Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-312022-09-01false21falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12135300 2022-09-01 2023-08-31 12135300 2021-09-01 2022-08-31 12135300 2023-08-31 12135300 2022-08-31 12135300 c:Director1 2022-09-01 2023-08-31 12135300 d:PlantMachinery 2022-09-01 2023-08-31 12135300 d:PlantMachinery 2023-08-31 12135300 d:PlantMachinery 2022-08-31 12135300 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 12135300 d:FurnitureFittings 2022-09-01 2023-08-31 12135300 d:FurnitureFittings 2023-08-31 12135300 d:FurnitureFittings 2022-08-31 12135300 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 12135300 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 12135300 d:PatentsTrademarksLicencesConcessionsSimilar 2023-08-31 12135300 d:PatentsTrademarksLicencesConcessionsSimilar 2022-08-31 12135300 d:CurrentFinancialInstruments 2023-08-31 12135300 d:CurrentFinancialInstruments 2022-08-31 12135300 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 12135300 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 12135300 d:ShareCapital 2023-08-31 12135300 d:ShareCapital 2022-08-31 12135300 d:RetainedEarningsAccumulatedLosses 2023-08-31 12135300 d:RetainedEarningsAccumulatedLosses 2022-08-31 12135300 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 12135300 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 12135300 c:FRS102 2022-09-01 2023-08-31 12135300 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 12135300 c:FullAccounts 2022-09-01 2023-08-31 12135300 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 12135300 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-09-01 2023-08-31 12135300 2 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 12135300










HOUSE OF POSSIBILITY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
HOUSE OF POSSIBILITY LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
HOUSE OF POSSIBILITY LIMITED
REGISTERED NUMBER: 12135300

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
54,308
-

Tangible assets
 5 
10,466
12,421

  
64,774
12,421

Current assets
  

Stocks
  
4,170
1,750

Debtors
 6 
31,137
9,856

Cash at bank and in hand
  
24,657
81,918

  
59,964
93,524

Creditors: amounts falling due within one year
 7 
(79,869)
(68,353)

Net current (liabilities)/assets
  
 
 
(19,905)
 
 
25,171

Total assets less current liabilities
  
44,869
37,592

Provisions for liabilities
  

Deferred tax
 8 
(11,300)
-

  
 
 
(11,300)
 
 
-

Net assets
  
33,569
37,592


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
33,567
37,590

  
33,569
37,592


Page 1

 
HOUSE OF POSSIBILITY LIMITED
REGISTERED NUMBER: 12135300
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 April 2024.




Ms P E Delbridge
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
HOUSE OF POSSIBILITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

House of Possibility Limited is a private company limited by shares, incorporated and domiciled in England. The address of the registered office is Rutland House, 148 Edmund Street, Birmingham, B3 2FD. The principal activity of the company is the provision of management consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
HOUSE OF POSSIBILITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
HOUSE OF POSSIBILITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance basis
Fixtures and fittings
-
15%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
HOUSE OF POSSIBILITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
1



Employees
1
-

2
1

Page 6

 
HOUSE OF POSSIBILITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Intangible assets




Applications

£



Cost


Additions
54,308



At 31 August 2023

54,308






Net book value



At 31 August 2023
54,308



At 31 August 2022
-




5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 September 2022
5,044
12,599
17,643


Additions
384
-
384



At 31 August 2023

5,428
12,599
18,027



Depreciation


At 1 September 2022
1,261
3,962
5,223


Charge for the year on owned assets
1,042
1,296
2,338



At 31 August 2023

2,303
5,258
7,561



Net book value



At 31 August 2023
3,125
7,341
10,466



At 31 August 2022
3,783
8,637
12,420

Page 7

 
HOUSE OF POSSIBILITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£


Trade debtors
-
8,766

Other debtors
19,785
1,090

Prepayments and accrued income
11,352
-

31,137
9,856



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
28,919
5,222

Corporation tax
-
21,823

Other taxation and social security
8,965
4,140

Other creditors
41,985
37,168

79,869
68,353



8.


Deferred taxation




2023


£






Charged to profit or loss
(11,300)



At end of year
(11,300)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,300)
-

(11,300)
-

 
Page 8