Company No: 00984774 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	807		1,088
Investment property	4	1,161,557		1,161,557
		1,162,364		1,162,645
Current assets
Debtors	5	1,430		2,127
Cash at bank and in hand	6	10,193		15,616
		11,623		17,743
Creditors: amounts falling due within one year	7	( 101,084)		( 111,368)
Net current liabilities		(89,461)		(93,625)
Total assets less current liabilities		1,072,903		1,069,020
Provision for liabilities	8	( 32,240)		( 32,293)
Net assets		1,040,663		1,036,727
Capital and reserves
Called-up share capital		14,396		14,396
Share premium account		62,709		62,709
Profit and loss account		963,558		959,622
Total shareholders' funds		1,040,663		1,036,727

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of David Potter (Properties) Limited (registered number: 00984774) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

E M Potter Director

26 March 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

David Potter (Properties) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Meadow Cottage, High Street, Loddon, NR14 6ET, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Fixtures and fittings	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Vehicles		Fixtures and fittings		Total
	£		£		£
Cost
At 01 January 2024	9,050		298		9,348
At 31 December 2024	9,050		298		9,348
Accumulated depreciation
At 01 January 2024	8,070		190		8,260
Charge for the financial year	245		36		281
At 31 December 2024	8,315		226		8,541
Net book value
At 31 December 2024	735		72		807
At 31 December 2023	980		108		1,088

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	1,161,557
As at 31 December 2024	1,161,557

Valuation

The 2024 valuations were made by the directors of the company, on an open market value for existing use basis.

5. Debtors

	2024		2023
	£		£
Prepayments	680		727
Other debtors	750		1,400
	1,430		2,127

6. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	10,193		15,616

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Amounts owed to directors	94,180		96,520
Accruals and deferred income	4,364		11,902
Taxation and social security	1,790		1,266
Other creditors	750		1,680
	101,084		111,368

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 32,293)		( 46,926)
Credited to the Income Statement	53		14,633
At the end of financial year	( 32,240)		( 32,293)

9. Related party transactions

At the balance sheet date, the company owes the directors £94,182 (2023: £96,520) which are interest free loans repayable on demand.