Registered number
10107906
Absolute Practice Ltd
Filleted Accounts
31 March 2024
Absolute Practice Ltd
Registered number: 10107906
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 155,455 147,351
Current assets
Stocks 1,000 1,000
Debtors 4 31,970 18,108
Cash at bank and in hand 7,342 12,581
40,312 31,689
Creditors: amounts falling due within one year 5 (132,871) (78,434)
Net current liabilities (92,559) (46,745)
Total assets less current liabilities 62,896 100,606
Creditors: amounts falling due after more than one year 6 (63,563) (64,992)
Net (liabilities)/assets (667) 35,614
Capital and reserves
Called up share capital 100 100
Profit and loss account (767) 35,514
Shareholders' funds (667) 35,614
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Evans
Director
Approved by the board on 28 November 2024
Absolute Practice Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 297,113 84,680 381,793
Additions 37,574 - 37,574
At 31 March 2024 334,687 84,680 419,367
Depreciation
At 1 April 2023 217,506 16,936 234,442
Charge for the year 15,921 13,549 29,470
At 31 March 2024 233,427 30,485 263,912
Net book value
At 31 March 2024 101,260 54,195 155,455
At 31 March 2023 79,607 67,744 147,351
4 Debtors 2024 2023
£ £
Other debtors 31,970 18,108
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 89,195 46,244
Trade creditors 4,574 5,269
Taxation and social security costs 39,102 26,059
Other creditors - 862
132,871 78,434
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 63,563 64,992
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
R L Evans
Directors loan (862) 198,832 (166,000) 31,970
(862) 198,832 (166,000) 31,970
8 Controlling party
There is no controlling party.
9 Other information
Absolute Practice Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Clifton Rock
Greenhill Road
Tenby
SA70 7LG
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