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Unaudited Financial Statements for the Year Ended 31 July 2024

for

Practise and Theory Limited

Practise and Theory Limited (Registered number: 04476088)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Practise and Theory Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: J Boxall
Mrs K Boxall





SECRETARY: Mrs K Boxall





REGISTERED OFFICE: Church House Barn
St Peters Court
Church Street
Appleford
Oxfordshire
OX14 4YA





REGISTERED NUMBER: 04476088 (England and Wales)





ACCOUNTANTS: Peter Upton
Bridge House
2 Bridge Avenue
Maidenhead
Berkshire
SL6 1RR

Practise and Theory Limited (Registered number: 04476088)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,518 2,025

CURRENT ASSETS
Stocks 8,000 8,000
Cash at bank 62,536 65,064
70,536 73,064
CREDITORS
Amounts falling due within one year 5 30,289 28,108
NET CURRENT ASSETS 40,247 44,956
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,765

46,981

PROVISIONS FOR LIABILITIES 6 289 344
NET ASSETS 41,476 46,637

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 41,376 46,537
SHAREHOLDERS' FUNDS 41,476 46,637

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 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.

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 16 October 2024 and were signed on its behalf by:





J Boxall - Director


Practise and Theory Limited (Registered number: 04476088)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Practise and Theory 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 represents net invoiced sales of services, excluding value added tax. Invoices are raised as soon as the service is delivered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

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

Financial instruments
Basic financial instruments are recognised at settlement value.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

Practise and Theory Limited (Registered number: 04476088)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Fixtures Office &
Plant and and sundry
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023
and 31 July 2024 3,065 681 9,029 12,775
DEPRECIATION
At 1 August 2023 3,019 676 7,055 10,750
Charge for year 12 1 494 507
At 31 July 2024 3,031 677 7,549 11,257
NET BOOK VALUE
At 31 July 2024 34 4 1,480 1,518
At 31 July 2023 46 5 1,974 2,025

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Directors' current accounts 28,969 26,788
Accrued expenses 1,320 1,320
30,289 28,108

6. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 289 344

Deferred
tax
£   
Balance at 1 August 2023 344
Provided during year (55 )
Balance at 31 July 2024 289

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Retained
earnings
£   

At 1 August 2023 46,537
Deficit for the year (5,161 )
At 31 July 2024 41,376

Practise and Theory Limited (Registered number: 04476088)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J Boxall and Mrs K Boxall.