1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 7,469 2,918 4,551 6,008 395 2,918 3,485 1,066 1,461 xbrli:pure xbrli:shares iso4217:GBP 04771511 2023-08-01 2024-07-31 04771511 2024-07-31 04771511 2023-07-31 04771511 2022-08-01 2023-07-31 04771511 2023-07-31 04771511 2022-07-31 04771511 core:FurnitureFittings 2023-08-01 2024-07-31 04771511 bus:Director1 2023-08-01 2024-07-31 04771511 core:WithinOneYear 2024-07-31 04771511 core:WithinOneYear 2023-07-31 04771511 core:FurnitureFittings 2023-07-31 04771511 core:FurnitureFittings 2024-07-31 04771511 core:ShareCapital 2024-07-31 04771511 core:ShareCapital 2023-07-31 04771511 core:RetainedEarningsAccumulatedLosses 2024-07-31 04771511 core:RetainedEarningsAccumulatedLosses 2023-07-31 04771511 core:FurnitureFittings 2023-07-31 04771511 bus:SmallEntities 2023-08-01 2024-07-31 04771511 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04771511 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 04771511 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04771511 bus:FullAccounts 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 04771511
GREAT POTENTIAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2024
GREAT POTENTIAL LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,066
1,461
CURRENT ASSETS
Debtors
6
8,172
2,340
Cash at bank and in hand
2,482
7,348
--------
-------
10,654
9,688
CREDITORS: amounts falling due within one year
7
16,494
19,890
--------
--------
NET CURRENT LIABILITIES
5,840
10,202
-------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 4,774)
( 8,741)
PROVISIONS
Taxation including deferred tax
264
-------
-------
NET LIABILITIES
( 5,038)
( 8,741)
-------
-------
GREAT POTENTIAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
( 5,040)
( 8,743)
-------
-------
SHAREHOLDERS FUNDS
( 5,038)
( 8,741)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 March 2025 , and are signed on behalf of the board by:
Mr J F Gallery
Director
Company registration number: 04771511
GREAT POTENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Lorraine Avenue, Elvington, York, YO41 5BB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The company has net current liabilities and its financial position is dependent upon the support of its director. The director has indicated that he will continue to support the company for the foreseeable future. Consequently, the director considers it is appropriate to prepare accounts on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
(g) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(h) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 August 2023
7,469
7,469
Disposals
( 2,918)
( 2,918)
-------
-------
At 31 July 2024
4,551
4,551
-------
-------
Depreciation
At 1 August 2023
6,008
6,008
Charge for the year
395
395
Disposals
( 2,918)
( 2,918)
-------
-------
At 31 July 2024
3,485
3,485
-------
-------
Carrying amount
At 31 July 2024
1,066
1,066
-------
-------
At 31 July 2023
1,461
1,461
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
7,907
2,202
Other debtors
265
138
-------
-------
8,172
2,340
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
58
92
Accruals and deferred income
200
310
Corporation tax
604
Social security and other taxes
1,015
Director's loan account
15,169
18,473
Other creditors
463
--------
--------
16,494
19,890
--------
--------
8. Related party transactions
During the year the director made available loans to the company. These loans were interest free and repayable on demand. At the year end the balance of these loans was £15,169 (2023 - £18,473).