Company registration number 09413192 (England and Wales)
JUST PRACTISING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
JUST PRACTISING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JUST PRACTISING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,492
3,573
Current assets
Debtors
6
34,726
13,875
Cash at bank and in hand
41,844
54,643
76,570
68,518
Creditors: amounts falling due within one year
7
(25,545)
(24,752)
Net current assets
51,025
43,766
Net assets
52,517
47,339
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
52,417
47,239
Total equity
52,517
47,339
For the financial year ended 31 March 2024 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
Mrs S Butcher
Mr A Butcher
Director
Director
Company registration number 09413192 (England and Wales)
JUST PRACTISING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Just Practising Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Streets Whittle & Partners LLP, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE. The principal place of business is 31 Wittonwood Road, Frinton-on-Sea, Essex, CO13 9JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Where income is received which relates to future accounting periods an appropriate liability is recognised in the accounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
IT equipment
33% straight line
1.4
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
JUST PRACTISING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Other financial assets
Other financial assets, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value with any changes recognised in profit or loss.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, are settled or transferred.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade creditors and bank loans are initially recognised at transaction price and subsequently carried at amortised cost.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax (if any).
1.8
Employee benefits
The costs of any short-term employee benefits, including unused holiday entitlement, are recognised as a liability and an expense.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors may be required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. There are no significant accounting estimates applied in these financial statements.
JUST PRACTISING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
500
Amortisation and impairment
At 1 April 2023 and 31 March 2024
500
Carrying amount
At 31 March 2024
At 31 March 2023
5
Tangible fixed assets
Fixtures and fittings
IT equipment
Total
£
£
£
Cost
At 1 April 2023
820
13,125
13,945
Disposals
(105)
(105)
At 31 March 2024
820
13,020
13,840
Depreciation and impairment
At 1 April 2023
820
9,552
10,372
Depreciation charged in the year
2,081
2,081
Eliminated in respect of disposals
(105)
(105)
At 31 March 2024
820
11,528
12,348
Carrying amount
At 31 March 2024
1,492
1,492
At 31 March 2023
3,573
3,573
JUST PRACTISING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,762
13,159
Other debtors
12,964
716
34,726
13,875
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
6,387
4,356
Other taxation and social security
6,111
6,692
Other creditors
13,047
13,704
25,545
24,752
8
Called up share capital
2024
2023
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100