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Registered number: 04430009
Practical H.R. Limited
Financial Statements
For The Year Ended 31 May 2024
Devonports LAS Accountants Ltd
Cumberland House
24 - 28 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04430009
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 22,813 38,370
Tangible Assets 5 58,660 70,007
81,473 108,377
CURRENT ASSETS
Debtors 6 99,467 263,352
Cash at bank and in hand 319,962 304,793
419,429 568,145
Creditors: Amounts Falling Due Within One Year 7 (279,517 ) (176,271 )
NET CURRENT ASSETS (LIABILITIES) 139,912 391,874
TOTAL ASSETS LESS CURRENT LIABILITIES 221,385 500,251
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,665 ) (19,244 )
NET ASSETS 206,720 481,007
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 206,718 481,005
SHAREHOLDERS' FUNDS 206,720 481,007
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For the year ending 31 May 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 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 Profit and Loss Account.
On behalf of the board
Mrs P J Fisher
Director
15/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Practical H.R. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04430009 . The registered office is Cumberland House, 24 - 28 Baxter Avenue, Southend on Sea, SS2 6HZ.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to the company's website costs. These are amortised to profit and loss account over its estimated economic life of 5 years.
2.4. 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:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
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2.5. Taxation
Income tax 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.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 13)
9 13
4. Intangible Assets
Other
£
Cost
As at 1 June 2023 77,783
As at 31 May 2024 77,783
Amortisation
As at 1 June 2023 39,413
Provided during the period 15,557
As at 31 May 2024 54,970
Net Book Value
As at 31 May 2024 22,813
As at 1 June 2023 38,370
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5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 June 2023 155,040 52,048 207,088
Additions 3,965 - 3,965
As at 31 May 2024 159,005 52,048 211,053
Depreciation
As at 1 June 2023 107,526 29,555 137,081
Provided during the period 9,689 5,623 15,312
As at 31 May 2024 117,215 35,178 152,393
Net Book Value
As at 31 May 2024 41,790 16,870 58,660
As at 1 June 2023 47,514 22,493 70,007
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 93,878 71,171
Other debtors 5,589 192,181
99,467 263,352
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,541 5,748
Amounts owed to group undertakings 100,000 -
Other creditors 63,147 103,945
Taxation and social security 109,829 66,578
279,517 176,271
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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9. Related Party Transactions
During the year dividends of £246,343 (2023: £42,000) were paid to Practical HR (Holdings) Ltd, the company's parent company.
Rent amounting to £13,750 (2023: £13,750) was paid to the Director's pension scheme.
As at the year end, £100,000 (2023: £186,215 owed by) was owed to Practical HR Holdings Limited.
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