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Registered number: 07617741
Practical Solutions Midlands Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07617741
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 267,176 268,531
267,176 268,531
CURRENT ASSETS
Debtors 5 87,331 73,591
Cash at bank and in hand 92,117 107,689
179,448 181,280
Creditors: Amounts Falling Due Within One Year 6 (283,110 ) (231,018 )
NET CURRENT ASSETS (LIABILITIES) (103,662 ) (49,738 )
TOTAL ASSETS LESS CURRENT LIABILITIES 163,514 218,793
Creditors: Amounts Falling Due After More Than One Year 7 (132,095 ) (158,920 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,171 ) (1,921 )
NET ASSETS 29,248 57,952
CAPITAL AND RESERVES
Called up share capital 8 4 4
Income Statement 29,244 57,948
SHAREHOLDERS' FUNDS 29,248 57,952
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 Income Statement.
On behalf of the board
Mr Carl Vernon
Director
Mrs Emily Vernon
Director
26/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Practical Solutions Midlands Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07617741 . The registered office is 9 St Mellion Close, Mickleover, Derby, DE3 9YL.
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. 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.
2.3. 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:
Freehold 1% Straight line
Plant & Machinery 20% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 33% Reducing balance
Computer Equipment 33% Straight line
2.4. Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 6)
8 6
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 266,647 2,000 23,571 4,034
Additions - - - -
As at 31 December 2023 266,647 2,000 23,571 4,034
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 January 2023 8,229 720 19,463 2,635
Provided during the period 2,666 256 1,027 462
As at 31 December 2023 10,895 976 20,490 3,097
Net Book Value
As at 31 December 2023 255,752 1,024 3,081 937
As at 1 January 2023 258,418 1,280 4,108 1,399
Computer Equipment Total
£ £
Cost
As at 1 January 2023 9,984 306,236
Additions 6,247 6,247
As at 31 December 2023 16,231 312,483
Depreciation
As at 1 January 2023 6,658 37,705
Provided during the period 3,191 7,602
As at 31 December 2023 9,849 45,307
Net Book Value
As at 31 December 2023 6,382 267,176
As at 1 January 2023 3,326 268,531
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 82,406 64,997
Other debtors 4,925 8,594
87,331 73,591
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 942 14,059
Bank loans and overdrafts 24,641 18,949
Other creditors 228,332 177,442
Taxation and social security 29,195 20,568
283,110 231,018
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 132,095 158,920
Page 4
Page 5
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
Page 5