Registered number
11039185
Realise Your Potential for Good Ltd
Filleted Accounts
31 December 2023
Realise Your Potential for Good Ltd
Registered number: 11039185
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 768 1,145
Investments 5 50,000 50,000
50,768 51,145
Current assets
Debtors 6 3,690 11,546
Cash at bank and in hand 60 4,453
3,750 15,999
Creditors: amounts falling due within one year 7 (24,876) (28,337)
Net current liabilities (21,126) (12,338)
Total assets less current liabilities 29,642 38,807
Creditors: amounts falling due after more than one year 8 (32,280) (38,105)
Net (liabilities)/assets (2,638) 702
Capital and reserves
Called up share capital 10 10
Profit and loss account (2,648) 692
Shareholders' funds (2,638) 702
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Frohwein
Director
Approved by the board on 23 July 2024
Realise Your Potential for Good Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 35% on reducing balance
Going concern
As at the balance sheet date, the company had negative net assets and its continued existence rested on financial support from its director and possibility of winning future contracts. After making enquiries, the director has formed the judgment that at the time of approving the financial statements, there is reasonable expectation that the company has adequate resources to continue in operational existence for a foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 10,000
At 31 December 2023 10,000
Amortisation
At 1 January 2023 10,000
At 31 December 2023 10,000
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023 4,056
At 31 December 2023 4,056
Depreciation
At 1 January 2023 2,911
Charge for the year 377
At 31 December 2023 3,288
Net book value
At 31 December 2023 768
At 31 December 2022 1,145
5 Investments
Other
investments
£
Cost
At 1 January 2023 50,000
At 31 December 2023 50,000
6 Debtors 2023 2022
£ £
Trade debtors - 7,200
Other debtors 3,690 4,346
3,690 11,546
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,936 7,080
Taxation and social security costs 5,288 7,026
Director's current account 12,052 13,631
Accrued expenses 600 600
24,876 28,337
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,280 38,105
The bank loan is unsecured and received under the Government's 'Bounce Back Loan' scheme.
9 Controlling party
The ultimate controlling party is Mr D Frohwein by virtue of his shareholding, directorship and day to day running of the business.
10 Other information
Realise Your Potential for Good Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Lower Ground Floor
103 Finchley Lane
London
England
NW4 1DA
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