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COMPANY REGISTRATION NUMBER: 13581122
POTENTIAL INNOVATIONS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
POTENTIAL INNOVATIONS LTD
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
£
CURRENT ASSETS
Cash at bank and in hand
2
2
CREDITORS: amounts falling due within one year
4
1,324
771
-------
----
NET CURRENT LIABILITIES
1,322
769
-------
----
TOTAL ASSETS LESS CURRENT LIABILITIES
( 1,322)
( 769)
-------
----
NET LIABILITIES
( 1,322)
( 769)
-------
----
CAPITAL AND RESERVES
Called up share capital fully paid
2
2
Profit and loss account
( 1,324)
( 771)
-------
----
SHAREHOLDERS DEFICIT
( 1,322)
( 769)
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 November 2023 , and are signed on behalf of the board by:
Mr P A Clark
Director
Company registration number: 13581122
POTENTIAL INNOVATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through financial support from the directors. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. CREDITORS: amounts falling due within one year
2023
2022
£
£
Other creditors
1,324
771
-------
----
5. GOING CONCERN
The directors have considered the period to November 2024 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy its liabilities as these become payable.