REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31st December 2024 |
for |
Potterycrafts Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31st December 2024 |
for |
Potterycrafts Limited |
Potterycrafts Limited (Registered number: 02354827) |
Contents of the Financial Statements |
for the Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Potterycrafts Limited |
Company Information |
for the Year Ended 31st December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
14a Market Place |
Uttoxeter |
Staffordshire |
ST14 8HP |
Potterycrafts Limited (Registered number: 02354827) |
Balance Sheet |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Potterycrafts Limited (Registered number: 02354827) |
Notes to the Financial Statements |
for the Year Ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Potterycrafts Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements show that the company has incurred net losses of £472,696 and £524,769 during the current and previous financial years and at 31st December 2024, the company’s current liabilities exceeded its total assets by £252,094. During 2024 the company commenced a restructuring process and forecasts prepared for the period ending 31st March 2026 indicate that the Company will return to profitability and have sufficient liquidity to meet it's working capital requirements for a period of at least 12 months from the date of signing these financial statements. This is dependent on the continuing financial support of other companies in the group, which those companies have confirmed will indeed continue for the foreseeable future. |
The directors of the company have reviewed the overall position and outlook and are of the opinion that on the basis of the forecasts prepared and actions taken, they are satisfied that the going concern basis is appropriate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point when the goods have been despatched or delivered to the customer. |
Goodwill |
Goodwill, being the amounts paid in connection with the acquisition of businesses in 2008, 2011, 2012 and 2013 has been amortised evenly over their estimated useful life of ten years. |
Potterycrafts Limited (Registered number: 02354827) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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. |
Potterycrafts Limited (Registered number: 02354827) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
3. | ACCOUNTING POLICIES - continued |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st January 2024 |
and 31st December 2024 |
AMORTISATION |
At 1st January 2024 |
and 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Potterycrafts Limited (Registered number: 02354827) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
6. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2024 |
Additions |
At 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant and |
machinery |
£ |
COST |
Additions |
At 31st December 2024 |
DEPRECIATION |
Charge for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Potterycrafts Limited (Registered number: 02354827) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts and finance leases (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts and finance leases (see note 10) |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
Finance leases |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Potterycrafts Limited (Registered number: 02354827) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
10. | LEASING AGREEMENTS - continued |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 7,710 | - |
Assets held under hire purchase contracts are secured over the asset to which they relate. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
The audit report contains the following material uncertainty related to going concern: |
We draw attention to Note 3 in the financial statements, which shows that the company has incurred net losses of £472,696 and £524,769 during the current and previous financial years and at 31st December 2024, the company’s current liabilities exceeded its total assets by £252,094. As stated in Note 3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
13. | PARENT AND ULTIMATE PARENT COMPANY |
During the current and previous financial year the company's parent and ultimate parent undertaking is Harry Developpement SAS, a company registered in France. |
Consolidated financial statements are prepared for the group controlled by Harry Developpement SAS and that company's registered address is 53 Rue De La Filature, ZI Du Provet, 87350 Panazol, France. |