Company registration number 05353087 (England and Wales)
POTOMAC CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
POTOMAC CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
POTOMAC CAPITAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,733,600
1,733,600
Investments
4
5,551
5,666
1,739,151
1,739,266
Current assets
Stocks
5
374,065
374,065
Debtors
6
40,000
40,000
Investments
7
-
0
118
Cash at bank and in hand
2,266
36,474
416,331
450,657
Creditors: amounts falling due within one year
8
(22,473)
(9,136)
Net current assets
393,858
441,521
Total assets less current liabilities
2,133,009
2,180,787
Provisions for liabilities
(74,381)
(82,390)
Net assets
2,058,628
2,098,397
Capital and reserves
Called up share capital
1
1
Revaluation reserve
960,170
960,170
Profit and loss reserves
1,098,457
1,138,226
Total equity
2,058,628
2,098,397
- 1 -
POTOMAC CAPITAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
W H McInteer
W H McInteer
Director
Company registration number 05353087 (England and Wales)
- 2 -
POTOMAC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
Company information

Potomac Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gresham House, 5-7 St. Paul's Street, Leeds, LS1 2JG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.

 

Turnover is measured at the fair value of the consideration received or receivable.

 

Turnover represents sales of services attributable to property rental.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.5
Fixed asset investments

Investments in subsidiary undertakings are stated at cost less any provision for impairment.

 

Other investments held as fixed assets are stated in the balance sheet at cost less any provision for impairment.

 

Investments held as current assets are stated at market value at the balance sheet date. The difference between historic cost and market value is recognised through the profit and loss account.

1.6
Stocks

Stocks, which comprise development sites are stated at the lower of cost and net realisable value.

- 3 -
POTOMAC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
- 4 -
POTOMAC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
1,733,600

The figure for Investment property represents a property in Majorca, Spain. The property is held for its investment potential, any rental income being negotiated at arms length. The property is valued by the director in the balance sheet at £1,733,600 (2023: £1,733,600).

 

4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
5,551
5,666
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
5,666
Disposals
(115)
At 31 December 2024
5,551
Carrying amount
At 31 December 2024
5,551
At 31 December 2023
5,666
5
Stocks
2024
2023
£
£
Stocks
374,065
374,065
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
40,000
40,000
- 5 -
POTOMAC CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Current asset investments
2024
2023
£
£
Other investments
-
0
118
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
21
21
Other creditors
22,452
9,115
22,473
9,136
9
Parent company

The immediate and ultimate parent undertaking is New Potomac Limited, which is registered in Scotland.

 

New Potomac Limited is controlled by directors Warren H McInteer and Suzanne L McInteer.

- 6 -
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