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Registration number: 07532303


Practical Construction Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Practical Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Practical Construction Limited

Company Information

Directors

Mrs Vijaya Durga Anne

Mr Jagan Doppalapudi

Registered office

Acorn Chambers
16 Hartshill Road
Stoke-on-Trent
Staffordshire
ST4 7QU

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Practical Construction Limited

(Registration number: 07532303)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

32,616

48,338

Current assets

 

Stocks

5

1,200,000

770,000

Debtors

6

450,566

45,651

Cash at bank and in hand

 

43,924

8,492

 

1,694,490

824,143

Creditors: Amounts falling due within one year

7

(1,368,580)

(461,349)

Net current assets

 

325,910

362,794

Total assets less current liabilities

 

358,526

411,132

Creditors: Amounts falling due after more than one year

7

(139,737)

(202,799)

Provisions for liabilities

(6,197)

(9,184)

Net assets

 

212,592

199,149

Capital and reserves

 

Called up share capital

2

2

Retained earnings

212,590

199,147

Shareholders' funds

 

212,592

199,149

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Practical Construction Limited

(Registration number: 07532303)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 15 February 2024 and signed on its behalf by:
 

.........................................
Mr Jagan Doppalapudi
Director

 

Practical Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Acorn Chambers
16 Hartshill Road
Stoke-on-Trent
Staffordshire
ST4 7QU

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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.

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.

 

Practical Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Plant and machinery

20% straight line basis

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (excluding directors) during the year, was 4 (2022 - 5).

 

Practical Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

38,764

64,000

102,764

At 31 March 2023

38,764

64,000

102,764

Depreciation

At 1 April 2022

20,076

34,350

54,426

Charge for the year

4,672

11,050

15,722

At 31 March 2023

24,748

45,400

70,148

Carrying amount

At 31 March 2023

14,016

18,600

32,616

At 31 March 2022

18,688

29,650

48,338

5

Stocks

2023
£

2022
£

Other inventories

1,200,000

770,000

6

Debtors

2023
£

2022
£

Trade debtors

2,480

2,480

Amounts owed by related parties

399,092

27,815

Prepayments

12,563

15,356

Other debtors

36,431

-

 

450,566

45,651

 

Practical Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Finance lease liabilities

8

63,062

63,062

Trade creditors

 

118,150

140,954

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

29,723

Taxation and social security

 

41,752

32,330

Other creditors

 

77,734

81,529

Other borrowings

8

996,741

100,000

Directors' loan account

 

71,141

13,751

 

1,368,580

461,349

Due after one year

 

Other borrowings

8

139,737

202,799

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

129,167

179,167

HP and finance lease liabilities

10,570

23,632

139,737

202,799

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

50,000

Hire purchase contracts

13,062

13,062

Other borrowings

996,741

100,000

1,059,803

163,062

The finance lease liabilities are secured on the asset to which the finance lease relates.

9

Going Concern

At the date of approving these accounts, the directors consider that the company is a going concern. The directors continue to support the company.