Practical Safety Ltd 07962004 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of Health & Safety Consultany and Training. Digita Accounts Production Advanced 6.30.9574.0 true 07962004 2022-03-01 2023-02-28 07962004 2023-02-28 07962004 bus:Director1 1 2023-02-28 07962004 core:RetainedEarningsAccumulatedLosses 2023-02-28 07962004 core:ShareCapital 2023-02-28 07962004 core:CurrentFinancialInstruments 2023-02-28 07962004 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07962004 core:Non-currentFinancialInstruments 2023-02-28 07962004 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 07962004 core:FurnitureFittingsToolsEquipment 2023-02-28 07962004 bus:SmallEntities 2022-03-01 2023-02-28 07962004 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07962004 bus:FullAccounts 2022-03-01 2023-02-28 07962004 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 07962004 bus:RegisteredOffice 2022-03-01 2023-02-28 07962004 bus:Director1 2022-03-01 2023-02-28 07962004 bus:Director1 1 2022-03-01 2023-02-28 07962004 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07962004 core:ComputerEquipment 2022-03-01 2023-02-28 07962004 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 07962004 countries:EnglandWales 2022-03-01 2023-02-28 07962004 2022-02-28 07962004 bus:Director1 1 2022-02-28 07962004 core:FurnitureFittingsToolsEquipment 2022-02-28 07962004 2021-03-01 2022-02-28 07962004 2022-02-28 07962004 bus:Director1 1 2022-02-28 07962004 core:RetainedEarningsAccumulatedLosses 2022-02-28 07962004 core:ShareCapital 2022-02-28 07962004 core:CurrentFinancialInstruments 2022-02-28 07962004 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 07962004 core:Non-currentFinancialInstruments 2022-02-28 07962004 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 07962004 core:FurnitureFittingsToolsEquipment 2022-02-28 07962004 bus:Director1 1 2021-03-01 2022-02-28 07962004 bus:Director1 1 2021-02-28 iso4217:GBP xbrli:pure

Registration number: 07962004

Practical Safety Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Practical Safety Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Practical Safety Ltd

(Registration number: 07962004)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,592

171

Current assets

 

Debtors

5

10,119

16,680

Cash at bank and in hand

 

5,252

5,049

 

15,371

21,729

Creditors: Amounts falling due within one year

6

(9,506)

(11,742)

Net current assets

 

5,865

9,987

Total assets less current liabilities

 

7,457

10,158

Creditors: Amounts falling due after more than one year

6

(7,406)

(9,981)

Net assets

 

51

177

Capital and reserves

 

Called up share capital

2

2

Retained earnings

49

175

Shareholders' funds

 

51

177

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 October 2023
 

.........................................
Mr D Pemberton
Director

 

Practical Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Croft Court
Edenthorpe
Doncaster
South Yorkshire
DN3 2RE

These financial statements were authorised for issue by the director on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Practical Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% Straight line

Furniture, fittings and equipment

33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Practical Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Practical Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

5,970

5,970

Additions

2,328

2,328

At 28 February 2023

8,298

8,298

Depreciation

At 1 March 2022

5,799

5,799

Charge for the year

907

907

At 28 February 2023

6,706

6,706

Carrying amount

At 28 February 2023

1,592

1,592

At 28 February 2022

171

171

5

Debtors

2023
£

2022
£

Trade debtors

5,436

6,949

Other debtors

4,683

9,731

10,119

16,680

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

2,577

2,510

Trade creditors

 

1,049

6

Taxation and social security

 

2,210

2,455

Income tax liability

 

2,422

4,949

Other creditors

 

-

634

Accrued expenses

 

1,248

1,188

 

9,506

11,742

Creditors: amounts falling due after more than one year

 

Practical Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

7,406

9,981

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,406

9,981

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,577

2,510

8

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr D Pemberton

(9,119)

(35,856)

40,849

(4,126)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr D Pemberton

(6,844)

(44,446)

42,171

(9,119)