Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31false2022-08-01falsetrueNo description of principal activity33The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07331903 2022-08-01 2023-07-31 07331903 2021-08-01 2022-07-31 07331903 2023-07-31 07331903 2022-07-31 07331903 c:Director1 2022-08-01 2023-07-31 07331903 c:RegisteredOffice 2022-08-01 2023-07-31 07331903 d:ComputerEquipment 2022-08-01 2023-07-31 07331903 d:ComputerEquipment 2023-07-31 07331903 d:ComputerEquipment 2022-07-31 07331903 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 07331903 d:CurrentFinancialInstruments 2023-07-31 07331903 d:CurrentFinancialInstruments 2022-07-31 07331903 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 07331903 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 07331903 d:ShareCapital 2023-07-31 07331903 d:ShareCapital 2022-07-31 07331903 d:RetainedEarningsAccumulatedLosses 2023-07-31 07331903 d:RetainedEarningsAccumulatedLosses 2022-07-31 07331903 c:FRS102 2022-08-01 2023-07-31 07331903 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 07331903 c:FullAccounts 2022-08-01 2023-07-31 07331903 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07331903 2 2022-08-01 2023-07-31 07331903 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure
Company registration number: 07331903







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023


POTENTIAL SOLUTIONS LIMITED






































   img5c2c.png              

 


POTENTIAL SOLUTIONS LIMITED
 


 
COMPANY INFORMATION


Director
Ms A Mansuri 




Registered number
07331903



Registered office
3rd Floor
126-134 Baker Street

London

W1U 6UE




Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


POTENTIAL SOLUTIONS LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6


 


POTENTIAL SOLUTIONS LIMITED
REGISTERED NUMBER:07331903



STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
269
486

  
269
486

Current assets
  

Debtors: amounts falling due within one year
 5 
83,439
84,314

Cash at bank and in hand
  
231,713
166,056

  
315,152
250,370

Creditors: amounts falling due within one year
 6 
(37,132)
(31,327)

Net current assets
  
 
 
278,020
 
 
219,043

Total assets less current liabilities
  
278,289
219,529

  

Net assets
  
278,289
219,529


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
278,288
219,528

  
278,289
219,529


Page 1

 


POTENTIAL SOLUTIONS LIMITED
REGISTERED NUMBER:07331903


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 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 his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 by: 




Ms A Mansuri
Director

Date: 18 July 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


POTENTIAL SOLUTIONS LIMITED
 


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

1.


General information

Potential Solutions 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

 
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 


POTENTIAL SOLUTIONS LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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 reporting date in the countries where the Company operates and generates income.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20%
straight-line

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 4

 


POTENTIAL SOLUTIONS LIMITED
 


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

2.Accounting policies (continued)

 
2.10

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 directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 August 2022
2,471



At 31 July 2023

2,471



Depreciation


At 1 August 2022
1,985


Charge for the year on owned assets
217



At 31 July 2023

2,202



Net book value



At 31 July 2023
269



At 31 July 2022
486


5.


Debtors

2023
2022
£
£


Trade debtors
83,439
84,314

83,439
84,314


Page 5

 


POTENTIAL SOLUTIONS LIMITED
 


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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,467
9,215

Corporation tax
25,908
13,180

Other taxation and social security
3,569
5,068

Other creditors
2,288
17

Accruals and deferred income
3,900
3,847

37,132
31,327


 
Page 6