Potter Financial Partners Limited 31/12/2023 iXBRL

Potter Financial Partners Limited 31/12/2023 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 2023
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
Year ended 31 December 2023
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 year ended 31 December 2023 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 2 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 year.
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
8 March 2024
Potter Financial Partners Limited
Statement of financial position
31 December 2023
31/12/23 31/12/22
Note £ £ £ £
Fixed assets
Tangible assets 7 22,225 897
_______ _______
22,225 897
Current assets
Debtors 8 56,055 51,798
Cash at bank and in hand 44,354 34,963
_______ _______
100,409 86,761
Creditors: amounts falling due
within one year 9 ( 46,712) ( 19,232)
_______ _______
Net current assets 53,697 67,529
_______ _______
Total assets less current liabilities 75,922 68,426
Creditors: amounts falling due
after more than one year 10 ( 54,000) ( 54,000)
Provisions for liabilities 11 ( 1,966) 170
_______ _______
Net assets 19,956 14,596
_______ _______
Capital and reserves
Called up share capital 13 2 2
Profit and loss account 19,954 14,594
_______ _______
Shareholders funds 19,956 14,596
_______ _______
For the year ending 31 December 2023 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 year 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 08 March 2024 , 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
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 - - -
Profit for the year 66,594 66,594
_______ _______ _______
Total comprehensive income for the year - 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 and 1 January 2023 2 14,594 14,596
Profit for the year 130,360 130,360
_______ _______ _______
Total comprehensive income for the year - 130,360 130,360
Dividends paid and payable ( 125,000) ( 125,000)
_______ _______ _______
Total investments by and distributions to owners - ( 125,000) ( 125,000)
_______ _______ _______
At 31 December 2023 2 19,954 19,956
_______ _______ _______
Potter Financial Partners Limited
Notes to the financial statements
Year ended 31 December 2023
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Freehold property - 20 % straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 3 ).
5. Tax on profit
Major components of tax expense
Year Period
ended ended
31/12/23 31/12/22
£ £
Current tax:
UK current tax expense 42,957 15,380
_______ _______
Deferred tax:
Origination and reversal of timing differences 2,136 ( 170)
_______ _______
Tax on profit 45,093 15,210
_______ _______
6. Dividends
Equity dividends
Year Period
ended ended
31/12/23 31/12/22
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior period) 125,000 52,000
_______ _______
7. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 - 1,122 1,122
Additions 14,850 12,091 26,941
_______ _______ _______
At 31 December 2023 14,850 13,213 28,063
_______ _______ _______
Depreciation
At 1 January 2023 - 225 225
Charge for the year 2,970 2,643 5,613
_______ _______ _______
At 31 December 2023 2,970 2,868 5,838
_______ _______ _______
Carrying amount
At 31 December 2023 11,880 10,345 22,225
_______ _______ _______
At 31 December 2022 - 897 897
_______ _______ _______
8. Debtors
31/12/23 31/12/22
£ £
Trade debtors 56,055 51,798
_______ _______
9. Creditors: amounts falling due within one year
31/12/23 31/12/22
£ £
Corporation tax 42,957 15,380
Social security and other taxes 6 -
Other creditors 3,749 3,852
_______ _______
46,712 19,232
_______ _______
10. Creditors: amounts falling due after more than one year
31/12/23 31/12/22
£ £
Bank loans and overdrafts 54,000 54,000
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 January 2023 ( 170) ( 170)
Additions 2,136 2,136
_______ _______
At 31 December 2023 1,966 1,966
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31/12/23 31/12/22
£ £
Included in provisions (note 11) 1,966 ( 170)
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
31/12/23 31/12/22
£ £
Accelerated capital allowances 1,966 1,122
_______ _______
13. Called up share capital
Issued, called up and fully paid
31/12/23 31/12/22
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
14. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Year ended 31/12/23
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Martin Potter ( 785) ( 29,486) 30,177 ( 94)
_______ _______ _______ _______
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