Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true12023-04-01falseNo description of principal activity1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07118116 2023-04-01 2024-03-31 07118116 2024-03-31 07118116 2022-04-01 2023-03-31 07118116 2023-03-31 07118116 c:Director1 2023-04-01 2024-03-31 07118116 d:OfficeEquipment 2023-04-01 2024-03-31 07118116 d:OfficeEquipment 2024-03-31 07118116 d:OfficeEquipment 2023-03-31 07118116 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07118116 d:CurrentFinancialInstruments 2024-03-31 07118116 d:CurrentFinancialInstruments 2023-03-31 07118116 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07118116 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07118116 d:ShareCapital 2024-03-31 07118116 d:ShareCapital 2023-03-31 07118116 d:RetainedEarningsAccumulatedLosses 2024-03-31 07118116 d:RetainedEarningsAccumulatedLosses 2023-03-31 07118116 c:FRS102 2023-04-01 2024-03-31 07118116 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07118116 c:FullAccounts 2023-04-01 2024-03-31 07118116 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07118116 2 2023-04-01 2024-03-31 07118116 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 07118116


POTENTIAL P LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
POTENTIAL P LIMITED
 
 
  
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF POTENTIAL P LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Potential P Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the director of Potential P Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Potential P Limited and state those matters that we have agreed to state to the director of Potential P Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Potential P Limited and its director for our work or for this report. 

It is your duty to ensure that Potential P Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Potential P Limited. You consider that Potential P Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Potential P Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Wellers
Accountants
1 Vincent Square
London
SW1P 2PN
18 November 2024
Page 1

 
POTENTIAL P LIMITED
REGISTERED NUMBER: 07118116

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
680

  
-
680

Current assets
  

Debtors: amounts falling due within one year
 5 
4,667
26,226

Cash at bank and in hand
 6 
81,679
63,586

  
86,346
89,812

Creditors: amounts falling due within one year
 7 
(13,363)
(18,586)

Net current assets
  
 
 
72,983
 
 
71,226

Total assets less current liabilities
  
72,983
71,906

  

Net assets
  
72,983
71,906


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
72,883
71,806

  
72,983
71,906


Page 2

 
POTENTIAL P LIMITED
REGISTERED NUMBER: 07118116
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 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: 



................................................
S Peckham
Director

Date: 18 November 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
POTENTIAL P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Potential P Limited is a limited liability company. The company is incorporated in England and Wales. The registered office is 1 Vincent Square, London, SW1P 2PN. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

 
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. 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.

Page 4

 
POTENTIAL P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.

 
2.7

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:

Office equipment
-
33%
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.

 
2.8

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.

Page 5

 
POTENTIAL P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

 
2.11

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 1 (2023 - 1).

Page 6

 
POTENTIAL P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
5,202



At 31 March 2024

5,202



Depreciation


At 1 April 2023
4,522


Charge for the year on owned assets
680



At 31 March 2024

5,202



Net book value



At 31 March 2024
-



At 31 March 2023
680


5.


Debtors

2024
2023
£
£


Trade debtors
3,360
25,419

Prepayments and accrued income
1,307
807

4,667
26,226



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
81,679
63,586

81,679
63,586


Page 7

 
POTENTIAL P LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
8,455
12,096

Other taxation and social security
2,508
3,173

Other creditors
-
917

Accruals and deferred income
2,400
2,400

13,363
18,586



8.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,970 (2023: £33,880). Contributions totaling £Nil (2023: £Nil) were payable to the fund at the balance sheet date.


9.


Related party transactions

At the balance sheet date, included in creditors due within one year is an amount of £Nil (2023: £Nil) owed from director, S Peckham. This loan has been made interest free and there are no strict repayment terms.

 
Page 8