Potenza Enterprises Limited Filleted accounts for Companies House (small and micro)
Potenza Enterprises Limited Filleted accounts for Companies House (small and micro)
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
COMPANY REGISTRATION NUMBER:
03964504
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FOR THE YEAR ENDED |
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REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
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YEAR ENDED 31 OCTOBER 2019
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
2019 |
2018 |
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Note |
£ |
£ |
£ |
£ |
Fixed assets
Tangible assets |
4 |
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Investments |
5 |
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Current assets
Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
16 December 2019
, and are signed on behalf of the board by:
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Director |
Company registration number:
03964504
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
YEAR ENDED 31 OCTOBER 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Consolidation
Judgements and key sources of estimation uncertainty
Revenue recognition
Tangible assets
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 |
- |
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Computer Equipment |
- |
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Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Impairment of fixed assets
Financial instruments
4.
Tangible assets
£ |
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Cost |
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At 1 November 2018 |
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Additions |
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At 31 October 2019 |
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Depreciation |
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At 1 November 2018 |
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Charge for the year |
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At 31 October 2019 |
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Carrying amount |
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At 31 October 2019 |
6,052 |
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At 31 October 2018 |
1,321 |
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5.
Investments
£ |
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Cost |
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At 1 November 2018 and 31 October 2019 |
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Impairment |
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At 1 November 2018 and 31 October 2019 |
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Carrying amount |
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At 31 October 2019 |
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At 31 October 2018 |
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6.
Debtors
Debtors include amounts of £– (2018: £2,276,196) falling due after more than one year.
7.
Related party transactions
At the balance sheet date the company was owed £2,219,196 (2018: £2,276,196) by Westfield Technology Group Limited (formerly Potenza Sports Cars Limited).