Registered number
10979649
THE INNER POTENTIAL LTD
Filleted Accounts
30 September 2024
THE INNER POTENTIAL LTD
Registered number: 10979649
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 373 802
Current assets
4 1,120 596
Cash at bank and in hand 11,825 10,456
12,945 11,052
Creditors: amounts falling due within one year 5 (5,967) (7,237)
Net current assets 6,978 3,815
Total assets less current liabilities 7,351 4,617
Creditors: amounts falling due after more than one year 6 (1,992) (4,293)
Provisions for liabilities (71) (152)
Net assets 5,288 172
Capital and reserves
Called up share capital 1 1
Profit and loss account 5,287 171
Shareholder's funds 5,288 172
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Suzanne Pullen
Director
Approved by the board on 13 March 2025
THE INNER POTENTIAL LTD
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer and office equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Going concern
At the balance sheet date the company's total liabilities exceeded its total assets. The financial statements have been prepared on a going concern basis, the validity of which depends on the continuing support of the company's bankers and other creditors. The financial statements do not include any adjustments that would result from the withdrawal of this support.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Computer & office equipment
£
Cost
At 1 October 2023 3,638
At 30 September 2024 3,638
Depreciation
At 1 October 2023 2,836
Charge for the year 429
At 30 September 2024 3,265
Net book value
At 30 September 2024 373
At 30 September 2023 802
4 Debtors 2024 2023
£ £
Trade debtors 573 453
Prepayments 547 143
1,120 596
5 Creditors: amounts falling due within one year 2024 2023
£ £
Deferred income 3,100 5,019
Trade creditors 374 33
Taxation and social security costs 1,641 1,357
Accruals 852 828
5,967 7,237
6 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account 1,992 4,293
7 Controlling party
Suzanne Pullen is the controlling party by virtue of holding 100% of the company's share capital.
8 Other information
THE INNER POTENTIAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
International House
142 Cromwell Road
London
SW7 4EF
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