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Registration number: 07879107

Poppies (Exeter) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Poppies (Exeter) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Poppies (Exeter) Limited

Company Information

Directors

Mr B Fitzgerald

Mrs L C Fitzgerald

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Poppies (Exeter) Limited

(Registration number: 07879107)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

6,106

9,191

Current assets

 

Stocks

6

600

9,259

Debtors

7

20,667

11,927

Cash at bank and in hand

 

34,858

33,292

 

56,125

54,478

Creditors: Amounts falling due within one year

8

(54,514)

(48,655)

Net current assets

 

1,611

5,823

Total assets less current liabilities

 

7,717

15,014

Creditors: Amounts falling due after more than one year

8

-

(6,209)

Net assets

 

7,717

8,805

Capital and reserves

 

Called up share capital

1

1

Retained earnings

7,716

8,804

Shareholders' funds

 

7,717

8,805

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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 July 2025 and signed on its behalf by:
 

.........................................
Mr B Fitzgerald
Director

   
     
 

Poppies (Exeter) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and the contracted service has been provided.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Poppies (Exeter) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% straight line

Office equipment

20% straight line

Plant and machinery

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise licence

10% straight line

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Poppies (Exeter) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Poppies (Exeter) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 28).

4

Intangible assets

Goodwill
 £

Franchise license
 £

Total
£

Cost or valuation

At 1 January 2024

10,000

7,470

17,470

At 31 December 2024

10,000

7,470

17,470

Amortisation

At 1 January 2024

10,000

7,470

17,470

At 31 December 2024

10,000

7,470

17,470

Carrying amount

At 31 December 2024

-

-

-

 

Poppies (Exeter) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

3,967

21,959

1,212

27,138

Additions

666

4,254

183

5,103

Disposals

-

(21,959)

-

(21,959)

At 31 December 2024

4,633

4,254

1,395

10,282

Depreciation

At 1 January 2024

2,698

14,704

545

17,947

Charge for the year

599

2,570

251

3,420

Eliminated on disposal

-

(17,191)

-

(17,191)

At 31 December 2024

3,297

83

796

4,176

Carrying amount

At 31 December 2024

1,336

4,171

599

6,106

At 31 December 2023

1,269

7,255

667

9,191

6

Stocks

2024
£

2023
£

Work in progress

-

8,459

Stock

600

800

600

9,259

7

Debtors

2024
 £

2023
 £

Trade debtors

19,667

7,743

Other debtors

1,000

2,384

Prepayments

-

1,800

Total current trade and other debtors

20,667

11,927

 

Poppies (Exeter) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

1,673

2,752

Taxation and social security

 

24,535

20,624

Other creditors

 

5,071

3,500

Accruals and deferred income

 

11,899

3,393

Corporation tax liability

 

11,336

18,386

 

54,514

48,655

Due after one year

 

Loans and borrowings

9

-

6,209

9

Loans and borrowings

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

-

720

Bank overdrafts

1,673

-

Finance lease and hire purchase liabilities

-

2,032

1,673

2,752

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

1,214

Finance lease and hire purchase liabilities

-

4,995

-

6,209