearing poultry to the egg laying industry.

Sales are accounted for as long term contracts under the provisions of Section 23 FRS102. Contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the proportion of total costs incurred at the balance sheet date.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

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.
Freehold property - 2% on cost
Plant and machinery - 15% on cost and 5% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% straight line and 25% on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

The group follows a revaluation policy in line with Section 17.15 FRS102.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, on a first in, first out basis.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. Contracts are reviewed at each year end and accounted for in accordance with the provisions of Section 23 FRS102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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 agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account.

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

Operating lease commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease in accordance with section 20.15 FRS102.

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 other administrative expenses.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 5,442,787 6,116,337
Europe 65,957 114,428
United States of America 8,564,134 5,203,675
Asia 304,209 291,198
Australia 10,593 49,632
Canada 10,713 416,462
14,398,393 12,191,732

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,254,578 1,230,242
Social security costs 99,337 115,985
Other pension costs 21,092 27,208
1,375,007 1,373,435

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Administration and Finance 6 6
Rearing and Farm Services 29 28
37 36

The average number of employees by undertakings that were proportionately consolidated during the year was 37 (2023 - 36 ) .

2024 2023
£    £   
Directors' remuneration 185,784 188,424

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 102,959 123,044
Depreciation - assets on finance leases 27,404 14,064
Profit on disposal of fixed assets (274,802 ) (66,334 )
Auditors' remuneration 33,815 25,552
Foreign exchange differences (58,283 ) (19,614 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 596 4,684
Bank loan interest - 2,103
Loan 441,688 317,914
Late payment interest - 219
Hire purchase charges 3,467 3,169
445,751 328,089

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 173,538 4
Prior year adjustment - (1,211 )
Total current tax 173,538 (1,207 )

Deferred tax (444,816 ) 114,100
Tax on profit/(loss) (271,278 ) 112,893

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 295,752 (492,794 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 19 %)

73,938

(93,631

)

Effects of:
Expenses not deductible for tax purposes (1,833 ) 3,459
Capital allowances in excess of depreciation (46,527 ) -
Depreciation in excess of capital allowances - 20,599
Loss utilisation (64,234 ) (1,211 )
Difference in US tax rates (73,071 ) (2,793 )
Deferred taxation (444,816 ) 114,100
Group losses surrendered (281,655 ) -
Tax losses carried forward - 72,370
Capital gains 566,920 -
Total tax (credit)/charge (271,278 ) 112,893

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Deferred tax FH property revaluation - (1,768 ) (1,768 )

2023
Gross Tax Net
£    £    £   
Deferred tax FH property revaluation - (34,231 ) (34,231 )

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 5,885,603 1,106,481 363,311 337,645 7,693,040
Additions - 49,704 - 156,302 206,006
Disposals (2,437,948 ) (27,161 ) (147,861 ) (23,146 ) (2,636,116 )
At 31 March 2024 3,447,655 1,129,024 215,450 470,801 5,262,930
DEPRECIATION
At 1 April 2023 8,700 806,166 275,214 316,769 1,406,849
Charge for year - 59,182 24,989 46,192 130,363
Eliminated on disposal - (27,141 ) (147,861 ) (23,146 ) (198,148 )
At 31 March 2024 8,700 838,207 152,342 339,815 1,339,064
NET BOOK VALUE
At 31 March 2024 3,438,955 290,817 63,108 130,986 3,923,866
At 31 March 2023 5,876,903 300,315 88,097 20,876 6,286,191

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2019 347,709 - - - 347,709
Valuation in 2021 194,870 - - - 194,870
Cost 2,905,076 1,129,024 215,450 470,801 4,720,351
3,447,655 1,129,024 215,450 470,801 5,262,930

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,905,076 4,583,024

Freehold land and buildings were valued on an open market basis basis on 23 June 2020 by Fisher German .

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 70,027 - 70,027
Additions - 117,790 117,790
At 31 March 2024 70,027 117,790 187,817
DEPRECIATION
At 1 April 2023 57,772 - 57,772
Charge for year 10,504 16,900 27,404
At 31 March 2024 68,276 16,900 85,176
NET BOOK VALUE
At 31 March 2024 1,751 100,890 102,641
At 31 March 2023 12,255 - 12,255

Company
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 75,919 336,882 412,801
Disposals - (147,861 ) (147,861 )
At 31 March 2024 75,919 189,021 264,940
DEPRECIATION
At 1 April 2023 75,919 274,203 350,122
Charge for year - 24,989 24,989
Eliminated on disposal - (147,861 ) (147,861 )
At 31 March 2024 75,919 151,331 227,250
NET BOOK VALUE
At 31 March 2024 - 37,690 37,690
At 31 March 2023 - 62,679 62,679

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 200
NET BOOK VALUE
At 31 March 2024 200
At 31 March 2023 200

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Potters Poultry Limited
Registered office: Pro Logis Park, Oxford Rd, Ryton on Dunsmore CV8 3EJ
Nature of business: Poultry rearing and farm services provision
%
Class of shares: holding
Ordinary 100.00

Potters Poultry International Limited
Registered office: Pro Logis Park, Oxford Rd, Ryton on Dunsmore CV8 3EJ
Nature of business: provision of farm services
%
Class of shares: holding
Ordinary 100.00

Potters Poultry Inc
Registered office: USA
Nature of business: provision of farm services
%
Class of shares: holding
Ordinary 100.00


11. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 April 2023 5,959,800
Disposals (2,437,948 )
At 31 March 2024 3,521,852
NET BOOK VALUE
At 31 March 2024 3,521,852
At 31 March 2023 5,959,800


W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

12. STOCKS

Group
2024 2023
£    £   
Stocks 636,353 551,264
Work-in-progress 94,269 166,573
730,622 717,837

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,107,868 927,265 - -
Amounts owed by group undertakings - - 945,025 793,031
Amounts recoverable on contract 416,393 538,558 - -
Other debtors 32,500 - - -
Loan provision - - (713,704 ) (469,288 )
VAT 53,268 51,875 - -
Prepayments and accrued income 44,453 130,581 - 468
1,654,482 1,648,279 231,321 324,211

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) - 3,933 - -
Other loans (see note 16) - 1,357,564 - 1,357,564
Finance leases (see note 17) 18,791 - - -
Trade creditors 1,149,345 1,580,127 - 725
Amounts owed to group undertakings - - 5,393 5,393
Tax 169,431 - 169,431 -
Social security and other taxes 36,940 49,734 - -
Other creditors 272,645 74,251 - -
Payments received on account 552,048 611,408 - -
Directors' current accounts 158,025 198,646 164,272 198,646
Accrued expenses 249,036 39,547 - -
2,606,261 3,915,210 339,096 1,562,328

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) - 9,668 - -
Other loans (see note 16) 2,136,724 2,102,763 2,136,724 2,102,763
Finance leases (see note 17) 57,011 - - -
2,193,735 2,112,431 2,136,724 2,102,763

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 3,933 - -
Other loans - 1,357,564 - 1,357,564
- 1,361,497 - 1,357,564
Amounts falling due between one and two years:
Bank loans - 1-2 years - 3,933 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years - 5,735 - -
Other loans - 2-5 years 2,136,724 2,102,763 2,136,724 2,102,763
2,136,724 2,108,498 2,136,724 2,102,763

The loan totalling £2,136,724 is subject to an interest charge of 7.85% plus base and is repayable in one instalment at the end of the loan term on 28/8/2027. A partial repayment was made of £600,000 in April 2024 and security over the Green End site was withdrawn.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 18,791 -
Between one and five years 57,011 -
75,802 -

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 146,150 13,192
Between one and five years 328,753 245,126
474,903 258,318

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

17. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 6,021 13,191
Between one and five years 1,548 1,376
7,569 14,567

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans - 13,601 - -
Finance leases 75,802 - - -
Other loan 2,136,724 3,460,328 2,136,724 3,460,328
2,212,526 3,473,929 2,136,724 3,460,328

Hire purchase and finance leases are secured upon the assets to which the finance relates.

The other loan is secured by a first ranking legal charge is held over land and property known as Toby's Hill Farm, Woodsetts Farm, Bodway Poultry Farm, Arley Lane, and Green End Farm.. A fixed charge and floating charge are held, covering any undertaking of the Company.
Unlimited personal guarantees have been given by the Company Directors.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 247,523 690,571 247,523 690,571

Group
Deferred
tax
£   
Balance at 1 April 2023 690,571
Credit to Income Statement during year (443,048 )
Balance at 31 March 2024 247,523

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2023 690,571
Credit to Statement of Comprehensive Income during year (120,370 )
Utilised during year (322,678 )
Balance at 31 March 2024 247,523

Deferred taxation relates wholly to accelerated capital allowances.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary 0.01p 100 100
3,158 Ordinary A Shares 0.01p 32 32
132 132

All shares have equal voting rights. Each share in each class is entitled pari passu to dividend payments or any other distribution declared in that class.

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 745,976 1,359,881 2,105,857
Profit for the year 567,030 567,030
Deferred tax on revalued asset - (1,768 ) (1,768 )
Sale of revalued property 615,600 (615,600 ) -
At 31 March 2024 1,928,606 742,513 2,671,119

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 634,224 1,359,881 1,994,105
Profit for the year 172,208 172,208
Reserve transfer 1,768 (1,768 ) -
Sale of revalued property 615,600 (615,600 ) -
At 31 March 2024 1,423,800 742,513 2,166,313

Amounts taken to the revaluation reserve are subject to a deferred tax charge, as required under FRS102.

W POTTER & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: 00931475)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

22. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Amount due to related party 164,272 198,646