Potential Solutions Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07331903

Unaudited Financial Statements for the Year Ended 31 July 2022

for

POTENTIAL SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Ms A Mansuri

REGISTERED OFFICE:

Third Floor

126 - 134 Baker Street

London

W1U 6UE

REGISTERED NUMBER:

07331903

ACCOUNTANTS:

Butler & Co LLP

Chartered Accountants

Third Floor

126-134 Baker Street

London

W1U 6UE

FIXED ASSETS

Tangible assets

4

487

703

CURRENT ASSETS

Debtors

5

84,314

26,663

Cash at bank

166,056

194,998

250,370

221,661

CREDITORS

Amounts falling due within one year

6

31,328

32,676

NET CURRENT ASSETS

219,042

188,985

TOTAL ASSETS LESS CURRENT LIABILITIES

219,529

189,688

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

219,528

189,687

SHAREHOLDERS' FUNDS

219,529

189,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the director and authorised for issue on 24 April 2023 and were signed by:

Ms A Mansuri - Director

1.	STATUTORY INFORMATION

Potential Solutions Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors consider that the financial resources available to the Company are adequate to meet its operational needs for the foreseeable future or at least 12 months from the date of signature of these accounts. Accordingly, the going concern basis has been adopted in preparing these financial statements.

Turnover

Turnover represents net invoiced value of services excluding value added tax.

Revenue is recognised when delivery of services is accepted by the customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 August 2021

and 31 July 2022

2,471

DEPRECIATION

At 1 August 2021

1,768

Charge for year

216

At 31 July 2022

1,984

NET BOOK VALUE

At 31 July 2022

487

At 31 July 2021

703

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

84,314

25,000

Other debtors

-

1,663

84,314

26,663

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

9,215

-

Tax

13,180

19,234

Social security and other taxes

1,836

1,734

Pension control

17

15

VAT

3,232

2,100

Directors' current accounts

1

1,894

Accrued expenses

3,847

7,699

31,328

32,676

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary

1

1

1

8.

RESERVES

Retained

earnings

£

At 1 August 2021

189,687

Profit for the year

54,841

Dividends

(25,000

)

At 31 July 2022

219,528

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed £1 (2021: £1,894) to A. Mansuri, a company director.

10.	ULTIMATE CONTROLLING PARTY