IRIS Accounts Production v23.1.0.753 05274167 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure052741672022-03-31052741672023-03-31052741672022-04-012023-03-31052741672021-03-31052741672021-04-012022-03-31052741672022-03-3105274167ns15:EnglandWales2022-04-012023-03-3105274167ns14:PoundSterling2022-04-012023-03-3105274167ns10:Director12022-04-012023-03-3105274167ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3105274167ns10:SmallEntities2022-04-012023-03-3105274167ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3105274167ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3105274167ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105274167ns10:FullAccounts2022-04-012023-03-310527416712022-04-012023-03-3105274167ns10:OrdinaryShareClass12022-04-012023-03-3105274167ns10:Director22022-04-012023-03-3105274167ns10:CompanySecretary12022-04-012023-03-3105274167ns10:RegisteredOffice2022-04-012023-03-3105274167ns5:CurrentFinancialInstruments2022-03-3105274167ns5:CurrentFinancialInstruments2023-03-3105274167ns5:ShareCapital2022-03-3105274167ns5:ShareCapital2023-03-3105274167ns5:RetainedEarningsAccumulatedLosses2022-03-3105274167ns5:RetainedEarningsAccumulatedLosses2023-03-3105274167ns5:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3105274167ns5:ComputerSoftware2022-03-3105274167ns5:ComputerSoftware2023-03-3105274167ns5:ComputerSoftware2022-03-3105274167ns5:ComputerEquipment2022-03-3105274167ns5:ComputerEquipment2022-04-012023-03-3105274167ns5:ComputerEquipment2023-03-3105274167ns5:ComputerEquipment2022-03-3105274167ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3105274167ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3105274167ns10:OrdinaryShareClass12023-03-31
REGISTERED NUMBER: 05274167 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FIRST POTENTIAL LIMITED

FIRST POTENTIAL LIMITED (REGISTERED NUMBER: 05274167)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FIRST POTENTIAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A C Brown
Mrs R M Brown





SECRETARY: Mrs R M Brown





REGISTERED OFFICE: 61 Station Road
Sudbury
Suffolk
CO10 2SP





REGISTERED NUMBER: 05274167 (England and Wales)





ACCOUNTANTS: Seago and Stopps
Chartered Certified Accountants
61 Station Road
Sudbury
Suffolk
CO10 2SP

FIRST POTENTIAL LIMITED (REGISTERED NUMBER: 05274167)

BALANCE SHEET
31 MARCH 2023

31.3.22 31.3.23
£    £    Notes £    £   
FIXED ASSETS
485 Intangible assets 4 485
731 Tangible assets 5 806
1,216 1,291

CURRENT ASSETS
547 Stocks -
5,421 Debtors 6 177
8,076 Cash at bank 50,249
14,044 50,426
CREDITORS
14,686 Amounts falling due within one year 7 20,631
(642 ) NET CURRENT ASSETS/(LIABILITIES) 29,795
574 TOTAL ASSETS LESS CURRENT
LIABILITIES

31,086

231 PROVISIONS FOR LIABILITIES 245
343 NET ASSETS 30,841

CAPITAL AND RESERVES
10 Called up share capital 8 10
333 Retained earnings 30,831
343 SHAREHOLDERS' FUNDS 30,841

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

FIRST POTENTIAL LIMITED (REGISTERED NUMBER: 05274167)

BALANCE SHEET - continued
31 MARCH 2023


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 3 October 2023 and were signed on its behalf by:





A C Brown - Director


FIRST POTENTIAL LIMITED (REGISTERED NUMBER: 05274167)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

First Potential 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents the value of work completed during the year, by reference to invoiced sales and the movement between opening and closing trade debtor balances.

Intangible assets
No amortisation has been charged in respect of website costs incurred in previous years.

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 reducing balance

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

Financial instruments
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase and lease contracts.

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.


FIRST POTENTIAL LIMITED (REGISTERED NUMBER: 05274167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 April 2022
and 31 March 2023 485
NET BOOK VALUE
At 31 March 2023 485
At 31 March 2022 485

5. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 April 2022 2,727
Additions 748
Disposals (1,187 )
At 31 March 2023 2,288
DEPRECIATION
At 1 April 2022 1,996
Charge for year 272
Eliminated on disposal (786 )
At 31 March 2023 1,482
NET BOOK VALUE
At 31 March 2023 806
At 31 March 2022 731

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 177 5,421

FIRST POTENTIAL LIMITED (REGISTERED NUMBER: 05274167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 256 70
Taxation and social security 18,051 12,907
Other creditors 2,324 1,709
20,631 14,686

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
10 Ordinary £1 10 10