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REGISTERED NUMBER: 06648318 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Practice Supplies Limited

Practice Supplies Limited (Registered number: 06648318)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Practice Supplies Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr Peter W Baker
Mr Julian Edward Porter Barnes





SECRETARY: Mr Peter W Baker





REGISTERED OFFICE: Hertford Way
York Road Industrial Park
Malton
North Yorkshire
YO17 6YG





REGISTERED NUMBER: 06648318 (England and Wales)





ACCOUNTANTS: Hallgarth Accountants Ltd
2 Hallgarth
Pickering
North Yorkshire
YO18 7AW

Practice Supplies Limited (Registered number: 06648318)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 82,032 54,563
82,032 54,563

CURRENT ASSETS
Stocks 42,247 93,057
Debtors 6 570,344 494,662
Cash at bank and in hand 460,451 486,766
1,073,042 1,074,485
CREDITORS
Amounts falling due within one year 7 398,388 401,601
NET CURRENT ASSETS 674,654 672,884
TOTAL ASSETS LESS CURRENT
LIABILITIES

756,686

727,447

PROVISIONS FOR LIABILITIES 17,235 10,367
NET ASSETS 739,451 717,080

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 739,351 716,980
SHAREHOLDERS' FUNDS 739,451 717,080

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

Practice Supplies Limited (Registered number: 06648318)

Balance Sheet - continued
31 July 2023


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 11 April 2024 and were signed on its behalf by:





Mr Julian Edward Porter Barnes - Director


Practice Supplies Limited (Registered number: 06648318)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Practice Supplies 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.

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.

Website development are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Office equipment - 33% on cost and Straight line over 7 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Practice Supplies Limited (Registered number: 06648318)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 26 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Website
development
£   
COST
At 1 August 2022
and 31 July 2023 26,673
AMORTISATION
At 1 August 2022
and 31 July 2023 26,673
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

Practice Supplies Limited (Registered number: 06648318)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 161,921 11,128 - 166,928 339,977
Additions - 1,083 69,240 - 70,323
Disposals (37,402 ) - - - (37,402 )
At 31 July 2023 124,519 12,211 69,240 166,928 372,898
DEPRECIATION
At 1 August 2022 110,120 9,795 - 165,499 285,414
Charge for year 22,366 735 17,310 342 40,753
Eliminated on disposal (35,301 ) - - - (35,301 )
At 31 July 2023 97,185 10,530 17,310 165,841 290,866
NET BOOK VALUE
At 31 July 2023 27,334 1,681 51,930 1,087 82,032
At 31 July 2022 51,801 1,333 - 1,429 54,563

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 August 2022 74,803
Transfer to ownership (74,803 )
At 31 July 2023 -
DEPRECIATION
At 1 August 2022 51,901
Transfer to ownership (51,901 )
At 31 July 2023 -
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 22,902

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 517,447 394,658
Other debtors 52,897 100,004
570,344 494,662

Practice Supplies Limited (Registered number: 06648318)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Hire purchase contracts - 5,607
Trade creditors 171,092 139,532
Tax 89,075 96,004
Social security and other taxes 15,584 12,897
VAT 77,227 80,248
Directors' current accounts 36,217 57,612
Accrued expenses 9,193 9,701
398,388 401,601

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

The company is jointly controlled by P W Baker and J E P Barnes.