Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falsemedical educational consultancy11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11837551 2023-04-01 2024-03-31 11837551 2022-04-01 2023-03-31 11837551 2024-03-31 11837551 2023-03-31 11837551 c:Director1 2023-04-01 2024-03-31 11837551 d:OfficeEquipment 2023-04-01 2024-03-31 11837551 d:OfficeEquipment 2024-03-31 11837551 d:OfficeEquipment 2023-03-31 11837551 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11837551 d:CurrentFinancialInstruments 2024-03-31 11837551 d:CurrentFinancialInstruments 2023-03-31 11837551 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11837551 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11837551 d:ShareCapital 2024-03-31 11837551 d:ShareCapital 2023-03-31 11837551 d:RetainedEarningsAccumulatedLosses 2024-03-31 11837551 d:RetainedEarningsAccumulatedLosses 2023-03-31 11837551 c:FRS102 2023-04-01 2024-03-31 11837551 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11837551 c:FullAccounts 2023-04-01 2024-03-31 11837551 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11837551 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 11837551










STIRLING POTENTIAL LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
STIRLING POTENTIAL LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STIRLING POTENTIAL LTD
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 Stirling Potential Ltd 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 Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Stirling Potential Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Stirling Potential Ltd and state those matters that we have agreed to state to the director of Stirling Potential Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stirling Potential Ltd and its director for our work or for this report. 

It is your duty to ensure that Stirling Potential Ltd 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 Stirling Potential Ltd. You consider that Stirling Potential Ltd 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 Stirling Potential Ltd. 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.

  



Shorts
 
2 Ashgate Road
Chesterfield
S40 4AA
19 November 2024
Page 1

 
STIRLING POTENTIAL LTD
REGISTERED NUMBER: 11837551

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,640
1,783

  
1,640
1,783

Current assets
  

Debtors: amounts falling due within one year
 5 
41,750
10,750

Cash at bank and in hand
  
70,247
116,248

  
111,997
126,998

Creditors: amounts falling due within one year
 6 
(7,838)
(10,667)

Net current assets
  
 
 
104,159
 
 
116,331

  

Net assets
  
105,799
118,114


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
105,699
118,014

  
105,799
118,114


Page 2

 
STIRLING POTENTIAL LTD
REGISTERED NUMBER: 11837551
    
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 on 19 November 2024.


Dr S Stirling
Director

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

Page 3

 
STIRLING POTENTIAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Stirling Potential Ltd is a private company limited by shares, incorporated in England and Wales (registered number: 11837551). Its registered office is SIF 8, Showroom Workstation, 15 Paternoster Row, Sheffield, S1 2BX. The principal activity throughout the year continued to be that of medical education consultancy.

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 company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.

Page 4

 
STIRLING POTENTIAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.


 
2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
20%

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.

Page 5

 
STIRLING POTENTIAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 
2.7

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

2024
2023
£
£

Cost of defined contribution scheme
37,000
25,000

37,000
25,000


The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
STIRLING POTENTIAL LTD
 
 
 
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
3,604


Additions
266



At 31 March 2024

3,870



Depreciation


At 1 April 2023
1,821


Charge for the year on owned assets
409



At 31 March 2024

2,230



Net book value



At 31 March 2024
1,640



At 31 March 2023
1,783


5.


Debtors

2024
2023
£
£


Trade debtors
41,650
10,650

Other debtors
100
100

41,750
10,750


Page 7

 
STIRLING POTENTIAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
6,293
9,178

Other creditors
45
49

Accruals and deferred income
1,500
1,440

7,838
10,667



7.


Pension commitments

The Company operates a defined contributions 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 £37,000 (2023 - £25,000) . Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 8