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Registered Number: SC767490
England and Wales

 

 

 

POTENTIAL TRADE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 27 April 2023

End date: 30 April 2024
Directors Gurpreet SINGH
Taranveer SINGH
Registered Number SC767490
Registered Office 6
Dickson street
Hawick
TD9 7EL
Accountants TRISTAR ACCOUNTANTS LTD
61A
East Street
Barking
IG11 8EJ
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 April 2024.
Principal activities
Principal activity of the company during the financial period was of Retail sale in non-specialized stores with food, beverages or tobacco predominating.
Directors
The directors who served the company throughout the period were as follows:
Gurpreet SINGH
Taranveer SINGH
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Taranveer SINGH
Director

Date approved: 20 January 2025
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 April 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
TRISTAR ACCOUNTANTS LTD
30 April 2024



....................................................

TRISTAR ACCOUNTANTS LTD

61A
East Street
Barking
IG11 8EJ
20 January 2025
3
 
 
Notes
 
2024
£
Current assets    
Stocks 3 125,600 
Debtors 4 1,895 
Cash at bank and in hand 2 
127,497 
Creditors: amount falling due within one year 5 (2,159)
Net current assets 125,338 
 
Total assets less current liabilities 125,338 
Creditors: amount falling due after more than one year 6 (116,144)
Net assets 9,194 
 

Capital and reserves
   
Profit and loss account 9,194 
Shareholders' funds 9,194 
 


For the period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 20 January 2025 and were signed on its behalf by:


-------------------------------
Taranveer SINGH
Director
4
  Revaluation reserve   Capital redemption reserve   Retained Earnings   Total
£ £ £ £
At 27 April 2023
Profit for the period 9,194  9,194 
Total comprehensive income for the period 9,194  9,194 
Total investments by and distributions to owners
At 30 April 2024 9,194  9,194 
5
General Information
Potential Trade Ltd is a private company, limited by shares, registered in England and Wales, registration number SC767490, registration address 6, Dickson street, Hawick, TD9 7EL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the period was 0.
3.

Stocks

2024
£
Stocks 125,600 
125,600 

4.

Debtors: amounts falling due within one year

2024
£
Directors' Current Accounts 1,895 
1,895 

5.

Creditors: amount falling due within one year

2024
£
Corporation Tax 2,159 
2,159 

6.

Creditors: amount falling due after more than one year

2024
£
Inter comp - HAWICK 63,368 
Inter company Pot retail 52,776 
116,144 

6