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Potential Minds Ltd

Registered Number
13054582
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Potential Minds Ltd
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

Joseph Michel ABOU ROUS
Jacqueline Sarah LAWSON,

Registered Address

2 Downside Close
Eastbourne
BN20 8EL

Registered Number

13054582 (England and Wales)
Potential Minds Ltd
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets33,2261,977
3,2261,977
Current assets
Debtors41112
Cash at bank and on hand14,52415,391
14,93515,403
Creditors amounts falling due within one year4(6,684)(15,167)
Net current assets (liabilities)8,251236
Total assets less current liabilities11,4772,213
Net assets11,4772,213
Capital and reserves
Called up share capital100100
Profit and loss account11,3772,113
Shareholders' funds11,4772,213
The financial statements were approved and authorised for issue by the Board of Directors on 27 June 2025, and are signed on its behalf by:
Jacqueline Sarah LAWSON,
Director
Joseph Michel ABOU ROUS
Director

Registered Company No. 13054582
Potential Minds Ltd
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 243,4313,431
Additions1,9651,965
At 31 December 245,3965,396
Depreciation and impairment
At 01 January 241,4541,454
Charge for year716716
At 31 December 242,1702,170
Net book value
At 31 December 243,2263,226
At 31 December 231,9771,977
4.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts2,4278,385
Taxation and social security2,3493,205
Accrued liabilities and deferred income1,9083,577
Total6,68415,167