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REGISTERED NUMBER: 06821201 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

UNTAPPED POTENTIAL LTD

UNTAPPED POTENTIAL LTD (REGISTERED NUMBER: 06821201)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


UNTAPPED POTENTIAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P A Hills
Mrs G F Hills-Brown





SECRETARY: Mrs G F Hills-Brown





REGISTERED OFFICE: Office 25 Oaktree Business Court
Mill Lane
Ness
Cheshire
CH64 8TP





REGISTERED NUMBER: 06821201 (England and Wales)





ACCOUNTANTS: Michael Donnan & Co Limited
Oaktree Court Business Ctr
Mill Lane
Ness
Cheshire
CH64 8TP

UNTAPPED POTENTIAL LTD (REGISTERED NUMBER: 06821201)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 213 664

CURRENT ASSETS
Debtors 5 38,555 16,138
Cash at bank 34,699 61,120
73,254 77,258
CREDITORS
Amounts falling due within one year 6 59,335 53,668
NET CURRENT ASSETS 13,919 23,590
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,132

24,254

CREDITORS
Amounts falling due after more than
one year

7

12,500

22,500
NET ASSETS 1,632 1,754

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 1,532 1,654
SHAREHOLDERS' FUNDS 1,632 1,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

UNTAPPED POTENTIAL LTD (REGISTERED NUMBER: 06821201)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2024 and were signed on its behalf by:





P A Hills - Director


UNTAPPED POTENTIAL LTD (REGISTERED NUMBER: 06821201)

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


1. STATUTORY INFORMATION

Untapped Potential Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Transactions are rounded to the nearest £.

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

UNTAPPED POTENTIAL LTD (REGISTERED NUMBER: 06821201)

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


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 8,690
DEPRECIATION
At 1 April 2023 8,026
Charge for year 451
At 31 March 2024 8,477
NET BOOK VALUE
At 31 March 2024 213
At 31 March 2023 664

5. DEBTORS
31/3/24 31/3/23
£    £   
Amounts falling due within one year:
Trade debtors 3,000 4,680
Directors' current accounts 31,291 -
Prepayments and accrued income 674 618
34,965 5,298

Amounts falling due after more than one year:
Other debtors 3,590 10,840

Aggregate amounts 38,555 16,138

UNTAPPED POTENTIAL LTD (REGISTERED NUMBER: 06821201)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 9,999 10,000
Trade creditors 2,300 5,755
Tax 32,273 22,400
Social security and other taxes 253 1,983
VAT 6,759 10,278
Other creditors - 123
Directors' current accounts - 311
Accrued expenses 7,751 2,818
59,335 53,668

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 2,500 12,500
12,500 22,500

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained
earnings
£   

At 1 April 2023 1,654
Profit for the year 40,878
Dividends (41,000 )
At 31 March 2024 1,532

UNTAPPED POTENTIAL LTD (REGISTERED NUMBER: 06821201)

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


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31/3/24 31/3/23
£    £   
P A Hills
Balance outstanding at start of year - -
Amounts advanced 87,221 -
Amounts repaid (55,930 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,291 -

11. RELATED PARTY DISCLOSURES

Untapped Potential Recruitment Limited
A company which has a common director and shareholder.

During the year ended 31 March 2020, Untapped Potential Limited made an interest free loan to Untapped Potential Recruitment Limited of £18,050 in order to provide working capital for the new business. The balance of the loan at 31 March 2023 was £10,840. During the year ended 31 March 2024, repayments totalling £7,250 were received, reducing the loan balance at 31 March 2024 to £3,590.