0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 7,469 5,506 502 6,008 1,461 1,963 xbrli:pure xbrli:shares iso4217:GBP 04771511 2022-08-01 2023-07-31 04771511 2023-07-31 04771511 2022-07-31 04771511 2021-08-01 2022-07-31 04771511 2022-07-31 04771511 2021-07-31 04771511 core:FurnitureFittings 2022-08-01 2023-07-31 04771511 bus:Director1 2022-08-01 2023-07-31 04771511 core:WithinOneYear 2023-07-31 04771511 core:WithinOneYear 2022-07-31 04771511 core:FurnitureFittings 2022-07-31 04771511 core:FurnitureFittings 2023-07-31 04771511 core:ShareCapital 2023-07-31 04771511 core:ShareCapital 2022-07-31 04771511 core:RetainedEarningsAccumulatedLosses 2023-07-31 04771511 core:RetainedEarningsAccumulatedLosses 2022-07-31 04771511 core:FurnitureFittings 2022-07-31 04771511 bus:SmallEntities 2022-08-01 2023-07-31 04771511 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 04771511 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 04771511 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04771511 bus:FullAccounts 2022-08-01 2023-07-31
COMPANY REGISTRATION NUMBER: 04771511
GREAT POTENTIAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
GREAT POTENTIAL LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
4
1,461
1,963
CURRENT ASSETS
Debtors
5
2,340
4,018
Cash at bank and in hand
7,348
7,799
-------
--------
9,688
11,817
CREDITORS: amounts falling due within one year
6
19,890
22,472
--------
--------
NET CURRENT LIABILITIES
10,202
10,655
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 8,741)
( 8,692)
-------
-------
NET LIABILITIES
( 8,741)
( 8,692)
-------
-------
GREAT POTENTIAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
( 8,743)
( 8,694)
-------
-------
SHAREHOLDERS FUNDS
( 8,741)
( 8,692)
-------
-------
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 income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 14 February 2024 , and are signed on behalf of the board by:
Mr J F Gallery
Director
Company registration number: 04771511
GREAT POTENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 2 Lorraine Avenue, Elvington, York, YO41 5BB.
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
(a) 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.
(b) Going concern
The company has net current liabilities and its financial position is dependent upon the support of its directors. The directors have indicated that they will continue to support the company for the foreseeable future. Consequently, the directors consider it is appropriate to prepare accounts on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
(g) Financial instruments
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 entity after deducting all of its financial liabilities.
4. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 August 2022 and 31 July 2023
7,469
7,469
-------
-------
Depreciation
At 1 August 2022
5,506
5,506
Charge for the year
502
502
-------
-------
At 31 July 2023
6,008
6,008
-------
-------
Carrying amount
At 31 July 2023
1,461
1,461
-------
-------
At 31 July 2022
1,963
1,963
-------
-------
5. Debtors
2023
2022
£
£
Trade debtors
2,202
2,722
Other debtors
138
1,296
-------
-------
2,340
4,018
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
92
65
Accruals and deferred income
310
Social security and other taxes
1,015
393
Director's loan account
18,473
22,014
--------
--------
19,890
22,472
--------
--------
7. Related party transactions
During the year the directors made available loans to the company. These loans were interest free and repayable on demand. At the year end the balance of these loans was £18,473 (2022 - £22,014).