REGISTERED NUMBER: 04036407 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 31 December 2024

for

AT Poeton Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Mrs R J Poeton

J A Poeton

A D McLeish

REGISTERED OFFICE:

Eastern Avenue

Gloucester

Gloucestershire

GL4 3DN

REGISTERED NUMBER:

04036407 (England and Wales)

AUDITORS:

Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

Barclays Bank Plc

Britannia Warehouse

The Docks

Gloucester

GL1 2YJ

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

During the year, the assets and liabilities of the company were transferred to its Parent Company, Poeton Holdings Limited.

The activities of the company ceased on 31 December 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

Given the transfer of all assets and liabilities to the parent undertaking and the cessation of trading activities, the Company is not exposed to significant financial or operation risks. The directors do not consider that any material risks or uncertainties remain with the Company.

FUTURE DEVELOPMENTS

AT Poeton Limited does not intend to carry on any business going forward and will remain a dormant subsidiary within the group. The directors will continue to review the appropriate long-term position of the company, including whether it should be formally dissolved on an annual basis.

ON BEHALF OF THE BOARD:

J A Poeton - Director

15 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

CESSATION OF TRADING

During the year, the assets and liabilities of the company were transferred to its Parent Company, Poeton Holdings Limited.

The activities of the company ceased on 31 December 2024.

CHANGE OF NAME

The company passed a special resolution on 17 May 2024 changing its name from Poeton Holdings Limited to AT Poeton Limited.

DIVIDENDS

Dividends totalling £6,342,676 were paid during the year (2023: £655,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mrs R J Poeton

J A Poeton

A D McLeish

Other changes in directors holding office are as follows:

A R Poeton - resigned 8 April 2024

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J A Poeton - Director

15 September 2025

Opinion

We have audited the financial statements of AT Poeton Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Emphasis of matter

Financial statements prepared on basis other than going concern

We draw attention to Note 1 to the financial statements which explains that the directors intend to cease trading and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified areas as those most likely to have such an effect recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Emma Steward FCCA (Senior Statutory Auditor)

for and on behalf of Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

16 September 2025

TURNOVER

3

553,000

496,306

Administrative expenses

559,707

471,432

(6,707

)

24,874

Other operating income

420,614

374,382

OPERATING PROFIT

5

413,907

399,256

Income from shares in group undertakings

-

1,460,000

Income from fixed asset investments

-

238

Interest receivable and similar income

487

1,506

487

1,461,744

414,394

1,861,000

Gain/loss on revaluation of investments

-

12,357

414,394

1,873,357

Interest payable and similar expenses

6

205

7,332

PROFIT BEFORE TAXATION

414,189

1,866,025

Tax on profit

7

123,406

128,717

PROFIT FOR THE FINANCIAL YEAR

290,783

1,737,308

PROFIT FOR THE YEAR

290,783

1,737,308

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

290,783

1,737,308

FIXED ASSETS

Tangible assets

9

-

18,128

Investments

10

-

1,033,319

Investment property

11

-

3,505,475

-

4,556,922

CURRENT ASSETS

Debtors

12

-

1,229,517

Cash at bank

366,791

536,299

366,791

1,765,816

CREDITORS

Amounts falling due within one year

13

366,790

269,020

NET CURRENT ASSETS

1

1,496,796

TOTAL ASSETS LESS CURRENT LIABILITIES

1

6,053,718

PROVISIONS FOR LIABILITIES

15

-

1,824

NET ASSETS

1

6,051,894

CAPITAL AND RESERVES

Called up share capital

16

1

9,000

Retained earnings

17

-

6,042,894

1

6,051,894

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

J A Poeton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

9,000

4,960,586

4,969,586

Changes in equity

Dividends

-

(655,000

)

(655,000

)

Total comprehensive income

-

1,737,308

1,737,308

Balance at 31 December 2023

9,000

6,042,894

6,051,894

Changes in equity

Reduction in share capital

(8,999

)

8,999

-

Dividends

-

(6,342,676

)

(6,342,676

)

Total comprehensive income

-

290,783

290,783

Balance at 31 December 2024

1

-

1

1.	STATUTORY INFORMATION

AT Poeton Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

By 31 December 2024, all assets and liabilities of AT Poeton Limited were transferred to its parent entity Poeton Holdings Limited in a group restructure.

Accounts prepared on basis other than going concern

The activities of the company ceased on 31 December 2024. The accounts have therefore been prepared on a basis other than going concern.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about AT Poeton Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Poeton Holdings Limited, Eastern Avenue, Gloucester,GL4 3DN.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Flat furnishings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position 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.

Basic financial assets

Basic financial assets, which include receivables 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.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies 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 receipts discounted at a market rate of interest.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Other investments

Other fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Operating leases

The company as lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Direct costs incurred in negotiating and arranging an operating lease are charged to the profit and loss account in the period in which incurred.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Management income

553,000

496,306

553,000

496,306

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

305,000

177,439

Social security costs

37,841

20,042

Other pension costs

73,909

79,600

416,750

277,081

The average number of employees during the year was as follows:

31.12.24

31.12.23

Directors

3

4

Admin

1

2

4

6

31.12.24

31.12.23

£

£

Directors' remuneration

300,757

104,307

Directors' pension contributions to money purchase schemes

73,834

79,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

31.12.24

£

Emoluments etc

150,000

Pension contributions to money purchase schemes

75

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

4,532

5,714

Loss on disposal of fixed assets

74,903

13,611

Auditors' remuneration

2,750

2,750

Auditors' remuneration for non audit work

13,302

18,614

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank interest

-

18

Bank loan interest

-

6,758

Other interest

205

556

205

7,332

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

123,406

110,523

Prior year adjustment

-

18,194

Tax on profit

123,406

128,717

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

414,189

1,866,025

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

103,547

466,506

Effects of:

Expenses not deductible for tax purposes

-

15,166

Adjustments to tax charge in respect of previous periods

-

18,194

Dividends received

-

(365,060

)

Deferred tax not recognised

1,133

564

Change in tax rate

-

(6,653

)

Capital loss

18,726

-

Total tax charge

123,406

128,717

8.

DIVIDENDS

31.12.24

31.12.23

£

£

shares of each

Interim

6,342,676

655,000

9.	TANGIBLE FIXED ASSETS

Plant and

Flat

Motor

machinery

furnishings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

1,202

4,856

31,500

37,558

Disposals

(1,202

)

(4,856

)

(31,500

)

(37,558

)

At 31 December 2024

-

-

-

-

DEPRECIATION

At 1 January 2024

54

4,856

14,520

19,430

Charge for year

288

-

4,244

4,532

Eliminated on disposal

(342

)

(4,856

)

(18,764

)

(23,962

)

At 31 December 2024

-

-

-

-

NET BOOK VALUE

At 31 December 2024

-

-

-

-

At 31 December 2023

1,148

-

16,980

18,128

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

1,033,319

Disposals

(1,033,319

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

1,033,319

11.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

3,505,475

Disposals

(3,505,475

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

3,505,475

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

-

1,214,566

VAT

-

6,918

Prepayments and accrued income

-

8,033

-

1,229,517

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

-

125

Amounts owed to group undertakings

243,384

1

Corporation tax

123,406

129,273

Social security and other taxes

-

5,369

Other creditors

-

868

Directors' current accounts

-

100,654

Accruals and deferred income

-

32,730

366,790

269,020