Registration number:
Nick Potter Limited
for the Year Ended 31 December 2019
Nick Potter Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Nick Potter Limited
Company Information
Director |
Mr N C Potter |
Company secretary |
Mr K S Shah |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Nick Potter Limited
for the Year Ended 31 December 2019
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 2019 as set out on pages 3 to 8 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 http://www.icaew.com/regulation.
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 financial statements 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 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.
It is your duty to ensure that Nick Potter 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 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 financial statements.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Nick Potter Limited
(Registration number: 03454746)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
- |
- |
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Current assets |
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Stocks |
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Debtors |
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|
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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 liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
( |
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Shareholders' funds |
( |
( |
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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 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
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Mr N C Potter
Director
Nick Potter Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital and incorporated in England. The registered office is shown on page 1.
The principal place of business is:
White Cottage
Burtonhole Lane
Mill Hill
London
NW7 1AG
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 except where otherwise disclosed in these accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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.
Going concern
The director is of the opinion that the preparation of the financial statements on a going concern basis is justified on the grounds that assurance has been received from the shareholders that the company will continue to be supported for at least a year from the date of signing these financial statements.
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
Nick Potter Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Tax
The tax expense for the period comprises current and, where applicable deferred tax. Tax is recognised in statement of income, except that a change 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.
Deferred tax is recognised on all timing differences arising between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Current and deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are stated in the statement of financial position at historical 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, evenly over their estimated useful lives, as follows:
Asset class |
Asset life |
Fixtures and fittings |
3 years |
Office equipment |
2 years |
Cash and cash equivalents
Cash comprises cash at bank and in hand and includes deposits repayable on demand.
Financial instruments
Nick Potter Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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.
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 creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Pension costs
The pension charge represents the amount paid by the company into the director's personal pension plan.
Employee information |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 January 2019 |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
- |
- |
- |
At 31 December 2018 |
- |
- |
- |
Nick Potter Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Stocks |
2019 |
2018 |
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Finished goods |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
2,375 |
2,565 |
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Creditors: Amounts falling due within one year |
2019 |
2018 |
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Trade creditors |
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Taxation and social security |
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Shareholder's loan |
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Accruals |
- |
10,900 |
Director's current account |
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Nick Potter Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Related party transactions |
Loans from related parties
2019 |
Director |
Shareholder |
At start of year |
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Repaid during the year |
( |
- |
At end of year |
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2018 |
Director |
Shareholder |
At start of year |
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Advanced during the year |
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- |
At end of year |
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Terms of loans from related parties
Control |