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REGISTERED NUMBER: 06648318 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Practice Supplies Limited

Practice Supplies Limited (Registered number: 06648318)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Practice Supplies Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr Peter W Baker
Mr Julian Edward Porter Barnes





SECRETARY: Mr Peter W Baker





REGISTERED OFFICE: Hertford Way
York Road Industrial Park
Malton
North Yorkshire
YO17 6YG





REGISTERED NUMBER: 06648318 (England and Wales)





ACCOUNTANTS: Hallgarth Accountants Ltd
2 Hallgarth
Pickering
North Yorkshire
YO18 7AW

Practice Supplies Limited (Registered number: 06648318)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 148,622 82,032
148,622 82,032

CURRENT ASSETS
Stocks 44,576 42,247
Debtors 6 548,028 570,344
Cash at bank and in hand 547,177 460,451
1,139,781 1,073,042
CREDITORS
Amounts falling due within one year 7 449,860 398,388
NET CURRENT ASSETS 689,921 674,654
TOTAL ASSETS LESS CURRENT
LIABILITIES

838,543

756,686

PROVISIONS FOR LIABILITIES 37,156 17,235
NET ASSETS 801,387 739,451

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 801,287 739,351
SHAREHOLDERS' FUNDS 801,387 739,451

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.

Practice Supplies Limited (Registered number: 06648318)

Balance Sheet - continued
31 July 2024


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 21 October 2024 and were signed on its behalf by:





Mr Julian Edward Porter Barnes - Director


Practice Supplies Limited (Registered number: 06648318)

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

1. STATUTORY INFORMATION

Practice Supplies 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development are being amortised evenly over their estimated useful life of ten years.

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 - 25% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Office equipment - 33% on cost and Straight line over 7 years

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

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.

Practice Supplies Limited (Registered number: 06648318)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Website
development
£   
COST
At 1 August 2023
and 31 July 2024 26,673
AMORTISATION
At 1 August 2023
and 31 July 2024 26,673
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

Practice Supplies Limited (Registered number: 06648318)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 124,519 12,211 69,240 166,928 372,898
Additions 46,345 - 75,000 - 121,345
Disposals (77,593 ) - - - (77,593 )
At 31 July 2024 93,271 12,211 144,240 166,928 416,650
DEPRECIATION
At 1 August 2023 97,185 10,530 17,310 165,841 290,866
Charge for year 17,245 735 31,733 341 50,054
Eliminated on disposal (72,892 ) - - - (72,892 )
At 31 July 2024 41,538 11,265 49,043 166,182 268,028
NET BOOK VALUE
At 31 July 2024 51,733 946 95,197 746 148,622
At 31 July 2023 27,334 1,681 51,930 1,087 82,032

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 498,744 517,447
Other debtors 49,284 52,897
548,028 570,344

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 159,569 171,092
Tax 113,188 89,075
Social security and other taxes 16,875 15,584
VAT 84,064 77,227
Directors' current accounts 65,743 36,217
Accrued expenses 10,421 9,193
449,860 398,388

8. CALLED UP SHARE CAPITAL

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

9. RELATED PARTY DISCLOSURES

The company is jointly controlled by P W Baker and J E P Barnes.