Company registration number 11039487 (England and Wales)
G R POTTER HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
G R POTTER HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr G R Potter
Company number
11039487
Registered office
Village Farm
Catton Moor Lane
Thirsk
North Yorkshire
YO7 4BZ
Auditor
Henton & Co LLP
124 Acomb Road
York
YO24 4EY
Bankers
Virgin Money
21 James Street
Harrogate
HG1 1QU
G R POTTER HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
G R POTTER HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The director presents the strategic report for the year ended 31 October 2024 for the group.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

 

The results for the year were encouraging and there are opportunities to grow the business which the group will explore.

 

The director is pleased with the continued growth of the group, through an increase in both turnover and profit before tax. This is due to increased demand for equipment hire, which has allowed the group to invest in additional plant.

 

Key Performance Indicators

The director considers the key performance indicators to be turnover and profit before tax. In the year turnover has increased by £5m (20%) from £25.6m to £30.7m. Profit before tax increased by £1.5m (38%) from £3.9m to £5.4m.

Principal Risks and Uncertainties

As with all trading businesses, the group is exposed to risks during the conduct of its normal business operations. Strategies are in place to reduce the impact of these risks where possible. The principal risks include competition from across the sector and changes in government spending on transport infrastructure.

 

Financial risk management

The group's operations expose it to a variety of risks that include liquidity risk and interest rate risk. Given the size of the group, the director has not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board are implemented by the company's management.

 

Price risk

The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations. The costs of managing exposure to commodity price risk exceed any potential benefits. The board will reconsider the appropriateness of this policy should the company's operations change in size or nature.

 

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made.

 

Liquidity risk

The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions.

 

Interest rate risk

The group has both interest bearing assets and interest bearing liabilities. The group's exposure to interest rate risk is regularly evaluated and action would be taken to mitigate any exposure as necessary. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

On behalf of the board

Mr G R Potter
Director
30 April 2025
G R POTTER HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 October 2024 for the group.

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the group is that of construction and the hire of plant and machinery.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £319,223. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr G R Potter
Financial instruments

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, hire purchase agreements and a bank loan. The main purpose of these instruments is to raise funds for the company's operations.

 

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial statements is shown below.

 

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through closely monitoring the balance.

 

In respect of the hire purchase agreements and bank loan these comprise the financing of assets by the company bankers and asset financing companies. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. Interest is paid at a commercial rate on these.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Future developments

The level of business and the year end financial position are satisfactory for the group and the director is confident of being able to develop the business further in the future.

Auditor

Henton & Co LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

G R POTTER HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
On behalf of the board
Mr G R Potter
Director
30 April 2025
G R POTTER HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

G R POTTER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G R POTTER HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of G R Potter Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

G R POTTER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G R POTTER HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatements in respect of non-compliance, our procedures included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

G R POTTER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G R POTTER HOLDINGS LIMITED
- 7 -
Brett Davis (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
124 Acomb Road
York
YO24 4EY
30 April 2025
G R POTTER HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
30,759,588
25,692,622
Cost of sales
(22,633,907)
(19,904,277)
Gross profit
8,125,681
5,788,345
Administrative expenses
(1,386,608)
(1,054,337)
Other operating income
42,680
171,217
Operating profit
4
6,781,753
4,905,225
Interest receivable and similar income
6
69,396
15,008
Interest payable and similar expenses
7
(1,380,177)
(1,014,848)
Profit before taxation
5,470,972
3,905,385
Tax on profit
8
(1,261,329)
(612,934)
Profit for the financial year
24
4,209,643
3,292,451
Profit for the financial year is attributable to:
- Owner of the parent company
4,270,784
3,256,568
- Non-controlling interests
(61,141)
35,883
4,209,643
3,292,451
Total comprehensive income for the year is attributable to:
- Owner of the parent company
4,270,784
3,256,568
- Non-controlling interests
(61,141)
35,883
4,209,643
3,292,451

The profit and loss account has been prepared on the basis that all operations are continuing operations.

G R POTTER HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
10
(24,504)
(28,588)
Tangible assets
11
33,969,177
28,052,714
Investment property
12
1,433,750
1,433,750
35,378,423
29,457,876
Current assets
Stocks
15
21,542
26,240
Debtors
16
5,055,454
4,731,630
Cash at bank and in hand
3,712,562
2,311,786
8,789,558
7,069,656
Creditors: amounts falling due within one year
17
(9,105,622)
(7,918,736)
Net current liabilities
(316,064)
(849,080)
Total assets less current liabilities
35,062,359
28,608,796
Creditors: amounts falling due after more than one year
18
(15,678,674)
(14,489,243)
Provisions for liabilities
Deferred tax liability
21
3,446,655
2,072,943
(3,446,655)
(2,072,943)
Net assets
15,937,030
12,046,610
Capital and reserves
Called up share capital
23
150
150
Profit and loss reserves
24
15,873,651
11,922,090
Equity attributable to owner of the parent company
15,873,801
11,922,240
Non-controlling interests
63,229
124,370
Total equity
15,937,030
12,046,610

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 30 April 2025
30 April 2025
Mr G R Potter
Director
Company registration number 11039487 (England and Wales)
G R POTTER HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
864,227
371,780
Investment property
12
1,433,750
1,433,750
Investments
13
226
226
2,298,203
1,805,756
Current assets
Debtors
16
-
0
204,000
Cash at bank and in hand
281,321
23,827
281,321
227,827
Creditors: amounts falling due within one year
17
(1,582,523)
(1,087,551)
Net current liabilities
(1,301,202)
(859,724)
Total assets less current liabilities
997,001
946,032
Creditors: amounts falling due after more than one year
18
(525,049)
(573,580)
Net assets
471,952
372,452
Capital and reserves
Called up share capital
23
150
150
Profit and loss reserves
24
471,802
372,302
Total equity
471,952
372,452

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £418,724 (2023 - £501,724 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 30 April 2025
30 April 2025
Mr G R Potter
Director
Company registration number 11039487 (England and Wales)
G R POTTER HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
150
8,973,384
8,973,534
88,487
9,062,021
Year ended 31 October 2023:
Profit and total comprehensive income
-
3,256,568
3,256,568
35,883
3,292,451
Dividends
9
-
(307,862)
(307,862)
-
(307,862)
Balance at 31 October 2023
150
11,922,090
11,922,240
124,370
12,046,610
Year ended 31 October 2024:
Profit and total comprehensive income
-
4,270,784
4,270,784
(61,141)
4,209,643
Dividends
9
-
(319,223)
(319,223)
-
(319,223)
Balance at 31 October 2024
150
15,873,651
15,873,801
63,229
15,937,030
G R POTTER HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
150
178,440
178,590
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
501,724
501,724
Dividends
9
-
(307,862)
(307,862)
Balance at 31 October 2023
150
372,302
372,452
Year ended 31 October 2024:
Profit and total comprehensive income
-
418,723
418,723
Dividends
9
-
(319,223)
(319,223)
Balance at 31 October 2024
150
471,802
471,952
G R POTTER HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
10,960,144
8,099,953
Interest paid
(1,380,177)
(1,014,848)
Income taxes refunded/(paid)
306,419
(676)
Net cash inflow from operating activities
9,886,386
7,084,429
Investing activities
Purchase of tangible fixed assets
(865,969)
(502,927)
Proceeds from disposal of tangible fixed assets
807,508
893,836
Interest received
69,396
15,008
Net cash generated from investing activities
10,935
405,917
Financing activities
Repayment of bank loans
(54,343)
(83,132)
Payment of finance leases obligations
(8,122,979)
(6,712,432)
Dividends paid to equity shareholders
(319,223)
(307,862)
Net cash used in financing activities
(8,496,545)
(7,103,426)
Net increase in cash and cash equivalents
1,400,776
386,920
Cash and cash equivalents at beginning of year
2,311,786
1,924,866
Cash and cash equivalents at end of year
3,712,562
2,311,786
G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information

G R Potter Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Village Farm, Catton Moor Lane, Thirsk, North Yorkshire, YO7 4BZ.

 

The group consists of G R Potter Holdings Limited and all of its subsidiaries.

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.

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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company G R Potter Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Negative goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition of a business. It is initially recognised as a liability at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
25% reducing balance and 33.3% straight line

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 recognised in the profit and loss account.

1.8
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.

 

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

1.12
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held with banks.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
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.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Plant Hire
29,915,952
24,140,143
Construction
748,636
1,457,479
Rent
95,000
95,000
30,759,588
25,692,622
2024
2023
£
£
Other revenue
Interest income
69,396
15,008

All of the group's turnover was in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
5,290
5,170
Depreciation of owned tangible fixed assets
5,195,907
4,101,741
Profit on disposal of tangible fixed assets
(118,414)
(211,558)
Amortisation of intangible assets
(4,084)
(4,084)
Operating lease charges
34,000
33,415
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff
13
10
1
1
Management staff
4
4
-
-
Other staff
84
68
-
-
Total
101
82
1
1
G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,132,688
5,226,060
-
0
-
0
Social security costs
710,850
521,322
-
-
Pension costs
144,579
57,416
-
0
-
0
7,988,117
5,804,798
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
69,240
13,259
Other interest income
156
1,749
Total income
69,396
15,008
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
48,261
45,147
Interest on finance leases and hire purchase contracts
1,331,916
969,702
Other interest
-
(1)
Total finance costs
1,380,177
1,014,848
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(112,383)
(193,377)
Deferred tax
Origination and reversal of timing differences
1,373,712
806,311
Total tax charge
1,261,329
612,934

The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023.

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
8
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
5,470,972
3,905,385
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
1,367,743
878,712
Tax effect of expenses that are not deductible in determining taxable profit
11,864
760
Tax effect of utilisation of tax losses not previously recognised
(15,728)
-
0
Unutilised tax losses carried forward
518,883
289,266
Adjustments in respect of prior years
-
0
(15)
Permanent capital allowances in excess of depreciation
(1,869,990)
(1,167,818)
Amortisation on assets not qualifying for tax allowances
(1,020)
(920)
Research and development tax credit
(112,383)
(193,361)
Deferred tax
1,361,960
806,310
Taxation charge
1,261,329
612,934
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
319,223
307,862
10
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 November 2023 and 31 October 2024
(40,840)
Amortisation and impairment
At 1 November 2023
(12,252)
Amortisation charged for the year
(4,084)
At 31 October 2024
(16,336)
Carrying amount
At 31 October 2024
(24,504)
At 31 October 2023
(28,588)
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Intangible fixed assets
(Continued)
- 22 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
381,383
40,102,511
51,910
1,060
1,735,222
42,272,086
Additions
500,406
10,590,681
-
0
-
0
710,377
11,801,464
Disposals
-
0
(1,634,373)
-
0
-
0
(230,184)
(1,864,557)
At 31 October 2024
881,789
49,058,819
51,910
1,060
2,215,415
52,208,993
Depreciation and impairment
At 1 November 2023
9,603
13,322,863
29,349
1,060
856,497
14,219,372
Depreciation charged in the year
7,959
4,832,024
7,154
-
0
348,770
5,195,907
Eliminated in respect of disposals
-
0
(1,063,883)
-
0
-
0
(111,580)
(1,175,463)
At 31 October 2024
17,562
17,091,004
36,503
1,060
1,093,687
18,239,816
Carrying amount
At 31 October 2024
864,227
31,967,815
15,407
-
0
1,121,728
33,969,177
At 31 October 2023
371,780
26,779,648
22,561
-
0
878,725
28,052,714
Company
Freehold land and buildings
£
Cost
At 1 November 2023
381,383
Additions
500,406
At 31 October 2024
881,789
Depreciation and impairment
At 1 November 2023
9,603
Depreciation charged in the year
7,959
At 31 October 2024
17,562
Carrying amount
At 31 October 2024
864,227
At 31 October 2023
371,780
G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
27,222,841
23,574,488
-
0
-
0
Motor vehicles
993,588
786,891
-
0
-
0
28,216,429
24,361,379
-
-
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 November 2023 and 31 October 2024
1,433,750
1,433,750

The investment property was valued at 31 October 2024 by the director who has experience in the location and category of the investment property being valued.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
226
226
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
226
Carrying amount
At 31 October 2024
226
At 31 October 2023
226
14
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
GR Potter Plant Hire Limited
England & Wales
Ordinary shares
100.00
GR Potter Contracts Limited
England & Wales
Ordinary shares
76.00
P & S Hire Limited
England & Wales
Ordinary shares
51.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
21,542
26,240
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,993,074
3,432,588
-
0
-
0
Corporation tax recoverable
16
194,052
-
0
-
0
Amounts owed by group undertakings
-
-
-
204,000
Other debtors
1,051,033
1,083,834
-
0
-
0
Prepayments and accrued income
11,331
21,156
-
0
-
0
5,055,454
4,731,630
-
204,000
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
102,216
102,216
96,416
96,416
Obligations under finance leases
20
7,629,436
6,060,694
-
0
-
0
Other borrowings
19
-
0
-
0
1,438,981
932,850
Trade creditors
988,506
1,257,699
-
0
-
0
Other taxation and social security
217,791
166,354
4,322
15,916
Other creditors
46,160
47,283
18,503
18,503
Accruals and deferred income
121,513
284,490
24,301
23,866
9,105,622
7,918,736
1,582,523
1,087,551

The bank loans are secured by fixed and floating charges over the assets of the group. Hire purchase liabilities are secured on the associated assets.

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
531,359
585,702
525,049
573,580
Obligations under finance leases
20
15,147,315
13,903,541
-
0
-
0
15,678,674
14,489,243
525,049
573,580

The bank loans are secured by fixed and floating charges over the assets of the group. Hire purchase liabilities are secured on the associated assets.

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
633,575
687,918
621,465
669,996
Loans from group undertakings
-
0
-
0
1,438,981
932,850
633,575
687,918
2,060,446
1,602,846
Payable within one year
102,216
102,216
1,535,397
1,029,266
Payable after one year
531,359
585,702
525,049
573,580

The bank loans are secured by fixed and floating charges over the assets of the group. Hire purchase liabilities are secured on the associated assets.

 

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
7,629,436
6,060,694
-
0
-
0
In two to five years
15,147,315
13,903,541
-
0
-
0
22,776,751
19,964,235
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
6,716,496
4,837,287
Tax losses
(3,269,841)
(2,764,344)
3,446,655
2,072,943
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
2,072,943
-
Charge to profit or loss
1,373,712
-
Liability at 31 October 2024
3,446,655
-

The reversal of deferred tax liabilities in the year commencing 1 November 2024 is not expected to be material.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
144,579
57,416

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
150
150
150
150

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.

G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
24
Reserves
Profit and loss reserves

This reserve records retained earnings and accumulated losses of the Group.

25
Related party transactions

Included in other creditors is a loan from the Director of £2,802 (2023: £2,802). No interest is charged on this loan and the loan is repayable on demand.

 

Included in amounts owed to group companies is a loan to G R Potter Holdings Limited of £1,438,981 (2023: £932,850). No interest is charged on this loan and the loan is repayable on demand.

 

The group made sales of £1,076 (2023: £1,913) to and purchases of £5,878 (2023: £8,770) from Hannah Potter, the daughter of Giles Potter. At the year end £1,905 (2023: £5,374) was included in trade debtors and £1,426 (2023: £1,392) was included in trade creditors.

26
Controlling party

The ultimate controlling party is Mr G R Potter by virtue of owing 100% of the issued share capital of G R Potter Holdings Limited.

27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
4,209,643
3,292,451
Adjustments for:
Taxation charged
1,261,329
612,934
Finance costs
1,380,177
1,014,848
Investment income
(69,396)
(15,008)
Gain on disposal of tangible fixed assets
(118,414)
(211,558)
Amortisation and impairment of intangible assets
(4,084)
(4,084)
Depreciation and impairment of tangible fixed assets
5,195,907
4,101,741
Movements in working capital:
Decrease in stocks
4,698
50,361
Increase in debtors
(517,860)
(1,346,393)
(Decrease)/increase in creditors
(381,856)
604,661
Cash generated from operations
10,960,144
8,099,953
G R POTTER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
28
Analysis of changes in net debt - group
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
2,311,786
1,400,776
-
3,712,562
Borrowings excluding overdrafts
(687,918)
54,343
-
(633,575)
Obligations under finance leases
(19,964,235)
8,122,979
(10,935,495)
(22,776,751)
(18,340,367)
9,578,098
(10,935,495)
(19,697,764)
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