Potrell London Limited - Accounts to registrar (filleted) - small 22.3

POTRELL LONDON LIMITED - Company Information

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REGISTERED NUMBER: 07416126 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2021 to 30 September 2022

for

Potrell London Limited

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTORS:

Miss J Sobry

R G M Beak

REGISTERED OFFICE:

Capability House

Croughton Road

Aynho

Oxfordshire

OX17 3AT

REGISTERED NUMBER:

07416126 (England and Wales)

ACCOUNTANTS:

Tessa Davidson Limited

The Ashridge Business Centre

121 High Street

Berkhamsted

Hertfordshire

HP4 2DJ

FIXED ASSETS

Tangible assets

29,498

74,817

Investments

Investment property

2,060,909

29,498

2,135,726

CURRENT ASSETS

Stocks

270,205

Debtors

3,201,273

902,042

Cash at bank

17,800

1,740,311

3,219,073

2,912,558

CREDITORS

Amounts falling due within one year

(3,885,473

)

(3,945,134

)

NET CURRENT LIABILITIES

(666,400

)

(1,032,576

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

(636,902

)

1,103,150

CREDITORS

Amounts falling due after more than one

year

(493,452

)

(1,306,782

)

NET LIABILITIES

(1,130,354

)

(203,632

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(1,130,454

)

(203,732

)

SHAREHOLDERS' FUNDS

(1,130,354

)

(203,632

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:

R G M Beak - Director

1.	STATUTORY INFORMATION

Potrell London 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Potrell London Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Office equipment

25% on 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

COST

At 1 April 2021

and 30 September 2022

163,822

DEPRECIATION

At 1 April 2021

89,005

Charge for period

45,319

At 30 September 2022

134,324

NET BOOK VALUE

At 30 September 2022

29,498

At 31 March 2021

74,817

5.	FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

RBJS Developments Limited

Registered office: Capability House, Croughton Road, Ayhno, Oxfordshire OX17 3AT

Nature of business: Residential property development

Class of shares:

holding

Ordinary

100.00

6.	INVESTMENT PROPERTY

Total

FAIR VALUE

At 1 April 2021

2,060,909

Disposals

(2,060,909

)

At 30 September 2022

NET BOOK VALUE

At 30 September 2022

At 31 March 2021

2,060,909

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

Trade debtors

3,000

Amounts owed by group undertakings

2,750,181

Other debtors

451,092

899,042

3,201,273

902,042

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

Trade creditors

464

28,581

Taxation and social security

17,855

19,254

Other creditors

3,867,154

3,897,299

3,885,473

3,945,134

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR

2022

2021

as restated

Bank loans

885,000

Other creditors

493,452

421,782

493,452

1,306,782

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

as restated

100

Ordinary

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 September 2022 and the year ended 31 March 2021:

2022

2021

as restated

Miss J Sobry

Balance outstanding at start of period

Amounts advanced

173,219

Amounts repaid

Amounts written off

Amounts waived

Balance outstanding at end of period

173,219

Miss J Sobry and R G M Beak

Balance outstanding at start of period

Amounts advanced

174,661

Amounts repaid

Amounts written off

Amounts waived

Balance outstanding at end of period

174,661

The loans to the Directors outstanding at 30 September 2022 were repaid to the company in November 2022.