The Art of Possibilities Ltd 10439432 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is consultancy. Digita Accounts Production Advanced 6.30.9574.0 true true 10439432 2022-11-01 2023-10-31 10439432 2023-10-31 10439432 bus:OrdinaryShareClass1 2023-10-31 10439432 2 2023-10-31 10439432 core:CurrentFinancialInstruments 2023-10-31 10439432 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 10439432 core:FurnitureFittingsToolsEquipment 2023-10-31 10439432 bus:SmallEntities 2022-11-01 2023-10-31 10439432 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 10439432 bus:FullAccounts 2022-11-01 2023-10-31 10439432 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 10439432 bus:RegisteredOffice 2022-11-01 2023-10-31 10439432 bus:Director1 2022-11-01 2023-10-31 10439432 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 10439432 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 10439432 core:ComputerEquipment 2022-11-01 2023-10-31 10439432 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 10439432 core:OtherRelatedParties 2022-11-01 2023-10-31 10439432 countries:AllCountries 2022-11-01 2023-10-31 10439432 2022-10-31 10439432 core:FurnitureFittingsToolsEquipment 2022-10-31 10439432 2021-11-01 2022-10-31 10439432 2022-10-31 10439432 bus:OrdinaryShareClass1 2022-10-31 10439432 2 2022-10-31 10439432 core:CurrentFinancialInstruments 2022-10-31 10439432 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 10439432 core:FurnitureFittingsToolsEquipment 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10439432

The Art of Possibilities Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

The Art of Possibilities Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Art of Possibilities Ltd

Company Information

Director

Dr Kathryn Riley

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

The Art of Possibilities Ltd

(Registration number: 10439432)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

342

616

Current assets

 

Debtors

5

554

618

Cash at bank and in hand

 

1,459

1,509

 

2,013

2,127

Creditors: Amounts falling due within one year

6

(6,551)

(5,366)

Net current liabilities

 

(4,538)

(3,239)

Net liabilities

 

(4,196)

(2,623)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(4,197)

(2,624)

Shareholders' deficit

 

(4,196)

(2,623)

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 July 2024
 

.........................................
Dr Kathryn Riley
Director

 

The Art of Possibilities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 Hare & Billet Road
Blackheath
SE3 0RB

These financial statements were authorised for issue by the director on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its debts as they fall due. However, during the year the company made a loss of £1,573 (2022: £6,050), and at the end of the year the company had net liabilities of £4,196 (2022: £2,623). The directors believes it is appropriate to prepare the financial statements on a going concern basis, as they have agreed to financially support the company for the foreseeable future.

 

The Art of Possibilities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and when the service is performed, if the service straddles more than one accounting period, income is recognised on a pro rata basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Art of Possibilities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

The Art of Possibilities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

1,437

1,437

Disposals

(180)

(180)

At 31 October 2023

1,257

1,257

Depreciation

At 1 November 2022

821

821

Charge for the year

202

202

Eliminated on disposal

(108)

(108)

At 31 October 2023

915

915

Carrying amount

At 31 October 2023

342

342

At 31 October 2022

616

616

5

Debtors

Note

2023
£

2022
£

Prepayments

 

475

455

Income tax asset

79

163

 

554

618

 

The Art of Possibilities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

5,585

4,478

Accruals and deferred income

966

888

6,551

5,366

7

Related party transactions

Summary of transactions with other related parties

Kathryn Ann Riley
(director and shareholder)

 
During the year the director paid £825 (2022: £893) business expenses on behalf of the company, introduced £3,000 (2022: £6,880) and withdrew £2,718 (2022: £5,229) from the company. At the end of the year £5,585 (2022: £4,478) was owed to Mrs Riley by the company.

 

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1