Company Registration No. 01414632 (England and Wales)
NORTHERN POTTERY AND LINEN COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
NORTHERN POTTERY AND LINEN COMPANY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NORTHERN POTTERY AND LINEN COMPANY LTD
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
315,000
230,192
Current assets
Debtors
4
22,371
45,000
Cash at bank and in hand
74,037
67,351
96,408
112,351
Creditors: amounts falling due within one year
5
(121,692)
(112,223)
Net current (liabilities)/assets
(25,284)
128
Total assets less current liabilities
289,716
230,320
Provisions for liabilities
6
(21,202)
-
0
Net assets
268,514
230,320
Capital and reserves
Called up share capital
7
403
403
Profit and loss reserves
268,111
229,917
Total equity
268,514
230,320

For the financial Year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
Mr B Moreton
Director
Company registration number 01414632 (England and Wales)
NORTHERN POTTERY AND LINEN COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Northern Pottery and Linen Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Trillo Avenue, Rhos on Sea, Colwyn Bay, Conwy, Wales, LL28 4NS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NORTHERN POTTERY AND LINEN COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the Year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 August 2023
230,192
Revaluations
84,808
At 31 July 2024
315,000

Investment property comprises of two properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 18 September 2024 by Geoffrey Butterworth Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
22,371
45,000
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
5,343
2,608
Other creditors
116,349
109,615
121,692
112,223
NORTHERN POTTERY AND LINEN COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
21,202
-
0
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
403
403
403
403
8
Retained Earnings

Retained earnings as at 31 July 2024 of £268,111 are made up of distributable reserves of £204,505 and non distributable reserves £63,606. The non distributable reserves are a result of the gains arising on the revaluation of Investment properties and the associated deferred tax charges.

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