Chartered Accountants' Report to the Director on the Preparation of the Unaudited Financial Statements of
Nick Potter Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nick Potter Limited for the year ended 31 December 2024 which comprise the statement of comprehensive income, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Nick Potter Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Nick Potter Limited. You consider that Nick Potter Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nick Potter Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the director of Nick Potter Limited, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Nick Potter Limited and state those matters that we have agreed to state to the director of Nick Potter Limited, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nick Potter Limited and its director for our work or for this report.

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

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

29 September 2025

Nick Potter Limited

(Registration number: 03454746)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Current assets
Stocks	5	36,339	38,770
Debtors	6	5,708	3,466
Cash at bank and in hand		1,361	3,341
		43,408	45,577
Creditors: Amounts falling due within one year	7	(354,940)	(348,736)
Net liabilities		(311,532)	(303,159)
Capital and reserves
Called up share capital	8	70,000	70,000
Profit and loss account		(381,532)	(373,159)
Shareholders' deficit		(311,532)	(303,159)

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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the director's report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the director on 29 September 2025
 

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N C Potter

Director

Nick Potter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital and incorporated in England. The registered office address is shown on page 1.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will be able to meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date on which the financial statements are approved. The company is dependent on the continuing support of its shareholders to meet its liabilities and the shareholders have confirmed that they will provide financial support to enable the company to meet its obligations as they fall due for the foreseeable future.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and Value Added Tax.

Foreign currency transactions and balances

Transactions in currencies other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to profit and loss. Non-monetary items that are measured at historical cost in a foreign currency are not re-translated.

Tax

The tax expense for the year comprises current and, where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Nick Potter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Deferred tax is recognised on all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using 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.

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Asset life
Fixtures and fittings	3 years
Office equipment	2 years

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised costs using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash at bank and in hand

This comprises cash at bank and in hand.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Nick Potter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and in hand, trade and other debtors and trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method.

Pension costs

The pension charge represents the amount paid by the company into the director's personal pension plan.

3	Director and employees information

The company had no employees (2023 - none) and 1 director (2023 - 1) during the year.

4	Tangible assets

	Fixtures and fittings  £	Office equipment  £	Total £
Cost
At 1 January 2024	6,567	8,747	15,314
At 31 December 2024	6,567	8,747	15,314
Depreciation
At 1 January 2024	6,567	8,747	15,314
At 31 December 2024	6,567	8,747	15,314
Carrying amount
At 31 December 2024	-	-	-
At 31 December 2023	-	-	-

5

Stocks

	2024 £	2023 £
Finished goods	36,339	38,770

Nick Potter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

	2024 £	2023 £
Trade debtors	3,974	2,999
Prepayments	474	467
Other debtors	1,260	-
	5,708	3,466

7	Creditors: Amounts falling due within one year

	Note	2024 £	2023 £
Trade creditors		28,857	34,829
Other taxes and social security		8,133	5,083
Shareholder's loan	9	99,650	99,650
Director's current account	9	200,723	193,449
Other creditors		17,577	15,725
		354,940	348,736

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	70,000	70,000	70,000	70,000

Nick Potter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9	Related party transactions

Loans from related parties

2024	Director £	Shareholder £
At start of year	193,449	99,650
Advanced during the year	38,901	-
Repaid during the year	(31,627)	-
At end of year	200,723	99,650

2023	Director £	Shareholder £
At start of year	190,854	99,650
Advanced during the year	45,392	-
Repaid during the year	(42,797)	-
At end of year	193,449	99,650

Terms of loans from related parties

Loan from the director of the company is unsecured, interest free and repayable on demand.
 Loan from a shareholder of the company is unsecured, interest free and repayable on demand.

10	Controlling party

There is no controlling party as no shareholder has more than 50% beneficial holding in the company.