Potter Financial Partners Limited 31/12/2022 iXBRL

Potter Financial Partners Limited 31/12/2022 iXBRL

POTTER FINANCIAL PARTNERS LTD - Company Information

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Company registration number: 13786582
Potter Financial Partners Limited
Unaudited filleted financial statements
31 December 2022
Potter Financial Partners Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Potter Financial Partners Limited
Directors and other information
Director Mr Martin Potter
Company number 13786582
Registered office 17 High Street
Ting
Hertfordshire
HP23 5AH
Business address 17 High Street
Ting
Hertfordshire
HP23 5AH
Accountant Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Potter Financial Partners Limited
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of Potter Financial Partners Limited
Period ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Potter Financial Partners Limited for the period ended 31 December 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Potter Financial Partners Limited, as a body, in accordance with the terms of my engagement letter dated 1 March 2022. My work has been undertaken solely to prepare for your approval the financial statements of Potter Financial Partners Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Potter Financial Partners Limited and its director as a body for my work or for this report.
It is your duty to ensure that Potter Financial Partners Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Potter Financial Partners Limited. You consider that Potter Financial Partners Limited is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the financial statements of Potter Financial Partners Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
14 March 2023
Potter Financial Partners Limited
Statement of financial position
31 December 2022
31/12/22
Note £ £
Fixed assets
Tangible assets 7 897
_______
897
Current assets
Debtors 8 51,798
Cash at bank and in hand 34,963
_______
86,761
Creditors: amounts falling due
within one year 9 ( 19,232)
_______
Net current assets 67,529
_______
Total assets less current liabilities 68,426
Creditors: amounts falling due
after more than one year 10 ( 54,000)
Provisions for liabilities 11 170
_______
Net assets 14,596
_______
Capital and reserves
Called up share capital 13 2
Profit and loss account 14,594
_______
Shareholders funds 14,596
_______
For the period ending 31 December 2022 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 period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2023 , and are signed on behalf of the board by:
Mr Martin Potter
Director
Company registration number: 13786582
Potter Financial Partners Limited
Statement of changes in equity
Period ended 31 December 2022
Called up share capital Profit and loss account Total
£ £ £
At 7 December 2021 - - -
Profit for the period 66,594 66,594
_______ _______ _______
Total comprehensive income for the period - 66,594 66,594
Issue of shares 2 2
Dividends paid and payable ( 52,000) ( 52,000)
_______ _______ _______
Total investments by and distributions to owners 2 ( 52,000) ( 51,998)
_______ _______ _______
At 31 December 2022 2 14,594 14,596
_______ _______ _______
Potter Financial Partners Limited
Notes to the financial statements
Period ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 High Street, Ting, Hertfordshire, HP23 5AH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3
5. Tax on profit
Major components of tax expense
Period
ended
31/12/22
£
Current tax:
UK current tax expense 15,380
_______
Deferred tax:
Origination and reversal of timing differences ( 170)
_______
Tax on profit 15,210
_______
6. Dividends
Equity dividends
Period
ended
31/12/22
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior year) 52,000
_______
7. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 7 December 2021 - -
Additions 1,122 1,122
_______ _______
At 31 December 2022 1,122 1,122
_______ _______
Depreciation
At 7 December 2021 - -
Charge for the year 225 225
_______ _______
At 31 December 2022 225 225
_______ _______
Carrying amount
At 31 December 2022 897 897
_______ _______
8. Debtors
31/12/22
£
Trade debtors 51,798
_______
9. Creditors: amounts falling due within one year
31/12/22
£
Corporation tax 15,380
Other creditors 3,852
_______
19,232
_______
10. Creditors: amounts falling due after more than one year
31/12/22
£
Loans and overdrafts 54,000
_______
11. Provisions
Deferred tax (note 12) Total
£ £
At 7 December 2021 - -
Additions ( 170) ( 170)
_______ _______
At 31 December 2022 ( 170) ( 170)
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31/12/22
£
Included in provisions (note 11) ( 170)
_______
The deferred tax account consists of the tax effect of timing differences in respect of:
31/12/22
£
Accelerated capital allowances 1,122
_______
13. Called up share capital
Issued, called up and fully paid
31/12/22
No £
shares of £ 1.00 each 2 2
_______ _______
Share movements
No £
At 7 December 2021 - -
Issue of shares 2 2
_______ _______
At 31 December 2022 2 2
_______ _______
14. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 31/12/22
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Martin Potter - 24,489 ( 25,274) ( 785)
_______ _______ _______ _______
15. Controlling party
Mr M Potter is the controlling party of the company