Acorah Software Products - Accounts Production 14.5.501 false true true 30 June 2022 1 July 2021 false 8 April 2024 1 July 2022 30 June 2023 30 June 2023 09361126 G Pearson Practice Ignition PTY LTD true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09361126 2022-06-30 09361126 2023-06-30 09361126 2022-07-01 2023-06-30 09361126 frs-core:CurrentFinancialInstruments 2023-06-30 09361126 frs-core:FurnitureFittings 2023-06-30 09361126 frs-core:FurnitureFittings 2022-07-01 2023-06-30 09361126 frs-core:FurnitureFittings 2022-06-30 09361126 frs-core:ShareCapital 2023-06-30 09361126 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 09361126 frs-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09361126 frs-bus:FilletedAccounts 2022-07-01 2023-06-30 09361126 frs-bus:SmallEntities 2022-07-01 2023-06-30 09361126 frs-bus:Audited 2022-07-01 2023-06-30 09361126 frs-bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 09361126 frs-bus:OrdinaryShareClass1 2022-07-01 2023-06-30 09361126 frs-bus:OrdinaryShareClass1 2023-06-30 09361126 1 2022-07-01 2023-06-30 09361126 frs-bus:Director1 2022-07-01 2023-06-30 09361126 frs-countries:EnglandWales 2022-07-01 2023-06-30 09361126 2021-06-30 09361126 2022-06-30 09361126 2021-07-01 2022-06-30 09361126 frs-core:CurrentFinancialInstruments 2022-06-30 09361126 frs-core:ShareCapital 2022-06-30 09361126 frs-core:RetainedEarningsAccumulatedLosses 2022-06-30 09361126 frs-bus:OrdinaryShareClass1 2021-07-01 2022-06-30
Registered number: 09361126
Practice Ignition Limited
Financial Statements
For The Year Ended 30 June 2023
Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2
Notes to the Financial Statements 3—5
Page 1
Company Information
Director G Pearson
Company Number 09361126
Registered Office 20-22 Wenlock Road
London
England
N1 7GU
Accountants Soaring Falcon Limited
Chartered Certified Accountants
20-22 Wenlock Road
London
N1 7GU
Auditors RPG Crouch Chapman LLP
40 Gracechurch Street
London
EC3V 0BT
Page 1
Page 2
Balance Sheet
Registered number: 09361126
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 117
- 117
CURRENT ASSETS
Debtors 5 170,461 127,007
Cash at bank and in hand 397,651 515,289
568,112 642,296
Creditors: Amounts Falling Due Within One Year 6 (2,116,898 ) (2,191,198 )
NET CURRENT ASSETS (LIABILITIES) (1,548,786 ) (1,548,902 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,548,786 ) (1,548,785 )
NET LIABILITIES (1,548,786 ) (1,548,785 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (1,548,886 ) (1,548,885 )
SHAREHOLDERS' FUNDS (1,548,786) (1,548,785)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
G Pearson
Director
8 April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Practice Ignition Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09361126 . The registered office is 20-22 Wenlock Road, London, England, N1 7GU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company reported a £1 loss and has net liabilities of £1,548,786. The director is required to prepare these financial statements on a going concern basis unless it is inappropriate to presume the company will continue in business. In satisfaction of this responsibility, the director has considered the company’s ability to meet its liabilities as they fall due for a period of at least twelve months from the signing date of the financial statements.
The director did not identify any uncertainty that cast significant doubt about the ability of the company to continue as a going concern. Group has confirmed that they will support this company for a period of at least a year from signing these financial statements.
On that basis,  the Director is satisfied that the company is able to continue in operation and meet its debts as they fall due for at least a year from the date of signing these financial statements and therefore the financial statements have been prepared on a going conern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% straight line
2.5. Other Operating Income
The amount recorded under “other operating income” mainly comprises of a starter adjustment of transfer pricing implementation.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 14)
12 14
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 July 2022 117
Disposals (117 )
Net Book Value
As at 30 June 2023 -
As at 1 July 2022 117
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 112,866 94,857
Prepayments and accrued income 15,445 10,402
Other debtors 22,228 201
Amounts owed by group undertakings 19,922 21,547
170,461 127,007
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 12,847 (2,106 )
Other taxes and social security 13,261 53,107
VAT 109,139 78,508
Net wages 12,820 67,569
Other creditors 30,563 50,346
Accruals and deferred income 207,836 194,422
Amounts owed to group undertakings 1,730,432 1,749,352
2,116,898 2,191,198
7. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1 each 100 100
8. Related Party Transactions
Practice Ignition Limited has taken the exemption under FRS 102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions with other companies that are wholly owned within the group.
All transactions with related parties occurred on an arm’s length basis.
9. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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10. Ultimate Controlling Party
The company's ultimate controlling party is Practice Ignition PTY LTD by virtue of his ownership of 100% of the issued share capital in the company.
11. Audit Information
The auditors report on the account of Practice Ignition Limited for the year ended 30 June 2023 was unqualified
The auditor's report was signed by Paul Randall (Senior Statutory Auditor) for and on behalf of RPG Crouch Chapman LLP , Statutory Auditor
RPG Crouch Chapman LLP
40 Gracechurch Street
London
EC3V 0BT
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