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REGISTERED NUMBER: 07063423 (England and Wales)













PRACTICE COVER LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






PRACTICE COVER LTD (REGISTERED NUMBER: 07063423)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


PRACTICE COVER LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mrs N Hardy





REGISTERED OFFICE: 255 Green Lanes
London
N13 4XE





REGISTERED NUMBER: 07063423 (England and Wales)





ACCOUNTANTS: John Crook & Partners
Chartered Accountants
255 Green Lanes
Palmers Green
London
N13 4XE

PRACTICE COVER LTD (REGISTERED NUMBER: 07063423)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,071 25,217
Tangible assets 5 8,996 5,760
17,067 30,977

CURRENT ASSETS
Debtors 6 171,762 210,334
Cash at bank 83,615 43,678
255,377 254,012
CREDITORS
Amounts falling due within one year 7 78,754 115,400
NET CURRENT ASSETS 176,623 138,612
TOTAL ASSETS LESS CURRENT
LIABILITIES

193,690

169,589

CREDITORS
Amounts falling due after more than one
year

8

(14,658

)

(24,723

)

PROVISIONS FOR LIABILITIES (2,249 ) (406 )
NET ASSETS 176,783 144,460

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 166,783 134,460
176,783 144,460

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 COVER LTD (REGISTERED NUMBER: 07063423)

BALANCE SHEET - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 August 2024 and were signed by:





Mrs N Hardy - Director


PRACTICE COVER LTD (REGISTERED NUMBER: 07063423)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Practice Cover Ltd 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.

Insurance transactions
The company does not include amounts due to and from clients and insurers in relation to the insurance transactions that the company handles on behalf of those parties. Insurer money is held in accordance with the agreements in place between the insurer and the company.

Turnover
Insurance premium commissions are recognised in the month the policy commences.

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.

The Website is being amortised evenly over its estimated useful life of one year.

Tangible fixed assets
Depreciation is provided at the following annual rates to write off each asset over its estimated useful life:

Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PRACTICE COVER LTD (REGISTERED NUMBER: 07063423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 5 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 January 2023 85,728 22,551 108,279
Disposals - (22,551 ) (22,551 )
At 31 December 2023 85,728 - 85,728
AMORTISATION
At 1 January 2023 60,511 22,551 83,062
Amortisation for year 17,146 - 17,146
Eliminated on disposal - (22,551 ) (22,551 )
At 31 December 2023 77,657 - 77,657
NET BOOK VALUE
At 31 December 2023 8,071 - 8,071
At 31 December 2022 25,217 - 25,217

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 5,658 7,959 13,617
Additions 1,210 4,772 5,982
Disposals (509 ) (5,565 ) (6,074 )
At 31 December 2023 6,359 7,166 13,525
DEPRECIATION
At 1 January 2023 724 7,133 7,857
Charge for year 1,438 1,308 2,746
Eliminated on disposal (509 ) (5,565 ) (6,074 )
At 31 December 2023 1,653 2,876 4,529
NET BOOK VALUE
At 31 December 2023 4,706 4,290 8,996
At 31 December 2022 4,934 826 5,760

PRACTICE COVER LTD (REGISTERED NUMBER: 07063423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 64,266 118,280
Amounts owed by associates 98,428 84,485
Other debtors 9,068 7,569
171,762 210,334

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,293 10,117
Trade creditors 23,872 18,697
Taxation and social security 35,423 35,027
Other creditors 9,166 51,559
78,754 115,400

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 14,658 24,723

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end the company was owed £255 by N Hardy, the director. This was repaid within nine months of the year end.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £50,515 (2022 - £47,000) were paid to the director .

At the year end the Company was owed £84,485 (2022 - £84,485) by HNR Property Management Limited, a company under common management. Interest accrues on this amount at the Bank of England base rate. The amount accrued in the year was £3,943 (2022- £1,.169).

At the year end the Company was owed £10,000 (2022 - £ nil) by R Hardy Engineering Limited, a company under the ownership and management of the husband of the director.

The controlling party is Mrs N Hardy.