4 false false false false false false false false false false true false false true true true true No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,198 2,198 xbrli:pure xbrli:shares iso4217:GBP 05116607 2023-04-01 2024-03-31 05116607 2024-03-31 05116607 2023-03-31 05116607 2022-04-01 2023-03-31 05116607 2023-03-31 05116607 2022-03-31 05116607 bus:Director6 2023-04-01 2024-03-31 05116607 core:WithinOneYear 2024-03-31 05116607 core:WithinOneYear 2023-03-31 05116607 core:ShareCapital 2024-03-31 05116607 core:ShareCapital 2023-03-31 05116607 core:SharePremium 2024-03-31 05116607 core:SharePremium 2023-03-31 05116607 core:RetainedEarningsAccumulatedLosses 2024-03-31 05116607 core:RetainedEarningsAccumulatedLosses 2023-03-31 05116607 bus:SmallEntities 2023-04-01 2024-03-31 05116607 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05116607 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05116607 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05116607 bus:FullAccounts 2023-04-01 2024-03-31 05116607 core:OfficeEquipment 2023-04-01 2024-03-31 05116607 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 05116607
The Policy Practice Limited
Filleted Unaudited Financial Statements
31 March 2024
The Policy Practice Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Current assets
Stocks
138,350
14,487
Debtors
6
101,617
87,362
Cash at bank and in hand
317,951
347,796
---------
---------
557,918
449,645
Creditors: amounts falling due within one year
7
239,643
168,699
---------
---------
Net current assets
318,275
280,946
---------
---------
Total assets less current liabilities
318,275
280,946
---------
---------
Net assets
318,275
280,946
---------
---------
Capital and reserves
Called up share capital
1,900
1,900
Share premium account
94,050
94,050
Profit and loss account
222,325
184,996
---------
---------
Shareholders funds
318,275
280,946
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Policy Practice Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr G R Williams
Director
Company registration number: 05116607
The Policy Practice Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Bedford Mews, East Finchley, London, N2 9DF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Equipment
£
Cost
At 1 April 2023 and 31 March 2024
2,198
-------
Depreciation
At 1 April 2023 and 31 March 2024
2,198
-------
Carrying amount
At 31 March 2024
-------
At 31 March 2023
-------
6. Debtors
2024
2023
£
£
Trade debtors
99,299
86,390
Other debtors
2,318
972
---------
--------
101,617
87,362
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
92,057
119,603
Corporation tax
15,255
5,491
Social security and other taxes
29,690
15,915
Other creditors
102,641
27,690
---------
---------
239,643
168,699
---------
---------