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REGISTERED NUMBER: 02212735 (England and Wales)
















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

PRACCTICE LIMITED

PRACCTICE LIMITED (REGISTERED NUMBER: 02212735)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRACCTICE LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2022







DIRECTORS: M D French
C T Pucci
J Taylor





SECRETARY: J Taylor





REGISTERED OFFICE: Suite 1 Falstaff House
Sandys Road
Malvern
Worcestershire
WR14 1JJ





REGISTERED NUMBER: 02212735 (England and Wales)





ACCOUNTANTS: Crane & Partners
Chartered Accountants
Leonard House
5 - 7 Newman Road
Bromley
Kent
BR1 1RJ

PRACCTICE LIMITED (REGISTERED NUMBER: 02212735)

BALANCE SHEET
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 180,947 225,404
Tangible assets 5 441,362 719,942
622,309 945,346

CURRENT ASSETS
Debtors 6 247,594 12,563
Cash at bank 1,068,435 1,042,742
1,316,029 1,055,305
CREDITORS
Amounts falling due within one year 7 772,200 877,352
NET CURRENT ASSETS 543,829 177,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,166,138

1,123,299

CREDITORS
Amounts falling due after more than one
year

8

190,411

307,859
NET ASSETS 975,727 815,440

CAPITAL AND RESERVES
Called up share capital 21,280 21,280
Share premium 42,600 42,600
Revaluation reserve 9 - 84,456
Capital redemption reserve 1,120 1,120
Retained earnings 910,727 665,984
975,727 815,440

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

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

The directors acknowledge their 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.

PRACCTICE LIMITED (REGISTERED NUMBER: 02212735)

BALANCE SHEET - continued
31 March 2022


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 approved by the Board of Directors and authorised for issue on 1 September 2022 and were signed on its behalf by:





M D French - Director


PRACCTICE LIMITED (REGISTERED NUMBER: 02212735)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2022


1. STATUTORY INFORMATION

Pracctice Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on reducing balance

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.

PRACCTICE LIMITED (REGISTERED NUMBER: 02212735)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2022


2. ACCOUNTING POLICIES - continued

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 27 (2021 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2021
and 31 March 2022 444,573 225,403 669,976
AMORTISATION
At 1 April 2021 219,169 225,403 444,572
Charge for year 44,457 - 44,457
At 31 March 2022 263,626 225,403 489,029
NET BOOK VALUE
At 31 March 2022 180,947 - 180,947
At 31 March 2021 225,404 - 225,404

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2021 588,163 1,041,601 1,629,764
Disposals (207,404 ) - (207,404 )
At 31 March 2022 380,759 1,041,601 1,422,360
DEPRECIATION
At 1 April 2021 81,544 828,278 909,822
Charge for year 5,322 104,114 109,436
Eliminated on disposal (38,260 ) - (38,260 )
At 31 March 2022 48,606 932,392 980,998
NET BOOK VALUE
At 31 March 2022 332,153 109,209 441,362
At 31 March 2021 506,619 213,323 719,942

PRACCTICE LIMITED (REGISTERED NUMBER: 02212735)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2022


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 4,721 12,420
Other debtors 242,873 143
247,594 12,563

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 19,811 20,223
Trade creditors 31,330 47,906
Taxation and social security 357,424 450,454
Other creditors 363,635 358,769
772,200 877,352

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 190,411 210,459
Other creditors - 97,400
190,411 307,859

9. RESERVES
Revaluation
reserve
£   
At 1 April 2021 84,456
Revaluation reserve transfer (84,456 )

At 31 March 2022 -

10. RELATED PARTY DISCLOSURES

During the year, fees amounting to £180,000 (2021: ££168,000) were paid to Osprey Holding SLU for the services of J. Taylor.

Included in other debtors, at the year end was £228,214 (2021: £143) owed by J. Taylor. The company owed M. D. French £66,267 (2021: £71,381) at the year end.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Taylor.

The company is controlled by Osprey Holding SLU, a company registered in Andorra.