LEITH COMMUNITY POTTERY CIC

Company limited by guarantee

Company Registration Number:
SC637752 (Scotland)

Unaudited statutory accounts for the year ended 31 August 2024

Period of accounts

Start date: 1 September 2023

End date: 31 August 2024

LEITH COMMUNITY POTTERY CIC

Contents of the Financial Statements

for the Period Ended 31 August 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LEITH COMMUNITY POTTERY CIC

Directors' report period ended 31 August 2024

The directors present their report with the financial statements of the company for the period ended 31 August 2024

Principal activities of the company

The principal activity of the company during the year under review was Artistic Creation.



Directors

The directors shown below have held office during the whole of the period from
1 September 2023 to 31 August 2024

Andrew Lang
James Tobin


The director shown below has held office during the period of
1 September 2023 to 6 April 2024

George Fyvie


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
23 May 2025

And signed on behalf of the board by:
Name: Andrew Lang
Status: Director

LEITH COMMUNITY POTTERY CIC

Balance sheet

As at 31 August 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 0 5,577
Investments:   0 0
Total fixed assets: 0 5,577
Current assets
Stocks:   0 0
Debtors: 4 6,757 6,213
Cash at bank and in hand: 50,612 65,185
Investments:   0 0
Total current assets: 57,369 71,398
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 2,571 ) ( 3,731 )
Net current assets (liabilities): 54,798 67,667
Total assets less current liabilities: 54,798 73,244
Creditors: amounts falling due after more than one year: 6 ( 17,393 ) ( 26,235 )
Provision for liabilities: 0 ( 1,060 )
Total net assets (liabilities): 37,405 45,949
Members' funds
Profit and loss account: 37,405 45,949
Total members' funds: 37,405 45,949

The notes form part of these financial statements

LEITH COMMUNITY POTTERY CIC

Balance sheet statements

For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 27 May 2025
and signed on behalf of the board by:

Name: Andrew Lang
Status: Director

The notes form part of these financial statements

LEITH COMMUNITY POTTERY CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when all the following conditions are satisfied: 1. the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; 2. The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; 3. The amount of revenue can be measured reliably; 4. It is probable that the economic benefits associated with the transaction will flow to the Company; and 5. The costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

    Tangible fixed assets depreciation policy

    Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life: Plant and machinery: 25% Straight line Furniture, fittings and equipment: 25% Straight line

    Intangible fixed assets amortisation policy

    Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

    Other accounting policies

    Research and development costs Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from the surplus as reported in the income and expenditure account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in the income and expenditure account, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Freehold investment property Investment properties are revalued annually and any surplus or deficit is dealt with through the income and expenditure account. No depreciation is provided in respect of investment properties. Investments Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to income and expenditure account as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses. 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. Trade and other creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Foreign currencies The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound. Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the income and expenditure account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated. Leased assets Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in the income and expenditure account, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. Defined contribution pensions The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Provisions Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the income and expenditure account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.

LEITH COMMUNITY POTTERY CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

LEITH COMMUNITY POTTERY CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2023 0 25,318 366 0 0 25,684
Additions 0 0 0 0 0 0
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 August 2024 0 25,318 366 0 0 25,684
Depreciation
At 1 September 2023 0 19,741 366 0 0 20,107
Charge for year 0 5,577 0 0 0 5,577
On disposals 0 0 0 0 0
Other adjustments 0 0 0 0 0
At 31 August 2024 0 25,318 366 0 0 25,684
Net book value
At 31 August 2024 0 0 0 0 0 0
At 31 August 2023 0 5,577 0 0 0 5,577

LEITH COMMUNITY POTTERY CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Debtors

2024 2023
£ £
Other debtors 6,757 6,213
Total 6,757 6,213

LEITH COMMUNITY POTTERY CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 0 590
Accruals and deferred income 496 297
Other creditors 2,075 2,844
Total 2,571 3,731

LEITH COMMUNITY POTTERY CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 10,293 14,331
Other creditors 7,100 11,904
Total 17,393 26,235

LEITH COMMUNITY POTTERY CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

7. Loans to directors

Name of director receiving advance or credit:
Description of the transaction:
Directors loan
£
Balance at 31 August 2023 6,666
Advances or credits made:
Advances or credits repaid: 453
Balance at 31 August 2024 6,213

COMMUNITY INTEREST ANNUAL REPORT

LEITH COMMUNITY POTTERY CIC

Company Number: SC637752 (Scotland)

Year Ending: 31 August 2024

Company activities and impact

The company produces and sells high quality stoneware goods and also offers courses of tuition in 9 week blocks and as one-off weekend workshops in ceramics. Further to this, the company offers 1-2-1 tuition, taster experiences and consultancy. Profits from these activities enable us to offer free and subsidised access to those living with poor mental health and those engaging with 3rd sector support agencies. Between September 2023 and August 2024 we have: 1. Made a point of trading with other social enterprises where possible Continued to trade with local businesses and suppliers wherever possible 2. Provided free/subsidised access to11 local people who have been experiencing poor mental health 3. Engaged in workshops with a group of 7 women being supported by Bethany Trust 4. Engaged in workshop activities with Dundee University at discounted rate 5. Provided affordable access to what can be an extremely expensive activity to the community at large

Consultation with stakeholders

The Company’s stakeholders are the local community in and around Edinburgh, for whom we have provided free pottery workshops whenever possible. We gathered anonymised feedback from those attending the workshops and this has confirmed the mental health benefits felt by participants. Based on the feedback, we will continue with our offer of free and subsidised access to the Pottery when it is practicable to do so and look to extend our offer when circumstances allow. The Pottery will be relocating over the summer of 2025, which will force a suspension of normal activities for a period of 10 – 12 weeks.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
27 May 2025

And signed on behalf of the board by:
Name: Andrew Lang
Status: Director