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People Potential and Performance Limited
Filleted accounts
31 December 2023
Company registration number: 04126585
People Potential and Performance Limited
Directors and other information
Director M Roarty
Secretary J M Roarty
Company number 04126585
Registered office 9 Broad Leys
Princes Risborough
Buckinghamshire
HP27 9BJ
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
People Potential and Performance Limited
Balance sheet
31st December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,422 1,965
_______ _______
1,422 1,965
Current assets
Debtors 6 12,865 21,641
Cash at bank and in hand 55,089 21,859
_______ _______
67,954 43,500
Creditors: amounts falling due
within one year 7 ( 26,276) ( 25,347)
_______ _______
Net current assets 41,678 18,153
_______ _______
Net assets 43,100 20,118
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 43,000 20,018
_______ _______
Shareholders funds 43,100 20,118
_______ _______
For the year ending 31 December 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
M Roarty
Director
Company registration number: 04126585
People Potential and Performance Limited
Notes to the financial statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 9 Broad Leys, Princes Risborough, Buckinghamshire, HP27 9BJ. There was no significant change in the company's principal activity during the year which continued to be the provision of training services .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 not recognised in respect of any timing differences at the reporting date as all are insignificant.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment - Reducing balance basis at 25% per annum
Computer equipment - Straight line basis over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1st January 2023 and 31st December 2023 7,816 7,816
_______ _______
Depreciation
At 1st January 2023 5,851 5,851
Charge for the year 543 543
_______ _______
At 31st December 2023 6,394 6,394
_______ _______
Carrying amount
At 31st December 2023 1,422 1,422
_______ _______
At 31st December 2022 1,965 1,965
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 12,676 21,457
Other debtors 189 184
_______ _______
12,865 21,641
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Social security and other taxes 9,098 3,800
Other creditors 17,178 21,547
_______ _______
26,276 25,347
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Controlling party
The company is under the control of M Roarty who owns 75% of the issued share capital.