Company registration number 09633343 (England and Wales)
POTTER VENTURES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
POTTER VENTURES LIMITED
COMPANY INFORMATION
Directors
D R Potter
N R Hunwick
Company number
09633343
Registered office
c/o TC Citroen Wells Limited
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Auditor
TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
POTTER VENTURES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 29
POTTER VENTURES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of a holding company. The principal activity of the group is the development and running of a chain of high quality restaurants.

Fair review of the business

Revenue, gross profit and operating loss are considered to be the group's key performance indicators. Revenue has de creased to £5.46 m compared to £6.15m in the prior year, with gross profit achieved of £4.16m (2024: £4.56 m). The group has an overall loss of £1.78m (2024: £1.52m) for the year, which includes an impairment on an investment of £825k (2024: £500k).

The directors believe that the group is well positioned within the market despite the losses for the year. Furthermore, the group has the financial support of its ultimate shareholder which has made clear that amounts owed by group undertakings will not be repaid to the detriment of the continued operation of the group undertakings for a period of not less than 12 months from the date of signing these financial statements.

Consequently, the directors continue to adopt the going concern basis when preparing the financial statements.

Principal risks and uncertainties

The group's principal financial instruments comprise bank balances, shareholder loans and other receivables and payables. The main purpose of these instruments is to fund the group's operations. The group's approach to managing risks applicable to the financial instruments concerned is set out below.

Pandemic risk

Wider economic risk

The pr imary risk currently faced by the group is the significant risk caused by rising costs generally against the backdrop of weak economy growth. The directors have taken all reasonable steps possible to protect the group's financial stability and adapt working practices so that operations can continue on an uninterrupted basis.

Interest rate risk

The group has substantial borrowings from its majority shareholder, which potentially exposes it to interest rate risk sensitivity. The group mitigates this risk by the shareholder loans being on an interest-free basis.

Market risk

The group previously held investments in property and real estate at fair value, which may give rise to market risk given that the value of these investments may fluctuate depending on the prevailing market conditions from one year to the next. The group sold the property during the year, the exposure to market risk at the reporting date is considered low.

Credit risk

Cash deposits with banks give rise to potential counterparty risk. The group manages this risk insofar as possible by taking into account an institution's credit rating and diversifying the risk where appropriate. Furthermore, trade and other receivables are monitored regularly to mitigate any risk of default.

Within the group, the primary source of revenue relates to income from its restaurants. As a result, customers pay for goods and services at the time of consumption, and thus limits the group's exposure to credit risk from customers overall.

POTTER VENTURES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Other performance indicators

Liquidity risk

The liquidity risk generated from trade payables is mitigated by ensuring that sufficient funds are available to meet liabilities as they fall due. The directors regularly monitor cash flow to ensure that the group maintains adequate working capital.

Foreign currency risk

The group has limited exposure to foreign currency risk due to its business operations being focussed in the United Kingdom and its sales and purchases predominantly being in pound sterling.

Other information and explanations

Operational risk

Operational risk, inherent in all businesses, is the potential for financial and reputational loss arising from failures in internal controls, operational processes or systems that support them. It includes errors, omissions, disasters and deliberate acts such as fraud. Internal arrangements and processes are in place to continually re-evaluate as the group seeks to improve its operating efficiencies and these are considered to have been effective to date.

Dependence on key personnel

The group's success is driven by key members of staff within the management team and within the operations of the restaurants. Therefore, the directors consider a key risk to be the loss of its key staff, with the retention of these individuals a key objective of the group through having competitive remuneration policies.

On behalf of the board

D R Potter
Director
21 May 2026
POTTER VENTURES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of a holding company. The principal activity of the group is the development and running of a chain of high quality restaurants.

Directors

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

D R Potter
N R Hunwick
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are 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. They are 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.

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.

On behalf of the board
D R Potter
Director
21 May 2026
POTTER VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF POTTER VENTURES LIMITED
- 4 -
Opinion

We have audited the financial statements of Potter Ventures Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2025 and of the group's loss 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 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.

Material uncertainty relating to going concern

We draw your attention to note 1.3 in the financial statements, which highlights that the financial statements are prepared on a going concern basis despite the excess of liabilities over assets at 30 June 2025. This condition and the previous losses incurred indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors 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 directors are 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:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

POTTER VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POTTER VENTURES LIMITED
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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:

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

- the parent company 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' r esponsibilities s tatement on page 3, 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 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 directors are 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 directors either intend to liquidate the parent company or to cease operations, or have 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 the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102, the Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom.

- We understood how the company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including board meeting minutes and policy and procedures manuals/correspondence with regulatory bodies.

- We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes.

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

POTTER VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POTTER VENTURES LIMITED
- 6 -

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.

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.

David Marks FCA (Senior Statutory Auditor)
For and on behalf of TC Group
22 May 2026
Statutory Auditor
5th Floor
3 Dorset Rise
London
EC4Y 8EN
POTTER VENTURES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Revenue
3
5,462,866
6,152,014
Cost of sales
(1,304,124)
(1,577,748)
Gross profit
4,158,742
4,574,266
Administrative expenses
(5,014,652)
(5,438,742)
Other operating income
-
0
482
Operating loss
4
(855,910)
(863,994)
Share of results of associates
(195,794)
(248,840)
Investment income
8
-
0
(4,018)
Other gains and losses
9
(732,537)
(407,351)
Loss before taxation
(1,784,241)
(1,524,203)
Tax on loss
10
-
0
-
0
Loss for the financial year
22
(1,784,241)
(1,524,203)
Loss for the financial year is attributable to:
- Owners of the parent company
(1,708,724)
(1,471,389)
- Non-controlling interests
(75,517)
(52,814)
(1,784,241)
(1,524,203)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,708,724)
(1,471,389)
- Non-controlling interests
(75,517)
(52,814)
(1,784,241)
(1,524,203)
POTTER VENTURES LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2025
30 June 2025
- 8 -
2025
2024
Notes
£
£
£
£
Non-current assets
Intangible assets
11
77
415
Property, plant and equipment
13
789,865
1,723,698
Investment properties
12
-
0
377,636
Investments
14
1,390,552
2,421,700
2,180,494
4,523,449
Current assets
Inventories
16
29,849
33,138
Trade and other receivables
18
1,323,570
1,007,147
Cash and cash equivalents
566,100
62,148
1,919,519
1,102,433
Current liabilities
19
(23,312,147)
(23,053,775)
Net current liabilities
(21,392,628)
(21,951,342)
Total assets less current liabilities
(19,212,134)
(17,427,893)
Equity
Called up share capital
21
7,900,001
7,900,001
Revaluation reserve
-
0
4,632
Other reserves
22
(9,278,578)
(9,278,578)
Retained earnings
(17,220,267)
(15,516,175)
Equity attributable to owners of the parent company
(18,598,844)
(16,890,120)
Non-controlling interests
(613,290)
(537,773)
(19,212,134)
(17,427,893)
The financial statements were approved by the board of directors and authorised for issue on 21 May 2026 and are signed on its behalf by:
21 May 2026
D R Potter
Director
POTTER VENTURES LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
-
0
729,721
Investment property
12
-
0
377,636
Investments
14
1,390,552
3,715,000
1,390,552
4,822,357
Current assets
Trade and other receivables
18
1,255,358
1,384,710
Cash and cash equivalents
489,117
47,993
1,744,475
1,432,703
Current liabilities
19
(22,234,539)
(22,229,921)
Net current liabilities
(20,490,064)
(20,797,218)
Net liabilities
(19,099,512)
(15,974,861)
Equity
Called up share capital
21
7,900,001
7,900,001
Retained earnings
(26,999,513)
(23,874,862)
Total equity
(19,099,512)
(15,974,861)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s loss for the year was £3,124,651 (2024: loss of £2,378,433).

The financial statements were approved by the board of directors and authorised for issue on 21 May 2026 and are signed on its behalf by:
21 May 2026
D R Potter
Director
Company registration number 09633343 (England and Wales)
POTTER VENTURES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Revaluation reserve
Other reserves
Retained earnings
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
Balance at 1 July 2023
7,900,001
4,632
(9,278,578)
(14,044,786)
(15,418,731)
(484,959)
(15,903,690)
Period ended 30 June 2024:
Loss and total comprehensive income
-
-
-
(1,471,389)
(1,471,389)
(52,814)
(1,524,203)
Balance at 30 June 2024
7,900,001
4,632
(9,278,578)
(15,516,175)
(16,890,120)
(537,773)
(17,427,893)
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
-
(1,708,724)
(1,708,724)
(75,517)
(1,784,241)
Transfers
-
(4,632)
-
4,632
-
-
-
Balance at 30 June 2025
7,900,001
-
0
(9,278,578)
(17,220,267)
(18,598,844)
(613,290)
(19,212,134)
POTTER VENTURES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 July 2023
7,900,001
(21,496,429)
(13,596,428)
Period ended 30 June 2024:
Loss and total comprehensive income
-
(2,378,433)
(2,378,433)
Balance at 30 June 2024
7,900,001
(23,874,862)
(15,974,861)
Year ended 30 June 2024:
Loss and total comprehensive income
-
(3,124,651)
(3,124,651)
Balance at 30 June 2025
7,900,001
(26,999,513)
(19,099,512)
POTTER VENTURES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(585,132)
(689,518)
Investing activities
Purchase of intangible assets
(720)
(570)
Purchase of property, plant and equipment
(47,643)
(75,367)
Proceeds from disposal of property, plant and equipment
926,994
40
Proceeds from disposal of investment property
377,636
-
Proceeds from disposal of subsidiaries
-
92,649
Proceeds from disposal of associates
469,739
-
Process from sale of investments
3,630
-
Purchase of investments
(120,552)
(1,050,000)
Net cash generated from/(used in) investing activities
1,609,084
(1,033,248)
Financing activities
Proceeds from loans made
-
0
50,000
Loans made
(520,000)
(250,000)
Loans received
-
1,550,001
Net cash (used in)/generated from financing activities
(520,000)
1,350,001
Net increase/(decrease) in cash and cash equivalents
503,952
(372,765)
Cash and cash equivalents at beginning of year
62,148
434,913
Cash and cash equivalents at end of year
566,100
62,148
POTTER VENTURES LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(1,196,323)
(505,669)
Investing activities
Proceeds from disposal of property, plant and equipment
926,994
-
0
Proceeds from disposal of investment property
377,636
-
0
Proceeds from disposal of subsidiaries
-
92,649
Proceeds from disposal of associates
469,739
-
0
Purchase of investments
(120,552)
(1,050,000)
Net cash generated from/(used in) investing activities
2,157,447
(957,351)
Financing activities
Proceeds from loans made
-
0
50,000
Loans made
(520,000)
(250,000)
Loans received
-
1,550,001
Net cash (used in)/generated from financing activities
(520,000)
1,350,001
Net increase/(decrease) in cash and cash equivalents
441,124
(113,019)
Cash and cash equivalents at beginning of year
47,993
161,012
Cash and cash equivalents at end of year
489,117
47,993
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
1
Accounting policies
Company information

Potter Ventures Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is c/o TC Citroen Wells Limited, 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.

The group consists of Potter Ventures 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 pound sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries and associates are accounted for at cost less impairment.

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

All financial statements are made up to 30 June 2025.

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.

Entities other than subsidiary undertakings, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

Notwithstanding the excess of liabilities over assets, the financial statements have been prepared on a going concern basis which assumes that the company and group will continue in operational existence for the foreseeable future.

The company and group is dependent on the financial support of its majority shareholder, in the form of interest free loans, who has confirmed of their intention not to seek repayment of the loans if would be to the detriment of the continued operations of the group, for a period of not less than 12 months from the date of signing these financial statements.

Based on this undertaking, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if this support was withdrawn.

1.4
Revenue

Revenue generated from the sale of goods and services in the operation of casual dining restaurants is recognised when the significant risks and rewards of ownership of the goods have passed to the customer and 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 is therefore recognised, net of VAT and other sales related taxes, on consumption of the goods and services by the customer, subject to any incentive schemes that may be in place from time to time.

Rental income receivable, net of value added tax, is derived from investment properties held by the company. Rentals receivable under operating leases are credited to income on a straight line basis over the lease term.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
3 - 10 years straight line
Website design
3 years straight line
1.6
Property, plant and equipment

Property, plant and equipment 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
50 years straight line
Long-term leasehold property
15 years straight line
Fixtures and fittings
2 - 5 years straight line
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -

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 income statement.

1.7
Investment properties

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 a t the reporting end date. The surplus or deficit on revaluation is recognised in the statement of other comprehensive income.

Property rented to a group entity is accounted for as property, plant and equipment.

1.8
Non-current investments

Equity in vest ments 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.

I n the parent company financial statements, investments in subsidiaries and associates 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

1.9
Impairment of non-current 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).

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the statement of other comprehensive income, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position 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 trade and other 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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries and associates 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 publicly 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. 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 the statement of comprehensive income.

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 the statement of comprehensive income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
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 trade and other payables, bank loans and loans from shareholder 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 paymen ts 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 payables 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 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 the group's contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

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

1.16
Leases

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 lease d asset are consumed.

POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

During both the current and prior year, the directors were not required to make estimates or assumptions that required a high level of judgement or complexity. The key judgements considered were the carrying amounts of assets and liabilities, and whether there are any indicators of impairment of non-current assets, most notably its property, plant and equipment used in the running of the business.

Such assets are depreciated, or amortised in the case of intangible assets, over their estimated useful life and this is determined by the directors having regard to historical performance and projected usage of the assets. Consideration is also given by the directors for any potential residual value of the assets and this is reassessed each financial year for material changes that may arise from a change in circumstances.

Furthermore, as noted above, the directors review on an annual basis the carrying value of the non-current assets to determine whether there is any indication that the assets have suffered an impairment loss.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Restaurant related income
5,440,695
6,127,714
Rental and other income
22,171
24,300
5,462,866
6,152,014
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
5,462,866
6,152,014
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
287,074
298,557
Profit on disposal of property, plant and equipment
(232,592)
(40)
Amortisation of intangible assets
1,058
897
Operating lease charges
888,068
837,161
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
13,080
15,127
Audit of the financial statements of the company's subsidiaries
28,830
19,457
41,910
34,584
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Other support staff
109
104
-
-
Management and administration
3
3
3
3
Total
112
107
3
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,613,095
2,682,401
60,499
78,815
Social security costs
236,832
244,141
5,644
6,712
Pension costs
30,332
39,380
1,118
565
2,880,259
2,965,922
67,261
86,092
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
93,583
84,000
Company pension contributions to defined contribution schemes
1,999
1,850
95,582
22,530
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
8
Investment income
2025
2024
£
£
Interest income
Other interest income
-
(4,018)
9
Other gains and losses
2025
2024
£
£
Gain on disposal of investments held at fair value
92,463
92,649
Loss on impairment of investment at fair value
(825,000)
(500,000)
(732,537)
(407,351)
10
Taxation

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

2025
2024
£
£
Loss before taxation
(1,784,241)
(1,524,203)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(446,060)
(381,051)
Tax effect of expenses that are not deductible in determining taxable profit
227,583
214,242
Tax effect of income not taxable in determining taxable profit
-
0
(21,270)
Gains not taxable
(50,712)
-
0
Unutilised tax losses carried forward
242,218
188,079
Permanent capital allowances in excess of depreciation
26,971
-
0
Taxation charge
-
-
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
11
Intangible fixed assets
Group
Software
Website design
Total
£
£
£
Cost
At 1 July 2024
94,385
19,527
113,912
Additions
720
-
0
720
At 30 June 2025
95,105
19,527
114,632
Amortisation and impairment
At 1 July 2024
93,970
19,527
113,497
Amortisation charged for the year
1,058
-
0
1,058
At 30 June 2025
95,028
19,527
114,555
Carrying amount
At 30 June 2025
77
-
0
77
At 30 June 2024
415
-
0
415
The company had no intangible fixed assets at 30 June 2025 or 30 June 2024.
12
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 July 2024
377,636
377,636
Disposals
(377,636)
(377,636)
At 30 June 2025
-
-

The investment property was disposed on 18th October 2024.

POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
13
Property, plant and equipment
Group
Freehold land and buildings
Long-term leasehold property
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2024
895,948
2,462,823
1,106,876
4,465,647
Additions
-
0
-
0
47,643
47,643
Disposals
(895,948)
-
0
-
0
(895,948)
At 30 June 2025
-
0
2,462,823
1,154,519
3,617,342
Depreciation and impairment
At 1 July 2024
195,972
1,821,272
724,705
2,741,949
Depreciation charged in the year
5,574
101,050
180,450
287,074
Eliminated in respect of disposals
(201,546)
-
0
-
0
(201,546)
At 30 June 2025
-
0
1,922,322
905,155
2,827,477
Carrying amount
At 30 June 2025
-
0
540,501
249,364
789,865
At 30 June 2024
699,976
641,551
382,171
1,723,698
Company
Freehold land and buildings
£
Cost
At 1 July 2024
895,307
Disposals
(895,307)
At 30 June 2025
-
0
Depreciation and impairment
At 1 July 2024
165,586
Depreciation charged in the year
5,574
Eliminated in respect of disposals
(171,160)
At 30 June 2025
-
0
Carrying amount
At 30 June 2025
-
0
At 30 June 2024
729,721
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
-
0
1,350,000
Investments in associates
-
0
576,700
-
0
520,000
Unlisted investments
1,390,552
1,845,000
1,390,552
1,845,000
1,390,552
2,421,700
1,390,552
3,715,000
Movements in non-current investments
Group
Shares in group undertakings and participating interests
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 July 2024
576,700
1,845,000
2,421,700
Additions
-
370,552
370,552
Impairment
-
(825,000)
(825,000)
Disposals
(576,700)
-
(576,700)
At 30 June 2025
-
1,390,552
1,390,552
Carrying amount
At 30 June 2025
-
1,390,552
1,390,552
At 30 June 2024
576,700
1,845,000
2,421,700
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Fixed asset investments
(Continued)
- 25 -
Movements in non-current investments
Company
Shares in group undertakings and participating interests
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 July 2024
1,870,000
1,845,000
3,715,000
Additions
-
370,552
370,552
Impairment
(1,350,000)
(825,000)
(2,175,000)
Disposals
(520,000)
-
(520,000)
At 30 June 2025
-
1,390,552
1,390,552
Carrying amount
At 30 June 2025
-
1,390,552
1,390,552
At 30 June 2024
1,870,000
1,845,000
3,715,000

On 4 June 2025, the Company disposed of its entire equity interest in Crave Interactive Limited, which had previously been accounted for as an investment in associate. There is a profit on disposal of £88,833 arisen from the disposal of the associate.

15
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Compurants Limited
167-169 Great Portland Street, London, W1W 5PF
Developing and running a chain of high quality restaurants
Ordinary
92.45
16
Inventories
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
29,849
33,138
-
0
-
0
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
17
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,093,083
753,080
1,243,465
1,371,645
Equity instruments measured at cost less impairment
1,390,552
1,845,000
1,390,552
1,845,000
Carrying amount of financial liabilities
Measured at amortised cost
23,069,142
22,763,316
22,234,539
22,229,921
18
Trade and other receivables
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade receivables
59,867
54,404
21,024
12,560
Amounts owed by group undertakings
-
0
-
0
642,000
1,100,000
Other receivables
654,016
321,876
580,441
259,085
Prepayments and accrued income
230,487
254,067
11,893
13,065
944,370
630,347
1,255,358
1,384,710
Amounts falling due after more than one year:
Other receivables
379,200
376,800
-
0
-
0
Total debtors
1,323,570
1,007,147
1,255,358
1,384,710

Included in other receives is an amount of £500,000 in which the company holds convertible loan notes. These loan notes are accruing interest at 10% per annum and are redeemable at £1 per share on or before 6 December 2027.

19
Current liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade payables
660,988
433,151
713
694
Other taxation and social security
243,005
290,459
-
0
-
0
Other payables
22,288,213
22,275,783
22,209,030
22,209,030
Accruals and deferred income
119,941
54,382
24,796
20,197
23,312,147
23,053,775
22,234,539
22,229,921
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,332
39,380

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.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7,900,001
7,900,001
7,900,001
7,900,001
22
Reserves
Other reserves

Other reserves represents the merger reserve as a result of group reconstruction in previous years.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
576,600
549,100
-
-
Between two and five years
2,306,400
2,291,400
-
-
In over five years
2,275,717
2,803,167
-
-
5,158,717
5,643,667
-
-
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
24
Related party transactions

During the year, the company had the following transactions with directors of the company:

i) The controlling party has loaned the company £22,209,000 (202 4: £22,209,000). The loans are interest free and repayable on demand. At the year end, the full balance was outstanding.

During the year, the company had the following transactions with subsidiary companies:

i) The company issued further loans to support the working capital of the subsidiary undertakings, however the company also impaired these loans down to the anticipated recoverable value and recognised a bad debt provision in the year of £1,008,000 (2024: £1,116,000). At the year end the amount outstanding after the bad debt provision was £642,000 (2024: £1,100,000).

25
Controlling party

The controlling party is considered to be D R Potter, who has a majority holding of the issued share capital of the company.

26
Cash absorbed by group operations
2025
2024
£
£
Loss for the year after tax
(1,784,241)
(1,524,203)
Adjustments for:
Share of results of associates
195,794
248,840
Investment income
-
4,018
Gain on disposal of property, plant and equipment
(232,592)
(40)
Amortisation and impairment of intangible assets
1,058
897
Depreciation and impairment of property, plant and equipment
287,074
298,557
Other gains and losses
732,537
407,351
Movements in working capital:
Decrease in inventories
3,289
6,072
Increase in trade and other receivables
(46,423)
(63,706)
Increase/(decrease) in trade and other payables
258,372
(67,304)
Cash absorbed by operations
(585,132)
(689,518)
POTTER VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
27
Cash absorbed by operations - company
2025
2024
£
£
Loss for the year after tax
(3,124,651)
(2,378,433)
Adjustments for:
Investment income
-
4,018
Gain on disposal of property, plant and equipment
(202,847)
-
Depreciation and impairment of property, plant and equipment
5,574
18,495
Other gains and losses
2,221,631
1,155,472
Impairment of bad debts
1,008,000
1,116,000
Movements in working capital:
Increase in trade and other receivables
(1,108,648)
(411,457)
Increase/(decrease) in trade and other payables
4,618
(9,764)
Cash absorbed by operations
(1,196,323)
(505,669)
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