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REGISTERED NUMBER: OC360986 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

DEVELOPMENT POTENTIAL LLP

DEVELOPMENT POTENTIAL LLP (REGISTERED NUMBER: OC360986)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DEVELOPMENT POTENTIAL LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: P N Cottis
Mrs N J Cottis





REGISTERED OFFICE: The Gardens
Grenehurst Park
Horsham Road, Capel
Dorking
Surrey
RH5 5JH





REGISTERED NUMBER: OC360986 (England and Wales)





ACCOUNTANTS: Sophic Finance Ltd
Chartered Accountants
Little Coombe
Longfield Road
Dorking
Surrey
RH4 3DE

DEVELOPMENT POTENTIAL LLP (REGISTERED NUMBER: OC360986)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,122 6,291

CURRENT ASSETS
Debtors 5 959 13,615
Cash at bank 5,974 2,886
6,933 16,501
CREDITORS
Amounts falling due within one year 6 3,321 4,859
NET CURRENT ASSETS 3,612 11,642
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

7,734

17,933

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

2,734

4,933

MEMBERS' OTHER INTERESTS
Capital accounts 5,000 13,000
7,734 17,933

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 2,734 4,933
Members' other interests 5,000 13,000
7,734 17,933

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

DEVELOPMENT POTENTIAL LLP (REGISTERED NUMBER: OC360986)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 25 July 2024 and were signed by:





Mrs N J Cottis - Designated member

DEVELOPMENT POTENTIAL LLP (REGISTERED NUMBER: OC360986)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Development Potential LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 7,784 23,416 9,693 40,893
Additions - - 41 41
At 31 March 2024 7,784 23,416 9,734 40,934
DEPRECIATION
At 1 April 2023 4,415 21,686 8,501 34,602
Charge for year 842 433 935 2,210
At 31 March 2024 5,257 22,119 9,436 36,812
NET BOOK VALUE
At 31 March 2024 2,527 1,297 298 4,122
At 31 March 2023 3,369 1,730 1,192 6,291

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 959 13,615

DEVELOPMENT POTENTIAL LLP (REGISTERED NUMBER: OC360986)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 1
Taxation and social security 2,031 3,598
Other creditors 1,290 1,260
3,321 4,859

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 2,734 4,933

Falling due within one year 2,734 4,933

Loans and other debts due to members rank behind other creditors.